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3) Ready To Make Your Next Investment Move? With First Citizens Brokerage and Advisory Services, trading shares is easy. Invest in the top performers on the local market and create a success story of your own. Call or come in to open a brokerage account with First Citizens Brokerage and Advisory Services. 17 Wainwright Street St. Clair, Port of Spain Tel: (868) 622-3247 17 Lady Hailes Avenue San Fernando Tel: (868) 653-9857 1 (868) 62-FIRST (623-4778) | www.firstcitizenstt.com 

4) Contents Investment Opportunities 10 16 Capital of Finance 20 The New Brain Of The Workplace 24 Big Data Finds A Home 30 The Future Of Energy 34 Sunny Side Up 42 The Animation Opportunity 46 10 Ship Shape Work As Play In Tobago 24 An ideal location for maritime investment T&T sets the stage An enabling environment T&T host for new data centres Getting the best out of the energy sector Fuelling renewable energy Creative industry on the rise An attractive location for investors Doing Business in T&T 54 Holding Strong 62 Moving In The Right Direction 72 Recycling & Rewards 78 Coming Home 46 T&T remains in the limelight as an investment option Welcoming investors with open arms Gravita India and InvesTT join forces VP Stacy Adams comes home Success Stories 82 The Greatest Brand On Earth 90 Behind The Seams 96 Where The World Parties 102 90 2 | INvest Trinidad and Tobago The business of Carnival T&T's emerging fashion designers T&T... a world-class stage List Of Diplomatic Missions List of Diplomatic Missions of the Republic of Trinidad and Tobago 

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6) contributors INVESTT TRINIDAD & TOBAGO ISSUE 3, 2015 Publisher Neysha Soodeen neysha@macomag.com Managing Editors Simone Gillette simone@macomag.com Denise J. Dorant denise@macomag.com Creative Director Daryl Nagil daryl@macomag.com Editor Kathy Ann Waterman Writers Hugh Blanc, Mango Media Caribbean Inc. [Abby Braithwaite & Kern De Freitas], Pat Ganase, Kamsha R. Maharaj, Diana Mahabir-Wyatt, Sonja Sinaswee Photography Stephen Broadbridge, Darius Creative Services Ltd., Eventology Published every 6 months for The Ministry of Trade, Industry, Investment and Communications by Toute Bagai Publishing Limited 26 Kelly Kenny Street, Woodbrook, Port of Spain, Trinidad. W.I. Tel: (868) 622 0519 Fax: (868) 628 6909 Website: www.macomag.com www.macocaribbean.com Printed by: SCRIP-J #1 Fernandes Industrial Centre, Laventille, Trinidad, W.I. Tel: 1 868-626-1234 Website: www.scripj.com 4 | INvest Trinidad and Tobago investT Trinidad & Tobago Shurla Henry-Gibson Manager, Marketing & Communications The Atrium, Don Miguel Road Extension, El Socorro, Trinidad & Tobago, W.I. Tel: 1 868 675 1989 ext. 2168 Fax: 1 868 675 9125 Email: shurla.henry-gibson@investt.co.tt Website: www.investt.co.tt 

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8) Message from the Honourable Minister of Trade, Industry, Investment and Communications In the 2015 Ease of Doing Business Report released by the World Bank, Trinidad and Tobago was ranked among the top 10 improvers in the world, and the only country in Latin America and the Caribbean to receive that distinction. Specifically, the Report stated that “among the 21 economies with the most reforms making it easier to do business in 2013/14, 10 stand out as having improved the most in performance on the Doing Business indicators: Tajikistan, Benin, Togo, Côte d’Ivoire, Senegal, Trinidad and Tobago, the Democratic Republic of Congo, Azerbaijan, Ireland and the United Arab Emirates. Together, these 10 top improvers implemented 40 regulatory reforms making it easier to do business.” Our investment promotion agency, InvesTT Limited, also copped the prestigious investment promotion award from the United Nations Conference on Trade and Development (UNCTAD) for excellence in promoting FDI for sustainable development. In this issue, we highlight the latent potential of our maritime sector; illustrate the development of our local animation sector – one that highlights the creative genius of our people; showcase the new knowledge worker; and demonstrate the capitalisation on our 50 years of oil and gas industry experience. Our achievements put us in pride of place and signals to the world that we are indeed moving in the right direction … for we are working overtime to achieve our goals and we are indeed rolling out the “red carpet” for you the investor! Senator the Honourable Vasant Bharath Minister of Trade, Industry, Investment and Communications Minister in the Ministry of Finance and the Economy 6 | INvest Trinidad and Tobago 

