Driving transformation: Budget blueprint for a resilient economy

Vashti G Guyadeen,

CEO, TT Chamber of Industry and Commerce

As TT prepares to enter fiscal 2025/2026, the country stands at a defining crossroads. After more than a decade of uneven recovery following the collapse of global energy prices in 2014, the vulnerabilities of relying so heavily on oil and gas have become clear. Hydrocarbons continue to account for 32 per cent of GDP and 75 per cent of export earnings, yet employ only five per cent of the workforce. This imbalance leaves most citizens exposed to the volatility of global commodity markets.

Recognising this challenge, the TT Chamber of Industry and Commerce (TT Chamber) has advanced a bold suite of budget recommendations under the theme – Unlocking TTs Next-Generation Economy. Rather than a list of requests, this blueprint sets out a vision for transformation anchored in strategic investment, institutional reform, and public-private collaboration.

Case for diversification

The chamber’s submission underscores a pressing reality: the current path is neither sustainable nor inclusive. Temporary boosts from higher energy prices cannot disguise the structural weaknesses within the economy. Broadening the economic base, reducing dependence on petroleum revenues, and building robust non-energy sectors such as agriculture, tourism, services, and the creative industries are vital.

The 2025-2026 recommendations focus on seven key pillars:

1. Agriculture and Food Security

2. Economic Diversification (services, creative economy, professional and marine services)

3. Government Efficiency

4. Human Capital Development

5. Health Sector Reform

6. Public Safety and Justice

7. Digital Transformation

Together, these pillars chart a pathway toward a modern, inclusive, and resilient economy.

Agriculture and food security: Reducing a TT$7.3 billion import bill

Agriculture, which currently contributes less than one per cent of GDP, is central to the chamber’s diversification agenda. With a food import bill reaching TT$7.3 billion as of October 2024, the issue transcends economics it is one of national security.

The chamber proposes a structured three-year plan to develop priority products such as breadfruit, hot peppers, and cassava, supported by extension services, access to finance, and private-sector partnerships. This aligns with Caricom’s 25 by 2025 initiative, extended to 2030, aimed at reducing regional food imports by 25 per cent. Beyond import substitution, agriculture represents an export opportunity particularly in niche crops like cocoa and tropical fruits.

Unlocking the orange economy and services exports

The chamber highlights the creative industries music, film, fashion, design, and digital media as high-growth sectors capable of powering the next phase of diversification. Recent investments in film production generated over TT$55 million between May 2024 and May 2025, while music exports brought in TT$5.3 million. Local fashion designers have penetrated over 21 markets including Australia, South Korea, and the United States.

To sustain this momentum, the chamber calls for stronger intellectual property protection, targeted export promotion, and improved access to financing. With the right policies, creativity can be converted into economic capital creating high-value jobs, enhancing global visibility, and reinforcing national identity.

Beyond the orange economy, the chamber sees potential in professional services, ICT, marine and yacht services, and niche tourism. TT’s skilled, English-speaking workforce and financial infrastructure provide a strong foundation to become a regional hub for climate finance, digital consulting, and maritime services.

Government efficiency and business climate

Diversification cannot advance without a more agile and efficient state. The chamber identifies chronic bottlenecks in customs processing, VAT refunds, foreign exchange allocation, and regulatory approvals.

Key recommendations include:

• A fully digitised, risk-based customs management system with pre-clearance for low-risk shipments,

• A VAT refund fast-track mechanism with automated verification and escrow-based timelines,

• A transparent foreign exchange policy, including monthly Central Bank reports and a review of the managed float system,

• A universal payment interface to integrate the unbanked into the formal financial system through mobile platforms.

These reforms would restore investor confidence, ease liquidity constraints, and improve trade facilitation.

Human capital and education

Building a future-ready economy requires a workforce equipped with relevant skills. The chamber recommends expanding youth employment tax incentives beyond the tech sector to include construction and manufacturing; raising the tertiary education tax deduction from TT$72,000 to TT$90,000; establishing ideation labs at tertiary institutions; and implementing a national STEM roadmap. The goal is to align education and employment pathways with innovation-led industries.

Health and public safety

The chamber’s budget proposals also address social stability. In health, they include diversifying procurement of NCD treatments, introducing a sugar tax to fund wellness programmes, expanding cancer screening access, and modernising eHealth legislation.

On public safety, the chamber proposes targeted tax incentives allowing 100 per cent deductions up to TT$1 million for corporate contributions to the Police Service and Crime Stoppers encouraging greater private-sector involvement in national security.

Digital transformation: Start-Up T&T

The chamber envisions a comprehensive digital agenda including a national e-ID system, updated data protection laws, and an AI policy framework. A signature initiative, Start-Up T&T, modelled after Chile’s successful programme, would offer equity-free funding and mentorship to high-growth entrepreneurs.

Chile’s experience accelerating over 1,200 start-ups from 72 countries demonstrates how public-private collaboration can drive innovation. TT can replicate this success by fostering a dynamic tech ecosystem that attracts investment and talent.

A call to action

The chamber’s message is clear: TT has reached an inflection point. The 2025-2026 budget must move beyond short-term fixes to signal a decisive commitment to reform and renewal.

The private sector stands ready to partner and invest. What is required now is courage, clarity, and collaboration to unlock the nation’s next-generation economy one that is sustainable, competitive, and inclusive.

To access the full recommendations, visit the TT Chamber of Industry and Commerce website: https://chamber.org.tt/latest-news/budget2025-2026