InvesTT to promote Phoenix Park estate at China-LAC summit

InvesTT Ltd will showcase TT’s investment opportunities at the 15th China-LAC Ecuador Business Summit on Wednesday and Thursday. It said its focus this year will be to promote eTecK’s Phoenix Park Industrial Estate.

This annual summit is considered the most important business event between companies from China, Latin America and Caribbean countries. InvesTT wants the industrial estate to be a location for businesses wanting to access Latin- and North-American markets and those focused on trading to and from China.

The targeted sectors are manufacturing, logistics and distribution and agri-business.

InvesTT president Sekou Alleyne said in a release on Tuesday, “China-LAC Ecuador is an ideal forum to promote the opportunities at Phoenix Park to Latin American and Chinese companies in one space. We’re positioning TT as the gateway for Chinese investors to the North, South, Central American and Caribbean markets via the strength of this country’s existing trade relationship with both regions.”

He added that TT is China’s largest trading partner in the English-speaking Caribbean and foreign policy is a top priority for China.

Trade and Industry Minister Paula Gopee-Scoon will also attend the conference virtually as a panellist on Thursday. The discussion is entitled Unimpeded Trade connectivity, financial cooperation and infrastructure.

InvesTT said it is aiming to secure at least five investment leads at the summit and potential site visits to TT in the coming months. It said out of 12 companies confirmed to establish operations at eTecK’s Phoenix Park Industrial Estate, two are Chinese manufacturing companies. Those companies are Summit Luggage and Docare Quanzhou Hygienic Product Co.

InvesTT said businesses at the estate will benefit since the international port of Point Lisas is nearby, because of low energy costs, access to built-in 5G infrastructure and attractive incentives under the Special Economic Zones Act upon its full proclamation.

InvesTT Ltd is the national investment promotion agency of TT that employs a proactive strategy to attract foreign investment despite global economic uncertainties. It said since borders have been reopened, the opportunity to promote TT’s investment potential at in-person international business events again serves as a potent tool in its investment promotion strategies.

InvesTT said for the fiscal year which ended in September, it was able to facilitate $486.3 million in local and foreign investments. This represents a 70 per cent increase from 2021, doubling its targets.

It said, “These results equate closely with InvesTT’s three-year average of $400 million per year in investments facilitated pre-pandemic. Out of the total investments facilitated for fiscal 2022, 29 per cent represents foreign direct investment.”