AMCHAM T&T Promotes Trade & Investment Opportunities for Private Sector Growth and Economic Development
April 20th, 2022
The American Chamber of Commerce of Trinidad and Tobago (AMCHAM T&T) remains committed to enhancing trade and export promotion opportunities to benefit local businesses and ensure T&T’s economic recovery and stability from the pandemic.
“T&T continues to be a prime investment destination for multinational companies to conduct business. It’s important that we seek out more opportunities to increase FDI, spur economic growth, and provide the additional goods and services to the local market,” said Nirad Tewarie, AMCHAM T&T CEO. “Through our participation in several trade events this week, AMCHAM T&T is reaffirming our commitment to ensuring greater opportunities for private sector growth and economic development in T&T.”
The first of these opportunities sought by AMCHAM T&T occurred at the U.S.-Caribbean Business Conference in Miami, Florida on April 12th-14th where Tewarie spoke at a panel discussion on the topic “Market Overview of Trinidad and Tobago, Barbados and Eastern Caribbean”. The event which was hosted by South Florida District Export Council in collaboration with Enterprise Florida and the U.S. Commercial Service is one of the largest events organised by the U.S. Government to promote trade with the Caribbean. It typically attracts over 500 participants from across the U.S., mainly small and medium-sized businesses.
The AMCHAM T&T CEO participated in a panel alongside Shante Moore, Chargé d’affaires of the U.S. Embassy in Port of Spain and Valerie Laboy, Economic and Commercial Officer of the Embassy. Participants are expected to benefit from the introduction to new products, current trends, international regulations, and other issues related to foreign trade and development. In addition, the event provided an excellent opportunity for the participating companies and countries to conduct vital business networking and one-on-one meetings with representatives of the U.S. Embassies in the region. Following the panel, several participants expressed interest in finding out more about the T&T market and held a number of one-on-one meetings to further their knowledge. “We’re hoping that some of this initial interest will be converted into exploratory missions to T&T and, eventually actual efforts to enter the T&T market in short order,” said Tewarie after the event.
AMCHAM T&T also participated in the Canada-Caribbean Trade Mission: Growing a Green Economic Recovery, on April 13th which was hosted by the Government of Canada, under Canada’s International Trade – Global Affairs Canada Department. The hybrid event was formally launched on April 13th by The Honourable Mary Ng, Minister of International Trade, Export Promotion, Small Business and Economic Development of Canada where she met with government and business officials from Guyana, Jamaica, Trinidad and Tobago & Barbados. The trade mission explored and promoted green business initiatives, SMEs, and diversity in trade in these four Caribbean markets.
The AMCHAM T&T CEO was featured in the “Straight Talk – Market Opportunities in Barbados, Guyana, Jamaica, Trinidad & Tobago” panel session which provided a general overview of local markets and opportunities in the region for sustainable business opportunities in clean technology and green infrastructure in the Caribbean.
“There is considerable scope for Canadian businesses in clean energy, tech, agriculture and professional services in the T&T market,” Tewarie said. “We hope that this event has whet the appetite of more Canadian firms to come to T&T and we will continue to work closely with the Canadian High Commission to bring Canadian firms to our market and to take T&T firms to Canadian markets. This event follows a virtual trade mission that we held in collaboration with the Canadian High Commission in 2021, so we will keep at it.”
Finally, AMCHAM T&T officially launched the virtual Trade Mission to the U.S. State of Illinois on April 13th, 2022, in partnership with exporTT and the Ministry of Trade and Industry. Sixteen (16) local companies participated in the Trade Mission which will provide opportunities for export promotion and investment with the state of Illinois, U.S.A.
The virtual trade mission will offer many additional opportunities for these companies to promote and expand their products and services, gain valuable market insight, build their customer base, and widen their audience through informative and interesting conversations with potential buyers and partners via a unique virtual experience through new technologies available by the metaverse.
“Doing the trade mission in the metaverse offered local companies the opportunity to interact with potential partners and discuss their products,” said Melissa Pierre, Senior Trade and Policy Specialist at AMCHAM T&T. “Whilst, the metaverse will not replace the in-person mission, it really helps when you are on a budget to consider market penetration initiatives.”
With these initiatives, AMCHAM T&T is doing its part to seek out new and innovative opportunities to secure private sector growth and foreign direct investment in our local economy. We intend to continue pursuing opportunities that will maintain business competitiveness and advantage in our local economy for the benefit of our members and the citizens of Trinidad and Tobago.
For further questions or comments please contact: Nirad Tewarie, CEO AMCHAM T&T at [email protected].