By Kimberly Ramkhalawan
September 24, 2021
Trinidad and Tobago is looking forward to Chinese firms establishing business and manufacturing plants in its latest Industrial Park, Phoenix Park Industrial Estate. In issuing the invitation during a virtual China-Trinidad and Tobago Investment Cooperation Forum, Trade and Industry Minister, Paula Gopee-Scoon says the TT Government was open to attracting further business from China, as Trinidad and Tobago, like its regional counterparts, were suffering from the lack of Foreign Direct Investment as a result of the COVID-19 pandemic, which she says has had a negative impact on economies.
Noting that Trinidad and Tobago was one of the first English speaking Caribbean nation to sign on to China’s Belt and Road Initiative in 2018, Minister Gopee-Scoon added that this was proof that relations are headed in the right direction as it meant expansion of more Chinese Multinational enterprises, mergers and acquisitions that she credits to the signing. The Belt and Road Initiative has been described as a global infrastructure development strategy adopted by the Chinese government in 2013 to invest in nearly 70 countries and international organizations.
While the Phoenix Park Industrial Estate is not set to open until May 2022, earlier this year state owned National Gas Company of Trinidad and Tobago, NGC, signed on to an Engineering, Procurement and Commissioning (EPC) contract with the Beijing Constriction Engineering Group Company Limited for gas infrastructure at the estate.
Citing this, InvesTT President Sekou Alleyne says this alliance has already brought awareness to Chinese firms of Trinidad and Tobago being a destination and base for setting up operations, while InvesTT director, Videsh Maharaj painted the picture of Trinidad and Tobago being a haven for investment as its Free Trade zone and special economic zones Act were part of a suite of legislation governing trade on the twin island state. Among other legislation new firms entering could benefit from included the Corporation tax, fiscal incentives, income tax and the foreign investment Act. He added that these served as incentives along with exemptions from custom duties and Value Added Tax, allowances on machinery and dividends. Maharaj described this as an enabling environment for international trade, especially as Trinidad and Tobago looked to grow industry outside of the energy sector through production and export of non-energy good and services. Meanwhile, Chinese ambassador to Trinidad and Tobago, Fang Qui remarked Trinidad and Tobago being one of China’s important partners post the COVID era, as relations continued to be bolstered. He added that China was also one of the major economies in the world that continued to record positive growth despite the pandemic.
And with participants ranging in several areas of construction, telecommunication providers, Fang urged those at the webinar to work together in exploring opportunities in Information Technology, Telecom, light manufacturing, and new energy within Trinidad and Tobago. Echoing similar sentiments was Deputy Director of the Chinese Academy of International Trade and Economic Cooperation Institute, Zhou Mi, who said focus between the Caribbean nation had been on enhancing its digital economy and movement between the two nations.
Minister Gopee Scoon drew the reference to China’s 14th Five-year Plan Guideline and Long-Range Objectives through the Year 2035 as holding similarities to Trinidad and Tobago’s Vision 2030.
This week’s meeting between Trinidad and Tobago and China, comes ahead of the fourth China International Import Expo (#CIIE), which will take place in Shanghai from November 5 to November 10, an event exporTT has participated in representing investment between the two nations.