TIC 2025 aims for US$100m in business transactions

With more than 300 booths and hundreds of regional and local small, medium and major businesses taking part in the Trade and Investment Convention (TIC) 2025, Trinidad And Tobago Manufacturers' Association (TTMA) CEO Dr Ramesh Ramdeen hopes to hit $100 million in business transactions this year.

“Last year the number was about US$87 million. If we could get US$100 million in business generated in some form or fashion, that would be a good thing. That would be US$100 million coming into TT.”

Ramdeen spoke to Newsday on the second official day of TIC 2025, noting that the TTMA was able to get much more space than last year and as a result more businesses. He said while there were 287 booths in last year’s TIC, this year, there are more than 350 booths.

“Last year we did not have half of the hall. They had something happening on the other side. This year we were able to get the entire hall, so we were able to put more booths.”

He said this year, TIC sought to feature more SMEs in accordance with the Prime Minister’s mandate to focus on small business.

“What we have also placed a lot of emphasis on is getting the right buyers to come,” he added. “We have over 250 to 300 international buyers coming to the show this year. We want to ensure that we get the exhibitors meeting the right people to buy their products.”

He said the TTMA aims to promote more SMEs, to get them to scale up from small domestic sales to regional and international trade. He said the TTMA is already on the right trajectory as they include a percentage of SMEs on their trade missions.

“If we carry 30 companies, eight of them would be SMEs. If three get business that means three more businesses exporting, three more businesses building capacity.

“We need these kinds of companies to move from selling domestically to selling to the whole of TT and then selling to Caricom and internationally. That is the strategy we are using to work with them. We are also working with them to scale them up with programmes, training, certification and funding to ensure that they are export ready.”

Minister in the Ministry of Public Utilities Clyde Elder, noting how impressed he was with the TIC and booths in the trade show, said the government intends to boost all aspects of the business sector.

“Our intention is to boost the economy, boost innovation, boost export, boost foreign exchange and boost job creation.

“What I’ve seen here is really eye opening for me. I really like the innovation and the ideas. I went to the Tobago booths and I was really impressed. I think with everything we have in TT, the way it is packaged and presented here, there is no reason why we cannot compete on the world and international market."

Elder said public utilities supporting enterprises such as Bmobile and TTPost will be pivotal in the coming months in the government’s efforts to support business.

“Pay attention to what TTPost is going to come with. Because I've been with TTPost last week, and I can tell you that from what I've learned from the team there, that I'm pleased with what, and what the plans they have for going forward into the future.”

TIC 2025 takes place from July 17-19 at Centre of Excellence in Macoya. Its theme, “Business Beyond Borders” aims to facilitate trade and investment for local and regional businesses by connecting them to international markets.