PM: US$8.1b foreign investment made in Trinidad and Tobago energy, US$9.3b more to come

THE Prime Minister said Trinidad and Tobago received US$8.1 billion of direct foreign investment in the energy sector, between 2016 and 2025. He also promised that, between now and 2028, a further US$9.3 billion will be invested in the energy sector.

He made the statement in his remarks at the opening of the Special Economic Zones Authority (SEZA) at its office in St Clair, Port of Spain on April 11.

“That is something that, unfortunately, is not spread out there,” he said. “So when you hear about there's no foreign direct investment that quite the contrary.”

He added that the incoming foreign direct investment will be outside of the Dragon deal, which ran into further challenges earlier this week when the Office of Foreign Assets Control (OFAC) revoked its two-year licence which allowed TT to operate in Venezuela.

He said the additional investment will be used to maintain expenditure levels and to expand diversification in the energy and non-energy sector.

He said the SEZA will give TT the opportunity to compete in global markets.

“It is a global environment that we're competing in and we have every intention that TT runs harder, runs faster and more efficiently than our competitors,” he said.

Minister of Trade Paula Gopee-Scoon said in her remarks that the government in its efforts to make TT a home for investors, hoped to attract firms from several different sectors.

She said while she hoped to attract firms from traditional sectors such as manufacturing, agriculture and agro-processing, maritime services, creative industries, financial services and logistics and distribution, she also sought to attract firms from non-traditional areas such as aviation services, information and communications technology, medical tourism services, and renewable energy.