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10) DISCOVER WHAT’S INSIDE DOWNLOAD YOUR FREE COPY Here SCAN . DOWNLOAD . READ 

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12) Investment Opportunities Just as T&T has made the most of its natural resources, it has also turned to its unique attributes to provide options for investment outside of the energy sector 10 | INvest Trinidad and Tobago 

13) An ideal location for maritime investment Ship Shape By Kern De Freitas As oil prices tremble, T&T takes advantage of maritime opportunities D iversification has been the buzzword over the will accommodate ultra large crude carriers of the last two decades in the lexicon of the Trinidad 200,000 DWT (deadweight tonnage) category. and Tobago economy, which relies heavily on our oil and gas exports. Sullivan Island should benefit from the Panama Canal’s Over 40% of T&T's Gross Domestic Product (GDP)— which is expected to double its current traffic of 14,000 and 80% of exports—comes from the energy sector, ships per annum. Ships are required by international specifically oil and gas. The country has been looking maritime law to dock for maintenance and inspection at other opportunities that would make T&T less reliant every two to three years, and T&T will provide long- on energy, which is now even more critical with global distance shippers with a great alternative to making oil prices steadily declining. an empty round trip. Just as T&T has made the most of its natural resources, Big multi-billion dollar projects like these, though, it has also turned to its unique attributes to provide require considerable investment, and this is where options for investment outside of the energy sector. InvesTT Trinidad and Tobago (InvesTT) has lent crucial T&T’s prime geographical location near to South support. As the planning and implementation agency America and the Panama Canal—the crucial shipping responsible for making the connection between local portal that bridges the Atlantic and Pacific oceans—its businesses and investors, InvesTT has worked to popularity as an export hub and its experience in the smoothen the path. marine equipment and services industry just scream “opportunity” Dry-dock facilities in the Americas that accommodate ships longer than 300 metres account for just 13% of global capacity, providing the perfect backdrop for T&T to expand in an arena that is largely untapped in this part of the world. own expansion, scheduled for completion this year, Sekou Alleyne, manager investor sourcing, InvesTT, outlined the process for creating the facility over the next few years. “The environmental impact assessment is going to happen over the next year. We could see the next year being used for that [environmental feasibility study] once the CEC The Sullivan Island Dry Docks, which will be built [certificate of environmental clearance] is given in off the coast of Sea Lots, Port of Spain, is one big parallel.’’ step towards realising T&T’s maritime potential. The $2.1 billion mega-project, when completed, The investment promotion agency will also assist in securing the seabed lease and licence necessary to www.investt.co.tt | 11 

