Amcham pitches nearshoring investment policy to Government

The American Chamber of Commerce has presented a proposal to Government on the ways nearshoring can result in more investments in Trinidad and Tobago.

The chamber put together the policy paper – Nearshoring Framework & Rationale for The Government of Trinidad & Tobago which its executive presented to Trade and Industry Minister Paula Gopee-Scoon at the ministry in Port of Spain, on May 13.

Nearshoring is the practice where a business outsources its operations to another company in a neighbouring country.

“The paper outlines several factors that make TT highly favourable for investment and the attraction of new business activity through a nearshoring strategy that should warrant the Government’s consideration," Amcham TT president Toni Sirju-Ramnarine said in a release Thursday.

"Amcham TT is committed to this strategy as we believe its execution will provide major economic opportunities for TT. Working collaboratively with the Government, we are confident that we can build new pillars of economic growth in TT,” she said.

Sirju-Ramnarine and Amcham TT CEO Nirad Tewarie met Gopee-Scoon and the ministry's permanent secretary Francis Seignoret, along with a team that included the chamber's deputy chair of the Digital Transformation Committee, Anna Henderson (CEO, Amaranth Business Solutions), Digital Transformation Committee member, Vitra Gopee (COO, Digital Era Group) and tech community and projects officer, Rey-Anne Paynter-Mendez.

The discussion centered around the recommendations contained in the paper, and how a nearshoring strategy could result in more investments into TT. Amcham TT reiterated its commitment to working with the Government to design and execute a nearshoring strategy to accelerate efforts to diversify the economy, find new and sustainable ways to increase GDP, and mitigate the negative impact of the pandemic on citizens and businesses.

Gopee-Scoon commended the private sector’s efforts to collaborate with the Government on initiatives to boost investment into TT.

“Much can be achieved when the government and private sector collaborate,” she said. “I look forward to continuing the engagement with Amcham TT and the wider private sector to continue to build on recent success to attract more investment and create more jobs through a deliberate nearshoring strategy.”

Tewarie said the chamber felt encouraged by the discussions.

“The benefits of public-private partnerships can’t be overstated and Amcham TT appreciates the open relationship we have with the honourable minister. Coming out of the meeting we agreed to focus on leveraging nearshoring opportunities in IT-enabled services, logistics and distribution, and specialised manufacturing. Immediately, we will begin work to enhance capacity building to support the growth of these sectors and to define the elements of the strategy,” he said.