Interview:Aldwyn Wayne What barriers do financial technology (fintech) firms and start-ups face in Trinidad and Tobago? ALDWYN WAYNE: Tech start-ups tend to lack initial capital, and obtaining a licence and funding to become an e-service provider is challenging. Permitting alternative avenues such as sub-licensing would allow smaller companies to test a product in the market without such high…
Interview:Philip Knaggs What is the current FDI outlook? PHILIP KNAGGS: Global FDI flows increased by 24% in the first half of 2019, compared to the first half of 2018. However, upon removal of one-off transactions and repatriations due to US tax reforms, global FDI was up 4%. Within the Latin America and Caribbean region, FDI flows decreased by 4%. However, the overall prospects for 2019 remain…
Interview:Ronald Carter In what way has growth in financial services contributed to diversification strategies? RONALD CARTER: The Central Statistical Office reports that the financial services and insurance sectors contributed 7% to GDP in 2018, up from 5.6% in 2014. Given that GDP has fallen by 12% over that period, these sectors have a growing economic importance. Trinidad and Tobago continues…
Interview:Nigel Baptiste In what ways have new financial banking instruments impacted growth in 2019? NIGEL BAPTISTE: For most sector players, the impact of new financial instruments is only becoming evident now. Moreover, 2019 has been a year of consolidation, as clients grow more comfortable with different technologies. However, there have not yet been any serious shifts in terms of how banking…
Interview:Ravi Tewari Which segments of the insurance sector show the most room for growth in Trinidad and Tobago? RAVI TEWARI: In absolute terms life and pensions remain untapped markets. In the property and casualty segment the penetration rate is marginally better, although there is also room to grow. In any case, opportunity exists to significantly increase the number of customers in the…
Interview:Allen Chastanet How important are ties to the Commonwealth, and how will relationships develop in the future? ALLEN CHASTANET: The Commonwealth offers tremendous opportunities for St Lucia and Trinidad and Tobago. We hope the UK will now re-engage with the Commonwealth as a result of Brexit. From better trade agreements to enhanced double taxation treaties, we are confident that UK…
Interview:Mark Loquan To what extent did the sector develop in 2019, and what direction will it take in 2020? MARK LOQUAN: In 2019 there were improvements in gas production and related petrochemicals exports, but commodity prices declined. Free-on-board Caribbean prices for ammonia stood at $211 per tonne, down 24% from the 2018 average, while US spot methanol prices stood at $297 per tonne,…
Interview:Claire Fitzpatrick What is the mid-term outlook for T&T’s upstream and downstream sectors following the closure of the Petrotrin refinery? CLAIRE FITZPATRICK: The restructuring of any state-owned entity is not an easy decision to make, and I recognise that it was very challenging. It was an action aimed at creating organisations that can compete and be profitable for the country.…
Viewpoint:Prime Minister Keith Rowley The consolidation of our economic stability and the capacity to remain effectively integrated into the global financial and trade architecture remains a priority for my government as we continue the search for measures to strengthen our fiscal resilience through diversification. Our national development ambitions should be buttressed by an enabling international…
Viewpoint:Gregory Hill Even though it was established almost 40 years ago, the Trinidad and Tobago Stock Exchange (TTSE) has characteristics seen in younger, less developed stock markets. However, the TTSE is currently undergoing a transformation and the authorities are working to address several fundamental challenges, including illiquidity, subdued trading activity and a shortage of publicly…