14) start dredging the basin to create the island. “That “We are projecting annual revenues of US $1.45 billion should start in early 2016. The initial boom will be in per annum at 75% occupancy when the operational construction starting a year and a half from now and phase commences,” he explained. continuing for five years thereafter.” “Debt service, overheads and operational expenses The Sullivan Island Dry Docks will include three dry account for about US $1 billion, leaving a comfortable docks that accommodate boats over 300 metres in surplus.” length and together with the planned New Amsterdam Dry Docks in Guyana—also a project of the TDDCL— will increase the large vessel capacity of the West Mendez also pointed out that the project has its obstacles as well. Atlantic by 76%. This is a big step up from T&T’s “Our challenge has been and will continue to be the existing capacity; its largest operating dry-dock can difficulty of maintaining an access channel of sufficient house ships up to 230 metres long, and has a lifting depth, to encourage a profitable transshipment capacity of just 23,000 metric tonnes. operation,” he explained. “The large container ships As the magnitude of the project suggests, the real payoff for the 140-acre island is not short term. It that could make a transshipment operation necessary draw upwards of 14 metres when loaded.” is expected to last at least five years, when the first Mendez is also eyeing the cruise ships that grace ship will be docked at the new facility, and it could be the Caribbean. a further two years before a return on investment is jobs in its construction phase and close to 15,000 supplement the falling oil-dollars. If we are successful operational and services sector jobs, according to in attracting the cruise lines to dock in the Port of TDDCL chairman and CEO Etienne Mendez. This Spain dry docks, we may be able to convince one or undertaking sounds very ambitious, but Mendez is more to home-port here. Their passenger/guests will confident in the numbers. then fly in to T&T to board their cruise.” Concept: Sullivan Island Dry Dock Industrial Complex, Port of Spain, Trinidad. W.I. 12 | INvest Trinidad and Tobago Photo courtesy Trinidad Dry Dock Co. Ltd. “There will be a net inflow in hard currency to Photo courtesy Trinidad Dry Dock Co. Ltd. realised. The project will generate an estimated 3,500 Concept: New Amsterdam Dry Dock Industrial Complex, Guyana, South America 

15) Our challenge has been and will continue to be the difficulty of maintaining an access channel of sufficient depth, to encourage a profitable transshipment operation www.investt.co.tt | 13 

16) Dry-docking is not the only opportunity bobbing about backing a $1.7 billion transshipment port at La Brea that will give ships even more reason to visit. German-based Oldendorff Carriers, too, splashed into the Gulf of Paria in 2012 to take advantage of T&T’s transshipment opportunities. It operates three large floating cranes that transfer iron ore, coal and bauxite from ships originating in South America, especially Brazil, to those destined for eastern Asia and the Middle East. The company is very happy with its over $50-million investment, according to Oldendorff T&T Limited Project Manager Allan Higgin, who believes that T&T’s attractiveness to investors in qualities such as high vessel traffic, low energy costs and a strong skills base. A dry dock will also serve the many types of floating equipment used in the energy industry, he noted, which need regular maintenance and which will also see demands in proportion with increasing maritime activity. “A country with low entrance barriers, good road and port infrastructure, competitive energy prices and capable human resources is always a good candidate to attract foreign investments,” said Higgin. He even sees opportunities for Tobago, traditionally a tourist destination, which should profit indirectly from the project as a dry-dock facility in the Southern Caribbean will likely encourage more cruise ships to come to port here. A vibrant maritime sector can see continued growth and expansion once it takes hold, which will provide stability for the economy, lower dependency on the energy sector, and long-term employment opportunities, three very good reasons to build and let the ships come. 14 | INvest Trinidad and Tobago Photo courtesy Danielle Salloum off the west coast of Trinidad. Government is also 

17) A country with low entrance barriers, good road and port infrastructure, competitive energy price and capable human resources is always a good candidate to attract foreign investments. www.investt.co.tt | 15 

