Industry
From The Report: Trinidad & Tobago 2015
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Although an important part of T&T’s economy, the manufacturing sector’s performance has been disappointing in recent years. According to the T&T Manufacturers’ Association, the value of manufacturing output declined at an average annual rate of 4.3% from 2010 to 2014. In its “Review of the Economy 2014”, the government noted that economic activity in manufacturing fell by 5.8% in 2012, 1.8% in 2013 and was expected to register a further contraction of 0.7% in 2014. Even so, T&T has the largest manufacturing sector in the Caribbean, with an estimated output value of around $1.2bn in 2014. The second-largest non-oil sector within the economy, manufacturing represented about 8.5% of GDP in 2014, and directly employed more than 60,000 people. Following the fall in global hydrocarbons prices, 2015 is expected to be a challenging year for the industry, marked by fiscal austerity and a potential reduction in household consumption. This chapter contains an interview with Racquel Moses, President, InvesTT.

Articles from this Chapter

Overview

Trinidad and Tobago holds notable benefits for industry, and manufacturers are increasingly looking abroad for expansion
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Although an important part of the Trinidad and Tobago economy, the manufacturing sector’s performance has been disappointing in recent years. According to the T&T Manufacturers’ Association (TTMA), the value of manufacturing output declined at an average annual rate of 4.3% from 2010 to 2014. In its “Review of the Economy 2014”, a report published in mid-2014, the government noted that economic activity in manufacturing fell by 5.8% in 2012, and by 1.8% in 2013. At that point, the review…

Analysis

A green paper on minerals seeks to reorganise Trinidad and Tobago’s mining sector
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The small but relatively important mining and quarrying sector makes a significant contribution to the economy. In terms of estimated recoverable reserves the largest deposits are of sand and gravel, blue limestone, plastering sand, yellow limestone, clay, porcelanite and andesite (a form of volcanic rock). In 2013 reserves were estimated at 467.1m tonnes, distributed over an area of 71.4 sq km, mainly in Trinidad (although andesite is found almost exclusively in Tobago). These materials are used…

Interview

Racquel Moses, President, InvesTT: Interview
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Interview:Racquel Moses What have been the trends for inward and outward investment flows in recent years? RACQUEL MOSES: Since 2008 there has been an increasing trajectory of inward investment flows. In the period between 2011 and 2014 Trinidad and Tobago has seen an average of about $2bn per year in foreign direct investment (FDI) inflows. However, the inflow of FDI by sectoral contribution is very unevenly distributed, with the energy sector receiving about 77% of all inflows in that period.…

Analysis

Enhancing Trinidad and Tobago’s business climate for investors
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The government has dedicated considerable time and energy in recent years to improving the business climate for manufacturing firms and for the private sector in general. The aim is both to make the Trinidad and Tobago economy more competitive, and to attract increased inflows of foreign investment. “Three to four years ago we had no fewer than 13 separate state agencies dealing with investment, with overlapping areas of work. So in response to the need for a single agency, InvesTT was created.…