AI farming, Carnival 'city', export academy – a way forward to diversification

A slew of measures for agriculture, manufacturing and tourism is central to government's economic diversification plan, Finance Minister Davendranath Tancoo announced on Monday.

As he delivered his first budget – a $59 billion fiscal package – in Parliament, Tancoo announced measures a commodities programme, integrate AI with farming, a year-round Carnival "city", an "export academy" – and the return of EximBank as a forex lender only to exporters.

Focusing on agriculture, he said the sector, which contributed less than one per cent of GDP, was "a strategic vulnerability we must reverse."

Echoing Caricom's efforts to reduce food imports by 25 per cent – a target initially set for 2025 – now revised to 2030, Tancoo said greater push would be made to promote agro-exports.

He set a target of $1 billion in exports in the next fiscal year.

He outlined the following measures:

• A three-year priority commodities programme for 15 high-demand products, with annual focus on three crops and one livestock category.

• Climate-resilient farming and crop insurance, greenhouse incentives, and water-harvesting systems.

• Integration of agriculture into schools and youth entrepreneurship through the Youth Agricultural Fund.

• Export growth in fine-flavour cocoa, Moruga pepper, and aquaculture, doubling agro-exports by 2028.

He said $793.7 million will be invested in infrastructure, irrigation, fisheries, land development, and agri-tech initiatives, adding that "smart agriculture and AI farming will increase efficiency and self-sufficiency."

He re-highlighted government recent land lease programme to former Caroni workers and plans for residential lots at Caroni and Orange Grove in Tacarigua.

In support of SMEs, he said an "export academy" would be set up in partnership with the TT

Chamber of Industry and Commerce and the IDB. The academy will "train SMEs in trade facilitation, financing, e-commerce, and global marketing — building 100 export-ready firms every year."

As for Eximbank, which the previous government expanded the forex window to include non-manufacturers, Tancoo said the bank would "return to its proper mandate of supporting exporters through foreign-currency loans."

"For the first year, repayments will be made in TT dollars, then in the currency of the loan. Transparent eligibility criteria and public reporting will ensure fairness, especially for SMEs."

A renewed buy local campaign would also be launched as well as a national registry of exporters with the aim to "keep wealth at home," said Tancoo.

He also highlighted previously announced partial-scope agreements with India and West Africa, as well as plans to reposition the marine sector a Southern Caribbean hub.

He proposed "simplified immigration and customs procedures, digital clearances, and PPP-driven marinas and super-yacht facilities will expand tourism and investment."

"Our investment targets are clear: US$3 billion over two years and US$9 billion in five years, aimed at creating 3,000 jobs."

Other initiatives include repurposing "distressed state assets" for revenue, and the redevelopment of the Caroni Racing Complex into a "world-class" convention centre.

He said Town and Country Planning would be re-engineered for end-to-end digital processing within 30 working days, and a national e-KYC (know your customer) format for easy verification.

He spoke of a partnership with the new Private Sector Organisation of TT to unite chambers and associations to "co-ordinate investment and drive innovation."

In the coming fiscal year, there would be stakeholder consultations on sectoral export strategies.

"We will implement the National E-Commerce Strategy 2025-2030, finalise the National Consumer Policy, and operationalise the TT–Chile Partial Scope Trade Agreement, granting duty-free access for 213 products immediately and 54 more within three years."

There would be a focus on the creative industries, or orange economy, through a fund for different sectors, and the provision of intellectual property rights.

"We will expand our cultural industries through a Creative Value-Chain Fund supporting film, fashion, design, and music.

"Enhanced IP protection and duty concessions will empower creatives and generate thousands of jobs."

Tourism is seen as "a high-growth sector," said Tancoo, with new hotels and a diverse ventures in the cards.

"We will develop new products in the medical, sport, and cultural tourism sectors; facilitate the completion of hotels, including Four Points, Hampton Inn, and Maracas Bay; and advance Tobago’s Marriott and Elephant Tree Resorts.

"The visitor experience will be modernised through secure cashless payments and improved connectivity."

He proposed a year-round “Carnival City” and an initiative to promote TT as a Turtle Tourism Capital to "integrate culture, conservation, and community benefit."