18) Investment Opportunities CAPITAL OF FINANCE Regional forum highlights how T&T can triumph as an emerging International Financial Centre T he 2015 Caribbean Investment & Finance a robust telecommunications infrastructure, Forum (CIFF) co-hosted by Latin Finance and and, most importantly, a large and growing pool the Trinidad and Tobago International Finance of English- speaking finance and accounting Centre (IFC) was held on March 4 and 5, 2015 at professionals. These are key features which can the Hyatt Regency Hotel in Port of Spain, Trinidad position Trinidad and Tobago as the foremost and Tobago. location for international financial firms to set up This two-day forum which brought local and operations in this part of the world. regional public and private sector leaders together Minister Howai also pointed out that the Trinidad with international investors and thought-leaders, and Tobago IFC has adopted a holistic approach provided an opportunity to discuss matters related for establishing an IFC by not focusing solely on the to infrastructure, energy, finance and banking in the business transactions that can be facilitated, but Caribbean. A key theme throughout the forum was by ensuring that the required framework is in place the current state of affairs and what is needed to to regulate the activity conducted by companies achieve meaningful development for the Caribbean. within the Trinidad and Tobago IFC. The proposed The keynote address was delivered by the Minister of Finance and the Economy Senator the Honourable Larry Howai who noted the significance of hosting such a conference in Trinidad and Tobago as it continued the process of consolidating Trinidad and Tobago’s position as an emerging international financial centre. The Minister noted that the forum was a very important milestone for the Trinidad and Tobago IFC, which is leading the country’s efforts in regulations will create an authority that will consist of an agency responsible for proposing laws and regulations and regulating the activity conducted within the IFC; an agency responsible for managing the operations of the IFC and an agency that will be a dispute resolution centre for transactions executed by firms operating within the IFC. This authority will be the only one in the region, and the first and only of its kind in the Western Hemisphere. attracting and facilitating foreign direct investment One of the highlights of day one of the forum was in the financial services sector and contributing to the formal commencement of the partnership the national economic transformation thrust. It is between the Toronto Financial Services Alliance expected that the operations of the Trinidad and (TFSA) and the Trinidad and Tobago IFC who Tobago IFC will contribute US$700-850 million per signed a Memorandum of Understanding (MoU) annum to GDP by 2019/2020. on January 20, 2015. The partnership between Minister Howai highlighted some of the benefits being promoted by the Trinidad and Tobago IFC, such as our stable democracy, proximity to North, Central and South America, low energy costs, 16 | INvest Trinidad and Tobago TFSA and the Trinidad and Tobago IFC should result in collaboration in forums and other initiatives and allow this country to move closer to its goal of being recognised as an emerging international financial centre. 

19) T&T sets the stage 

20) On day two of the forum, international panelists Ecker and Beer all agreed that another IFC would be joined Trinidad and Tobago IFC CEO Varun Maharaj positive for the Caribbean, since the region will benefit to discuss the keys steps to establishing an effective from having more money flowing through its financial International Financial Centre. Mark Yeandle, system, from the best practices of these international director of Z/Yen Group started off the discussion financial institutions being introduced, and from the by highlighting five broad areas that make an IFC economic activity owing to the new high-value jobs competitive, namely the business environment, the that will be created by the financial institutions that financial sector development, infrastructure, human set up operations in the Trinidad and Tobago IFC. capital and reputation. According to Yeandle, any country striving to become an emerging IFC must Other noteworthy talking points from the forum were: offer financial institutions political stability and rule • There is an urgent need for the private sector to of law, depth and breadth of services, reliable and lead the drive for economic development in the competitively priced infrastructure and transportation Caribbean. links, suitably qualified labour with flexible labour laws and a diverse culture. Janet Ecker, president and CEO • In order to achieve meaningful development, the of TFSA, highlighted the collaborative efforts between private sector should speak with one voice and Government and the financial sector as being key for provide politicians with the road map for the future. the growth of the Toronto financial services sector. The support of Government is important in order to ensure that a robust regulatory framework is in place to regulate activity in the IFC. Mark Beer, CEO and registrar of the Dubai International Financial Centre (DIFC) Courts, provided three elements that are key for the success of an IFC. The first is credibility, as investors will only place their money in a country where they feel confident. The second element is to take advantage of opportunities • Caribbean countries are doing their best to deal with the challenges brought about by falling commodity prices and revenue while finding opportunities for employment and providing for the needs of its citizens. • Caribbean countries must make the most of the lower energy bills and other opportunities due to the fall in energy prices such as reduction in their Petrocaribe debt. that are available within the country while the third Overall, the forum was filled with engaging discussions requires the country to provide financial institutions and thought-provoking ideas about the future of with a new, competitive choice for them to do their finance in the Caribbean, which should lead to the business. Dubai was able to satisfy this need by development of the financial services sector in Trinidad setting up an IFC based on Commonwealth law with and Tobago and the region. which the financial institutions were familiar. Yeandle, In commemoration of the signing of an MoU between Toronto Financial Services Alliance and the Trinidad & Tobago IFC (l-r) Senator the Honourable Vasant Bharath, Minister of Trade, Industry, Investment & Communications | Janet Ecker – CEO & President, TFSA | Varun Maharaj – CEO, TTIFC | Senator the Honourable Larry Howai, Minister of Finance & the Economy | Franco Siu Chong – Chairman TTIFC 18 | INvest Trinidad and Tobago 

