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    • The Regional Business Centre
    Aerial plan of the new Port of Spain waterfront
    Photographer: Courtesy T&T Business Guide
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    The Regional Business Centre

    Trinidad is the business capital of the region, owing to its natural hydrocarbon reserves. With those reserves quickly being consumed, this “Caribbean Tiger” has moved to diversify its economy – and to establish itself formally as an International Financial Centre.

     

    Conference Centre

    Trinidad is also aiming to be the leading meetings and conferences capital of the Caribbean, and last year hosted two mega-events: the Fifth Summit of the Americas and the Commonwealth Heads of Government Meeting.
     
    According to Prime Minister Patrick Manning, the hosting of these two events (held at the Hyatt Regency on the newly constructed waterfront will position Trinidad & Tobago for significant benefits, including increased investment flows in all areas of the economy – energy, tourism, manufacturing, agribusiness, entertainment, services, and particularly international conferencing and finance.
     

    Weathering the Storm

    The Central Bank expected that GDP growth in 2009 to be 0–1%, down from the 3.5% of 2008. The robust energy sector was an early casualty of the global downturn, followed by shrinkages in the manufacturing sector and the government’s budget cuts across the board. Rising unemployment, and a slow-down in real estate and construction provided a sharp contrast to the situation a year ago when all sectors were booming.
     
    Although analysts predicted that Trinidad & Tobago would weather the adverse economic climate better than other Caribbean countries, there have been challenges. Some energy investment was lost in 2009 due to the economic downturn. With the recession in the US (Trinidad’s main natural gas client) reducing demand for LNG, coupled with competition from bigger, lower-cost suppliers, Trinidad has been seeking new LNG markets in Europe, Latin America and the Caribbean.
     
    The government has also had to bail out three heavily indebted financial subsidiaries of CL Financial, a conglomerate with interests in media, energy, spirits, banking, insurance and real estate around the Caribbean.
     

    Looking Ahead

    Despite the economic challenges, Trinidad remains the business leader in the region, and has assumed the role of the regional godfather.
     
    In 2009, the Prime Minster, Patrick Manning, announced a stimulus package to help some beleaguered CARICOM countries weather the economic storm.
     
    At home, large-scale projects continue with (controversial) plans for an aluminium smelter in La Brea and infrastructure for a rapid rail system.
     
    Efforts are being made to boost the tourism sector as part of the economic diversification programme. Public consultations were held early in 2009 on a draft national tourism policy that, in part, emphasises the role of communities in enhancing Trinidad’s tourism product. In 2009, the government also announced a stimulus package to upgrade the islands’ room stock.
     
    One encouraging sign was that headline inflation – which had passed 15% in 2008 – fell to below 6% in August 2009. Food price inflation also declined.
     

    Business Contacts

    • American Chamber of Commerce: 622-0340, www.amchamtt.com
    • Central Bank of Trinidad & Tobago: 625-4835, www.central-bank.org.tt
    • Invest Trinidad & Tobago (eTecK): 638-0038, www.investtnt.com
    • South Trinidad Chamber of Industry & Commerce: 652-5613, www.southchamber.org
    • Trinidad & Tobago Chamber of Industry & Commerce: 637-6966, www.chamber.org.tt
    • Trinidad & Tobago Entertainment Company: 624-0514, www.ttentonline.com
    • Trinidad & Tobago Film Company: 625-FILM (3456), www.trinidadandtobagofilm.com 
    • Trinidad & Tobago Manufacturers’ Association: 675-TTMA, www.ttma.com
    • Trinidad & Tobago Stock Exchange: www.stockex.co.tt

     

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