Ministry of Trade and Industry
September 29th, 2021
Moving towards recovery and growth through transformative initiatives and programmes that will engender confidence in our people.
Trinidad and Tobago’s recovery is imminent. The past year and a half have been particularly challenging for us all, however, it has also been an opportunity globally for governments and businesses alike to reflect and reformulate their efforts for creating more resilient and adaptive institutions, businesses and workforces. In the face of the pandemic, the Government of Trinidad and Tobago has been focused on balancing lives and livelihoods as it seeks to keep the economy on an even keel as we move towards recovery and growth through transformative initiatives and programmes that will engender confidence in our people, entrepreneurs and investors.
Through the stewardship of the Prime Minister, Dr. the Honourable Keith Rowley, a Roadmap to Recovery Committee was established comprising public and private sector, labour, civil society and academia. A Plan of Action known as the Roadmap to Recovery was developed and it outlines a clear strategy for the immediate and long term. The Plan focuses on three (3) main pillars: Economic Transformation; Food Security; and Leave No One Behind (through Equity and Empathy). It encompasses all sectors of the economy, including social services, energy and energy industries, agriculture, manufacturing, financial services, digital, construction and development, creative and cultural and the green and blue economies. Advancing these recommendations of the Action Plan requires a national paradigm shift which must be bold, focused and results-oriented and include participation from all stakeholders.
We have heard the concerns of the business community regarding the ease of doing business in Trinidad and Tobago. Rest assured that as a Government we are working towards making doing business in Trinidad and Tobago more effective and efficient through the advancement of digital transformation. To date, several Government e-services have been introduced through various platforms such as TTBizlink, DevelopTT and Government e-appointments. Additionally, work has also commenced on improving business processes across a number of Agencies. This year, Cabinet agreed to the implementation of nine (9) priority Business Process Re-engineering recommendations geared towards simplifying, modernising, and harmonising the major regulatory processes for import, export, transit and business facilitation services in Trinidad and Tobago and we are well on our way to achieving these goals.
The Government is also investing in economic spaces such as the Phoenix Park Industrial Estate and the Factory Road Industrial Park through which local and international firms can securely invest and expand into the wider region. This will be reinforced by the roll-out of a new Special Economic Zones regime later this year that will target specific sectors through a robust regulatory and incentive framework, and which will ensure that Trinidad and Tobago’s investment climate is open, transparent and attractive.
Despite the current challenges, Trinidad and Tobago’s non-energy trade has seen some positives, growing by 26% during the period October 2020 to June 2021, when compared to the same period a year before. This is very encouraging and a step in the right direction. With the willingness of firms to pivot and adapt, and the assured commitment by the Government, our path is clearer and our destination more achievable.
Ministry of Trade and Industry
Level 17, Nicholas Towers
63-65 Independence Square
Port of Spain, Trinidad
Tel: (868) 623-2931-4
Fax: (868) 623-7588
Email: [email protected]