21) Trinidad and Tobago International Financial Centre Corporate Profile Trinidad and Tobago (T&T) is a stable English-speaking democracy and a long-standing leader in the Caribbean, averaging a GDP of more than US$20,000 - the highest in Latin America and the Caribbean. Its oil and gas resources were leveraged to develop a number of sectors in its economy and the country is now recognised as the region’s financial centre. Its strong credit ratings, which compare favourably across the region, further enhances this position. To facilitate the country’s continued economic transformation, the Trinidad & Tobago IFC (TTIFC) was established in 2008 to drive the expansion of the financial services sector. The TTIFC continues to fulfil its mandate with Government commitment across past and present administrations. To do this, the TTIFC has adopted two strategies: the creation of a Financial Institutions Support Services (FINeSS) industry and development of the Capital Markets. The Company boosts investors’ operations by connecting prospective partners in financial services with excellent right sourcing resources and talent in T&T. This is done by providing companies with facilitation, support and key linkages, making it easier for them to confidently conduct a successful business. T&T boasts a strong foundation for the growth of its Capital Markets, with several international players already leveraging T&T as part of their global footprint, including Citibank, Scotiabank and RBC Royal Bank. They are supported by a sizable and growing workforce with tertiary level education from several world-class universities who are able to participate in a variety of capital market activities. Over the last few years, over US$12billion in debt was issued in T&T making it a preferred destination for capital markets and banking transactions for Latin America and the region. T&T is positioning itself for growth: • Fully transparent and responsive IFC-unique legislative framework being crafted to meet the needs of potential partners • Modern and swift dispute resolution system being developed based on English common law, with the option for arbitration • Competitive, equitable and transparent tax environment Partnership with the New York Institute of Finance (USA) and the Chartered Institute for Securities & Investment (UK) to deliver cutting-edge and innovative financial education www.investt.co.tt | 19 

22) Investment Opportunities The new brain of the workplace By Diana Mahabir-wyatt It takes more than a good report card to compete in the fast-changing world of work. Science now shows how to find the right person for the right job 20 | INvest Trinidad and Tobago 

23) An enabling environment K nowledge work is not a new phenomenon. And all of them have to be planned and prepared It has been going on for decades, but the for if, post the energy-plenty era, the countries of form it takes and the environment it operates in the Caribbean are going to survive. Corporate have changed radically. Knowledge work does organisations are already suffering from employees not consist, as is sometimes assumed, solely who just can’t keep up with the changes, not just of the use of technology, although it often uses in technologies, but in environments that must be technology to enable it to speed up the analyses adapted to if their businesses are going to survive. and methodologies it employs. And the problem is that mid-life and sometimes Knowledge work will often consist of a CEO sitting senior managers just do not always have the in-built alone in a room, thinking about how to adapt policies capacity to do so. It is not that they are not intelligent to falling markets. It may consist of an attorney or experienced. They are. But brain science is now searching past cases to find precedents to help convinced that abilities and personality characteristics a client with a property matter or an abrupt and such as openness to new ideas, flexibility, adaptability unexpected termination of contract. It may consist to change are 60% determined by inherent DNA of a surgeon sitting alone at home at night trying to and only 40% by what one learns at home, in think of what a patient’s symptoms portend and how academia and through work experience and training. to alleviate them. That 40% is vitally important, but it cannot change It may also be a marketing executive travelling through Central America looking for new markets, observing different cultures, estimating new opportunities, or groups of investment bankers getting together across the Caribbean conferencing calling associates in New York or London, mulling over new approaches to mortgage and interest rates and discussing what the emergence of China as the world’s largest economy means for their future. All of these involve primarily knowledge work in rapidly changing environments. what genealogy and DNA has implanted. People who are brilliant and focused thinkers, not influenced by any distractions, are simply not going to be able to switch to dealing with chaos, interruptions by millenial subordinates seeking explanations and having to respond to urgent constant messaging and Twittering. They call for different brain structures. You cannot any longer depend on the wisdom of parents and grandparents to steer young people to the right study path and career choice. The choices that will become essential in the next 10 years didn’t www.investt.co.tt | 21 

