UK strengthens trade commitment to Trinidad and Tobago

FINANCE Minister Colm Imbert met with the UK High Commissioner to Trinidad and Tobago, Harriet Cross, on October 30 to sign a memorandum of understanding (MoU) between UK Export Finance (UKEF) and his ministry.

A press release from the British High Commission on November 4 said, discussions between the UK government and the ministry identified a need for collaboration between the two to collaborate in support of TTs developmental objectives.

The ministry worked closely with the UKEF on projects involving exports from the UK to TT. The signing of the memorandum provided an opportunity for British companies in TT to form closer partnerships. The UKEF increased its support to projects in TT to £5 billion, an increase of almost £1 billion from previous years.

Cross said, “This MoU marks a pivotal step in strengthening bilateral collaboration between the ministry and UKEF. Together we are laying the foundation for strong commercial ties and exploring avenues for financial support on high-impact projects.

“We are excited to see these ventures take shape in coming months, driving growth and opportunity.”

Imbert said, “I’m very pleased about this initiative of the UK government and the UK High Commission in TT. It creates access to a pipeline of funding for goods and services from the UK and complements our existing export credit arrangements with other countries such as Australia, Austria, the USA and China.

“This UKEF/MoU offers a prime financing avenue to support TT with projects in national security, healthcare infrastructure, airport development, bridges, and road rehabilitation, among other areas, and is deeply appreciated.”