TT Chamber's CEO vows to lead services export agenda

THE TT Chamber of Industry and Commerce (TT Chamber) says it is ready and willing to steer the diverse services industry as major foreign exchange earner but strong policy and export promotion are needed.

Speaking at the Fit 4 Europe II programme at Kapok Hotel, St Clair, on September 10, TT Chamber CEO Vashti Guyadeen said the chamber has reached “a consensus” after working closely with several regional coalitions of service industries in the past six years.

The Fit 4 Europe II programme, managed by ExporTT, was created to help local companies with technical expertise and market strategies needed to succeed in exporting goods and services to the EU.

There is enormous potential for TT in information and computer technology (ICT), animation, and business and events tourism, Guyadeen noted.

"Worldwide spending on ICT was US$4.3 trillion in 2020, and the digital animation industry is forecast to reach US$391 million by 2022.

"As John Howkins highlighted in his book The Creative Economy: How People Make Money from Ideas, innovation and creativity are at the heart of the digital economy, which presents a prime opportunity for TT to harness the talents of its youth.

"Animation offers a borderless trade opportunity that is resilient, technology-driven, and youth-focused."

Guyadeen noted that the chamber represents 14 industries – all involved in services – and said they “must be prioritised.”

She said regional economists increasingly speak of the emergence of a “new economic order” in the post-covid19 economic landscape, which “underscores the urgency of organising and expanding our services sector.”

The services sector, she noted, accounted for over 85 per cent of the national labour force in 2017 and contributed 58 per cent to real gross domestic product in 2018. But in 2017, only eight per cent of export earnings came from services.

“This stark contrast reveals the enormous potential for growth in service exports, especially as advancements in information and communication technology have made it easier than ever to provide services to clients globally.

“Despite these opportunities, TT has yet to fully capitalise on expanding global market for services.”

She said the industry has been hindered by, among other things, a lack of policy.

“Crafting effective policies to expand services exports is challenging due to the lack of up-to-date, disaggregated data.

“Without a thorough understanding of the status of service exports, policymakers struggle to develop suitable strategies.”

She stressed that TT’s economic opportunities lie abroad, and said Jamaica provided a suitable example of successful diversification, bolstered by effective agents of the state.

“Over the past several decades, Jamaica has leveraged its natural beauty, culture, and strategic location to build a world-class tourism industry, which has become a cornerstone of its economy.”

She quoted Jamaica’s tourism minister Edmund Bartlett, who said recently, “our recent tourism data is a testament to our ongoing resilience and support from our cherished partners.

“This historic start to 2024, as well as last year’s notable rise in arrivals, is a result of our island’s vibrant spirit as well as various factors such as additional airline seats, new hotel rooms and growing interest from travellers around the world.”

Bartlett revealed that Jamaica had generated $1.9 billion in revenue in 2024 and was on track to generate almost $5 billion by 2025.

Guyadeen added that Jamaica’s success story “highlights how targeted investments, effective marketing, and strong government-industry collaboration can turn a service sector into a driver of national growth.”

She added that Jamaica’s tourism agency crucially assisted by promoting the island globally, attracting foreign investors, and empowering local service providers to meet international market standards.

“By focusing on innovation, partnerships, and consistently upgrading its infrastructure, Jamaica has remained competitive in the ever-evolving tourism industry.

“This transformation did not occur overnight but was the result of strategic planning, institutional support, and an understanding of global market demands. Similarly, TT can apply these lessons to its own high-potential service sectors.

Many local service providers have limited visibility on the global markets because they lack platforms to effectively showcase their work – an area the chamber will concentrate its efforts moving forward.

“A critical element of these efforts entails building an exporter’s mindset as well as a community where existing and potential exporters can meet and share their learnings and experience.

“I am certain that you recognise that it is not easy to expand into new markets – it takes a community of like-minded individuals to grow an exporter.”

This country’s export promotion agencies, she said, “lack the necessary information to adequately promote service providers or prepare them for the most suitable international markets,” but said the newly established Trade and Investment Promotion Agency was a “step in the right direction.”

The new amalgamated agency was launched on August 15 with the installation of a board, chaired by Franka Costelloe, bringing InvesTT, ExporTT and CreativeTT under one roof.

Guyadeen said the chamber is strengthened by its Trade and Business Development Unit which can pursue the data collection necessary to advance the services exports agenda.

“The (chamber) is well-positioned to ensure firms are export-ready, but it requires a supportive ecosystem. This ecosystem should provide the necessary financing and facilitate connections to buyers and markets globally.”

Guyadeen closed by saying the country needs to ask itself three questions: What steps must be taken to capture 2% of the global market in each sector by 2026? What kind of institutional support is required to achieve this? How do we strengthen relevant institutions to support key players?

“The chamber, with the right resources, can ensure that firms are prepared for international markets.

“However, this effort will require strong collaboration among businesses, government agencies, and support institutions.”