24) exist 10 years ago when they were doing it for been mainly used for employees and managers of themselves, and many do not exist now. the future who will have to carry the knowledge and Well-meaning parents try to guide young people skills economies forward. through college and career selection and it can be a Not just worried parents should be pursuing this kind struggle, but the negative consequences of not taking of assessment. It may also be useful for organisations the time to equip students to choose the right college that have internship and mentoring programmes to or university or course of study are significant. find out if they are on the right track, with the right Now that over 50% of secondary school graduates potential applicants for the future. Diana Mahabir-Wyatt in T&T are going on to some kind of tertiary The instrument, which is based on years of applied Managing Director education (technical, academic or some measure cognitive research, and is administered online of post-graduate internship) a new phenomenon is through the centre, was developed specifically appearing—that of young men and women who are for young people from the ages of 12 to 25 and studying, but are not sure what they are studying for, is intended to be used for secondary school and for anyone who would like to whether it will lead to what they want to do in life or if university students who are struggling to decide pursue the methodology further. it just fills in time until a job comes along. And if they which “stream” they should go for. Just because at 625-9212 or e-mail at choose wrongly, they often skip from job to job, with students are good at math, for example, does not dmwyatt@pmsl.org no real commitment to the organisation or the job mean that they should chose a stream that will lead they currently hold, moving on after two years, and to accountancy or banking. They may end up as organisations suffer. It is happening in the Caribbean unhappy and incompetent bankers or accountants. PMSL Limited PMSL has certified psychometric assessment / study / career guidance personnel on its staff Call Diana Mahabir-Wyatt region, leading to less than internationally competitive performance. We seem to have come across rather a lot of them lately, as we do recruitment interviews for senior A research centre in North Carolina specialising in positions, and in the interviews they admit that the applied cognitive studies has been recently able to job they are applying for was not their first choice of develop a personality and study guidance test which career. Often, they think that changing organisations is an amazingly accurate career direction tool. It is will provide the satisfaction they are missing, but it based on the Five Factor Model of Personality which doesn’t, and so they move from position to position. has become the standard for psychologists, coaches and counsellors around the globe, used for adults in the work place originally, and very useful in leadership and teamwork “fit” assessments in work situations. Now, the research centre has moved on past the adult/work competency test to go into a study and career guidance assessment. It can be used for adults in mid-life job dissatisfaction as well, but so far, has 22 | INvest Trinidad and Tobago As work and financial environments become more complicated and the need for competent and committed staff becomes more urgent, people who are psychologically, as well as academically fitted for what they do will be the ones who will fit the senior executive positions in the next generations. 

25) As work and financial environments become more complicated and the need for competent and committed staff becomes more urgent, people who are psychologically as well as academically fitted for what they do will be the ones who will fit the senior executive positions in the next generations www.investt.co.tt | 23 

26) Investment Opportunities 24 | INvest Trinidad and Tobago 

27) T&T host for new data centres Big data finds A Home By Abby Braithwaite In today’s digital world, data is quickly emerging as the new global currency B usiness success often depends on effectively Data centres are one of the largest consumers of parsing and deriving intelligence from data electricity. Electricity rates play a crucial role in and using those findings to create a competitive determining the feasibility of constructing this type advantage. of facility. As the chief producer of oil and natural However the exponential rise in data production worldwide has forced many to invest in systems to manage and protect this commodity. Multinational companies are increasingly looking beyond their home market for more efficient solutions, as they seek safe and reliable data management and storage services. gas in the Caribbean, Trinidad and Tobago has built several power plants which can support both consumer and commercial demands at very low costs. The recent commissioning of a combined-cycle power plant at La Brea in the south of the island boosts the country’s power generation capacity by more than 50%. This increased capacity strengthens With the growth in demand for this service, Trinidad the country’s ability to provide a reliable supply of and Tobago has emerged as a leading host for the power in the Caribbean and Latin America with the establishment of the sophisticated, industrial scale cheapest rates in the world. Tier III and Tier IV data centres that often house this valuable corporate asset. When it comes to finding a country with the human capital needed for such an investment Trinidad and Trinidad’s location as the southernmost island in Tobago stands head and shoulders above others the Caribbean falls outside of the hurricane belt in the region. making it a safe haven for this type of investment. It is also ideally situated at the gateway to South America while offering close proximity to the North American markets. That’s the belief of Selvon Ramroop, deputy chief executive officer of the National Information and Communication Technology Company Limited (iGovTT). www.investt.co.tt | 25 

