Trinidad and Tobago Manufacturers’ Association (TTMA) Message 2024-2025
November 25th, 2024
Initiatives to Increase Economic Participation
Connecting the influencers and showcasing their role in our business landscape is accommodating the development of our business community. The Trinidad and Tobago Chamber of Industry and Commerce (T&T Chamber) congratulates and thanks the publisher’s of ‘Who’s Who in Trinidad and Tobago Business’.
The T&T Chamber’s road map includes initiatives to Increase Economic Participation and introduce new opportunities towards a vision of shared prosperity; focus on Enhancing Social Infrastructure Provisions via ESG mandates; embracing Emerging Technology Opportunities; Enhancing the Adoption of Digital Technology; Increasing Innovation Diffusion; Increasing Levels of Entrepreneurialism; and developing hidden opportunities for economic advancement and inclusion.
All of these point to the necessity to strongly support our MSME’s and untapped sectors via catalytic strategies. In addition, we represent our members nationally on over forty working groups, task forces, boards, national councils and eleven internal committees.
Our daily activities include supporting our members and the wider business community by providing advocacy, capacity-building, trade missions, networking, position papers and more. Innovation, risk-taking, strategic planning and improving productivity are key elements for successful business models.
The manufacturing sector in Trinidad and Tobago stands as a cornerstone of our economy, driving growth, providing employment, and enhancing the economy’s global competitiveness. At the Trinidad and Tobago Manufacturers’ Association (TTMA), we recognise the critical role the non-energy manufacturing sector plays in our economic landscape and are committed to supporting its continuous development. The non-energy manufacturing economy has demonstrated remarkable resilience and strength, even in the face of global economic challenges.
Over the last four years, from 2020 to 2023, exports from the sector increased by approximately TT$1.9 billion. Considering that this period was challenging for businesses this growth underscores the sector’s strength and resilience. In 2023, according to data by the Central Statistical Office, it is estimated that non-energy manufacturing exports were approximately TT$12.8 billion which is 25% of total exports.
This progress is a testament to the dedication and innovation of our manufacturers, who continually strive to meet and exceed international standards.It is noteworthy to mention that the TTMA has embarked on an ambitious export manufacturing strategy, aiming to double the value of non-energy local exports by 2025 from a base figure of TT$3.5 Billion in 2019. This strategy is not just a vision, it is a well-structured plan that is already showing promising results.
We have seen a consistent increase in export values, indicating that we are well on our way to achieving this target. The Association’s strategy focuses on, inter alia, building capacity of the manufacturers and exporters in Trinidad and Tobago, growing the SME sector, expanding market access for all producers and exporters, enhancing product quality, and fostering a culture of continuous improvement and innovation among local manufacturers.
One of the key elements of our strategy is to provide comprehensive support to manufacturers who are seeking to expand their export activities. This includes facilitating trade missions, inward missions (bringing buyers to the sellers) offering and providing access to critical market intelligence, training and upgrading production techniques, enhancement of labour quality offerings, facilitating accreditation for packaging and manufacturing, allowing for ease of market entry, among other initiatives. By doing so, we equip our manufacturers with the tools and knowledge needed to thrive in competitive international markets.
The manufacturing sector’s growth contributes significantly to economic diversification, reducing our dependency on the energy sector. This diversification is crucial for sustainable economic development and for building a resilient economy capable of withstanding global market fluctuations. As we continue to build on this momentum, the TTMA remains dedicated to advocating for policies and initiatives that foster a conducive and an enabling environment for manufacturing.
We believe that through collaboration with government, private sector stakeholders, and international partners, we can achieve our goals and ensure the long-term prosperity of the Trinidad and Tobago’s non-energy manufacturing sector. In conclusion, the manufacturing sector is not just surviving but thriving. With our export strategy firmly in place, we are poised to achieve significant milestones by 2025, reinforcing Trinidad and Tobago’s position as a leader in the manufacturing industry, not just within the region, but among all countries in the hemisphere as well.
TTMA Building, 42 Tenth Avenue, Barataria, Trinidad
P.O. Box 971, Port of Spain, Trinidad
Tel: (868) 675-TTMA (8862)
Fax: (868) 675-9000
Email: [email protected]
Website: ttma.com
