InvesTT targets $50m investment in fiscal 2022

HAVING attracted over $500 million in foreign direct investment (FDI) over the previous four years (which includes last year during the covid19 pandemic), InvesTT is aiming to attract $50 million in FDI and $180 million in local investment in Trinidad and Tobago in fiscal 2022.

InvesTT chairman Franka Costelloe made this statement at the virtual launch of the TT Investment Forum 2021 on Wednesday.

She said Invest TT's mission is to attract, facilitate and retain foreign and local investment in TT. "Notably, between 2016 and 2020, we have secured 17 investment projects with a generated capital expenditure of $526 million. This translates into a projection of 1,405 local jobs created during this period.

"Our FDI lead pipeline, to meet next year’s $50 million target, is healthy due to the consistent employment of focused targeting and marketing techniques."

Despite global lockdowns and travel restrictions imposed around the world to curb the spread of covid19, Costelloe said this has not deterred InvesTT in pursuit of its mission. She said it created the "impetus and the opportunity to apply more creative methods to reach our targets." Through innovative strategies such as the use of virtual meetings and webinars, Costelloe said Invest TT was able to provide virtual visits for potential investors seeking opportunities in TT.

With the forum expected to continue to add to InvesTT's already established momentum in its investment promotion, Costelloe said, "Barring the impact of the pandemic, this year in fact, is projected to be our biggest annual success to date, estimated at $265 million against a $135 million target. with nine investments generating 850 jobs.

"Our biggest reward is to see the impact of our efforts on the growth of our industries."

She also described the forum as a call to local investors to invest in TT and work with the company. "Local investors, we seek to assist you in expanding your existing operations or entering into new investment projects.

"In every crisis there is opportunity as we witness the birth of new industries emerging."

Given TT's geographic location and position to access a regional and Latin American market of 696 million, Costelloe said, "TT’s investment climate is attractive and competitive for the savvy investor."

She identified tourism incentives which offer seven-year corporate-tax exemption on profits; five-year tax-relief for approved small companies; commerical and industrial water rates at US$0.52 per metre per month' and exemptions from customs duties, value added tax and income on tax dividends as example of some benefits to potential investors.

Costelloe said the forum is looking to achieve several short- to long-term outcomes. In the short term, she reiterated the target includes $50 million in foreign investments in TT and $180 million in local investments in fiscal 2022. Medium term, she continued, InvestTT is looking at increased facilitation of requests for information and country site visits by investors in specific industries.

Costello identified manufacturing, business process outsourcing, maritime industrial activities, agro-processing, renewable energy and hotel and resort development, among those industries.

In the long term, she hoped the forum would create an Increased awareness of TT as an ideal investment destination and an increase in its foreign exchange earnings capacity

InvesTT president Sekou Alleyne said locations such at the Agro-Processing Park in Moruga, Tamana In tech Park in Wallerfield and the Cove Industrial Estate which investors could either establish or expand their operations. He also said US-based consulting firm Conway Data Inc and UK-based investment firm Waveteq will be helping to attract foreign investment to TT, through their participation in the forum.