Angostura Ltd, 2021’s champion exporter

Angostura Ltd is the Trinidad and Tobago Chamber of Industry and Commerce's 2021 champion exporter.

The rum producer is the recipient of the award for Internationally Known...T&T Owned Company of the Year (IKTTO) – the only category of the annual Champions of Business awards reserved for a company.

Instituted in 2014 when the chamber rebranded and expanded the Business Hall of Fame event, the IKTTO award is given to an exporter that demonstrated its ability to penetrate foreign markets while maintaining a recognisable Trinidad and Tobago brand.

Angostura is a household name in TT, with its signature Angostura Bitters being not only a flavouring for drinks, but an ingredient for a wide variety of local dishes and even a medicinal home remedies. The recipe for Angostura aromatic bitters has not been changed since the first bottle was introduced to the world in 1824 and remains a top secret.

But more than being a corporate entity, Angostura is a brand with multiple products that enjoy global recognition. Angostura is a world market leader for bitters and is one of the Caribbean’s leading rum producers and home to a superb collection of rum brands.

With a strategically curated portfolio by region, the company continues to push for global expansion. Angostura has consistently achieved growth in foreign markets. Export sales as percentage of total revenue has grown from 18 per cent in 2015 to 27 per cent in 2020.

Even in 2020, Angostura was also able to achieve growth in its branded business in the export markets of 9.9 per cent despite a daunting year-long global economic shutdown directly linked to the pandemic’s impact on society and the adaptability of social behaviour. The company pivoted its strategy in its key export markets in North America, UK and Europe by moving all of its on-trade and on-premise activities to online.

Past recipients of the IKTTO award are the Kenson Group of Companies, the Label House Group, SM Jaleel Ltd, Bermudez Biscuit Co Ltd, Associated Brands Industries Ltd and Ramps Logistics Ltd. Each of these grew from entrepreneurial ventures using technology and astute strategy to grow their operations – and, when the time was right, take the plunge to venture into the international arena. In the process they have all retained their TT base and market; proudly national.

Category sponsor of the IKTTO, the Eximbank of TT, as part of its mandate for export promotion, has also worked this year with the chamber to introduce a new category of award titled the Breakthrough Exporter of the Year, which recognises the important role of small-to-medium-sized enterprises.

This award celebrates the incredible resilience such businesses have shown in the face of major disruptions and the continued contributions that they make to our economy and job creation. The award recipient will only be revealed on the night of the gala awards finale.

Champions of Business encompasses six award categories including Entrepreneurship (sponsored by the Trinidad and Tobago Unit Trust Corporation); Business Technology (sponsored by bmobile); IKTTO Company of the Year and Breakthrough Exporter (sponsored by Trinidad and Tobago Eximbank Ltd); Green Agenda and Business Hall of Fame (sponsored by the National Gas Company of Trinidad and Tobago). Award recipients in each category are all champions of business.

The awards for IKTTO Company of the Year and the Breakthrough Exporter of the Year will be formally presented when the Champions of Business gala awards finale airs on November 19 at 8 pm on CNC3. The virtual event will be live-streamed concurrently to a global audience. Save the date and join us for the finale.