Charting the future: Vision of a resilient, productive 2025

VASHTI G GUYADEEN

As 2025 begins, the TT Chamber reflects on a year of transformative progress and pragmatic optimism.

Against a backdrop of global economic challenges and domestic shifts, 2024 served as a springboard for targeted initiatives aimed at unlocking our nation's potential.

In this pivotal year, our focus is clear – fostering resilience, driving productivity and creating a sustainable, diversified economy.

Reflecting on 2024: Building a foundation for progress

The year was characterised by milestones that underscored the chamber's role as a catalyst for growth.

Collaboration with government and private sector entities paved the way for tangible achievements, including enhanced private-sector partnerships and targeted policy advocacy.

These efforts addressed critical issues such as forex shortages, port inefficiencies and the need for taxation reform.

Sectoral success stories

Growth in the non-energy sector stood out, with manufacturing, agro-processing and ICT leading the charge.

Increased regional and international market penetration, driven by policy alignment and investment incentives, saw non-energy exports grow by ten per cent.

This success affirms the chamber's belief in the transformative potential of diversified industries, particularly tourism, the creative sector and agriculture.

Small and medium enterprises (SMEs), a core area of the chamber's focus, have played a pivotal role in driving this growth and remain essential to the sustainable development of these sectors.

International engagement and export growth

The chamber's outward and inward trade missions were instrumental in bolstering the nation’s global business profile.

Highlights included trade missions to Barbados, Guyana, Jamaica, Las Vegas, Ghana and the Korea-TT business conference.

These initiatives resulted in over 150 business-to-business meetings. Beyond transactions, these missions laid the groundwork for long-term market access and innovation-driven collaboration.

2025: Turning vision into execution

As we look ahead, our strategy focuses on expanding productivity through a connected economy.

This approach encompasses leveraging technology, building sustainable industries and ensuring data-driven decision-making across sectors.

Productivity gains: Lessons from Panama

TT’s productivity growth, currently lagging at 18 per cent, stands in stark contrast to regional leaders like Panama, where output per hour exceeds US$45.

The chamber strongly supports the implementation of special economic zones (SEZs) as a catalyst for economic activity, foreign direct investment and enhanced productivity.

Equally significant is the establishment of the Trade and Investment Promotion Agency, which offers a critical platform for positioning TT as a competitive and attractive hub for global investors.

However, it is critical to address the pervasive issue of crime, as creating a safe and secure environment is essential to facilitating socio-economic progress.

While these initiatives are promising, the chamber remains committed to advocating for broader structural reforms to maximise its impact and drive sustainable economic transformation.

It also emphasises the importance of agriculture, where the strategic use of data can revolutionise the sector.

Initiatives such as Namdevco's national agricultural market information system demonstrate the potential of real-time data to improve decision-making, reduce waste and boost exports.

Enhancing export capacity through innovation

Export-led growth remains central to the chamber’s agenda. By introducing projects that harness cutting-edge analytics, we aim to identify high-potential sectors and streamline export procedures.

These efforts will allow businesses to respond effectively to global demands while reducing reliance on energy revenues.

Improving the ease of doing business

While the groundwork for progress is evident, challenges persist.

In 2024, businesses faced hurdles such as forex shortages, supply chain inefficiencies and delays in VAT refunds.

These systemic issues hamper competitiveness and innovation.

Port reforms and logistics

Port inefficiencies remain a critical bottleneck for trade.

The chamber advocates for comprehensive reforms that include investment in digital tracking systems and infrastructure upgrades to facilitate faster processing times.

This is essential for creating a logistics ecosystem that supports seamless trade and export growth.

Simplifying forex and VAT processes

Forex shortages have disrupted the ability of businesses to plan and execute operations efficiently.

Coupled with VAT refund delays, these challenges have affected cash flow and operational continuity.

The chamber will continue to engage with policymakers to establish transparent and predictable systems to address these issues.

Property tax implementation

The implementation of property taxes for businesses, while necessary, must be approached with fairness and clarity.

The chamber has recommended a transparent framework to ensure the tax burden does not stifle economic activity or deter investment.

A data-driven economy: Key to transformation

As we strive to become a more competitive and connected economy, data analytics will play an integral role.

From agriculture to export capacity building, the strategic use of data can help identify opportunities, optimise processes and foster innovation.

The chamber commends initiatives like the national trade strategy, which adopts a rigorous, research-driven approach to economic planning. By integrating analytics into public and private sector decision-making, TT can unlock new avenues for growth and competitiveness.

Partnerships for a sustainable future

International collaboration remains a cornerstone of the TT Chamber's strategy.

In 2024, partnerships with organisations such as the Caribbean Women in Trade, KOTRA and the Pan African Leadership Institute showcased the potential of leveraging global expertise to enhance local capabilities. These alliances will continue to open doors in renewable energy, agriculture and creative industries, providing TT with pathways to economic diversification.

A call to action: Seizing the moment in 2025

The chamber’s message for 2025 is one of opportunity and urgency.

By addressing systemic challenges, embracing innovation and fostering collaboration, we can lay the foundation for a resilient and sustainable economy.

Our commitment is unwavering – to represent the interests of the business community, advocate for meaningful reforms and drive initiatives that create value for all.

The year ahead presents an opportunity to redefine what is possible for TT.

Together, through bold action and shared vision, we can transform challenges into opportunities, ensuring a brighter future for generations to come.

As we navigate 2025, let us reflect on the words of Prime Minister of Barbados Mia Mottley during her 2024 address at the UN General Assembly: "A global reset is not just a necessity, it is an opportunity to reimagine, to reshape and to act boldly for a sustainable future."

This sentiment resonates deeply with the chamber's vision of transformation through resilience, collaboration and innovation.