2025 OUTLOOK – Insights and Opportunities

October 30th, 2024

During Fiscal 2023 Trinidad and Tobago’s economy demonstrated encouraging signs of strength and stability. This was supported by continued buoyancy in the non-energy sector and strategic initiatives implemented by the Government to generate growth and boost competitiveness. To substantiate this success, the International Monetary Fund (IMF), in its June 2024 Country Report for Trinidad and Tobago, also lauded the progress made by the country stating that: “for the first time in a decade, Trinidad and Tobago is experiencing a gradual and sustained economic recovery”.

The IMF also forecasts in 2024 a Gross Domestic Product growth rate of 2.4%; subdued inflation of 0.3% as at January 2024; and an Unemployment rate of 3.2% in the third quarter of 2023. These optimistic remarks by the Fund are indicative of our economic progress and success in managing the economy. At the core of this resilience is the visionary initiatives implemented by the Government of the Republic of Trinidad and Tobago (GORTT), through the Ministry of Trade and Industry (MTI), to transform the economy. These initiatives are meticulously crafted to bolster the non-energy sector through various programmes designed to foster sustainable growth and mitigate economic volatility.

As we look towards the future, numerous insights and opportunities are available for businesses and investors. One of the flagship initiatives being pursued by the MTI to expand the non-energy sector is the establishment of the new Trade and Investment Promotion Agency which will be launched in July 2024. This progressive entity will be the nucleus for development of a diversified and sustainable economy through the internationalisation of Trinidad and Tobago and will position this country as a premier destination for trade, business and investment in the region.

The Government continues to create a modern, efficient,digital and sustainable ecosystem to allow businesses to thrive.

We are also redefining our investment ecosystem with the new Special Economic Zones (SEZ) regime to transition to a more modern, internationally competitive and attractive investment climate. This framework also ensures that the foundation of Trinidad and Tobago’s industrial development is built upon the principles of transparency, inclusivity and sustainability. A key pillar of this new paradigm is the establishment of the Special Economic Zones Authority (SEZA) to oversee the establishment of Operators, SEZ Enterprises and Single Zone Enterprises. The Ministry is also focused on expanding access to new export markets for our local businesses.

To achieve this, the MTI is aggressively pursuing the negotiation of new trade agreements including the Trinidad and Tobago-Chile Partial Scope Trade Agreement, which will be completed in Fiscal 2024, and the Trinidad and Tobago-Curaçao Partial Scope Trade Agreement, which will commence the First Round of Negotiations in July. In Fiscal 2024, eight (8) Trade Missions were also executed to targeted countries such as Antigua and Barbuda, the Bahamas, Barbados, Belize, Ghana, Grenada, Guyana and Las Vegas. Trinidad and Tobago was also represented at four (4) Trade Shows – China (China International Import Expo), Colombia (Alimentec), Cuba (Havana International Trade Fair) and Panama (Expocomer) respectively.

Additionally, three (3) Commercial Officers in Panama, the United Kingdom and the United States of America respectively and two (2) Commercial Attachés in Guyana and Jamaica respectively were also established in October 2023 to provide local businesses with greater linkages and connectivity in selected export markets.

These accomplishments are quite impressive and serves to amplify the Government’s focus in building a robust economy through sustainable growth and inclusive development. There are numerous insights and opportunities that can be seized by investors and businesses which is indicative of significant business and investor confidence in our economy. Trinidad and Tobago is open for business and I invite you to take advantage of the opportunities being created.