Trade Minister: Trinidad and Tobago perfect combination for investors

Minister of Trade Paula Gopee-Scoon said Trinidad and Tobago are the perfect combination of industry and ecology that can be the place where foreign investors could see their businesses flourish.

Gopee-Scoon made the statement while speaking at the “Doing business with Illinois” webinar hosted by Amcham on Tuesday, in which business owners, attorneys and members of the US Senate joined with TT representatives from government, local businesses and ExporTT to discuss the benefits of a business relationship between TT and Illinois.

The webinar was a precursor to a virtual trade mission to Illinois, expected to take place in 2022.

“Trinidad, a commercial centre in the Caribbean, offers investors an environment that provides the infrastructure and resources required to establish your business,” Gopee-Scoon said. “Tobago, on the other hand, is a prime ecological destination that attracts the savvy tourist and green-economy investor.”

Hinting at the fact that TT has a supplemented supply of electricity, of which there is also a surplus, Gopee-Scoon told the potential Illinois investors they can expect low utility rates for water and electricity and an adaptable workforce.

She said while government welcomes all investments, there were key sectors it focused on to assist with recovery and expansion. She listed several. including ICT and emerging technologies such as robotics, software development and artificial intelligence, manufacturing tourism, financial services, maritime and logistics, as well as business-process outsourcing.

She added that doing business in Illinois is an example of the growth of the relationship between TT and the US. She noted that one of the key benefits for TT businesses was access to a market populated by about 12 million people and with a US$900 billion economy – the third largest in the US.

“The Illinois economy ranks higher than several sovereign states, including Turkey and Switzerland. I therefore urge all domestic businesses to actively consider Illinois and all the opportunities that exist and could exist there.”

“The economic relationship between TT and the US has always been a constant and important one – built upon mutual trust and the common goal of sustainable growth and development.”