28) Data storage service is a relatively simple service to initiate and launch, however, it provides a stepping stone for driven companies to grow this into higher value ICT service offerings 26 | INvest Trinidad and Tobago 

29) www.investt.co.tt | 27 

30) This agency, iGovTT, is responsible for the national development of the local information and communications technology (ICT) sector. it takes to be the leader in the Caribbean ICT space. Eyre said, “The quality of the local talent is exceptional which is why our operations are manned 100% by Ramroop said, “The human capital element in the Trinidadians. The cost of energy is also a key factor; country is the thing that I consider sets us apart from this has allowed our data centre services to be the rest. We have invested in several tertiary level competitive regionally.” institutions where tuition is funded by the government. This means that a large part of the workforce is very educated and skilled especially in the area of ICT.” “In creating a market for the provision of data storage facilities, the need for skilled persons in the area of ICT increases thus driving efforts in the human capital development.” “While our facilities and operations are all guided by Fujitsu world-class standards we have been able to find and develop the local partners we need to support the quality of service a data centre demands.” He added, “We are very proud to be a leader in the data centre space, being the first to offer not only offer world-class data centre services, but also The Government is committed to providing training enterprise cloud services hosted and managed locally. in the field of ICT as it has been identified as one of These features provide the assurances required for the areas of focus as the country continues its drive compliance with data sovereignty, privacy and security towards the diversification of the economy and the regulations.” development of the non-energy sector. Soon Fujitsu won’t be the only player in the Every year more than 400 students graduate with market, as telecommunications provider Columbus ICT-related degrees from either the University of the Communications has announced plans to construct West Indies or the University of Trinidad and Tobago. a Tier III Data Centre at the Tamana InTech Park. The country’s investment in education has earned it a World Economic Forum ranking of 45th in the world for quality of higher education and training and 36th in the world for the quality of math and science education. For Ramroop, though, the focus isn’t just on getting more companies to host their data centres here. He said, “Data storage services, as with similar ICT services, provides reach to a very large global market. In Trinidad and Tobago, investors can be assured of This could lead to an evolution of the service to data a wide pool of highly-qualified potential employees mining and even Big Data Analytics as a service to who have the requisite skills and training needed for customers.” the ICT sector. “Data storage service is a relatively simple service to Fujitsu, one of the top four IT services companies in initiate and launch, however, it provides a stepping the world, operates a Tier III Data Centre in Trinidad. stone for driven companies to grow this into higher Their Trinidad centre has become a global IT services value ICT service offerings.” hub, serving customers locally, regionally (including As a result of a low cost of electricity, world-class Barbados, Jamaica and Cayman) and globally with infrastructure, access to active markets, skilled customers in countries such as the UK and Germany. resources and attractive free zone incentives for Mervyn Eyre, head of Fujitsu Caribbean, Central America and Mexico, says that this country has what 28 | INvest Trinidad and Tobago export of services, Trinidad and Tobago is the most attractive destination for the construction of data centres in the region. 

31) This country is host to five broadband service providers, has a mobile penetration of 139%, 2G, GSM and 4G networks with 98% national coverage and three providers of switched voice-based services www.investt.co.tt | 29 

32) Investment Opportunities The Future of Energy By Kern De Freitas Downstream services are big part of master plan W hen it comes to energy investment in Partners to produce a six-month study for the Plan. Trinidad and Tobago, the sale of oil and The consultants will engage stakeholders in each gas gets all the attention. Getting the best out of area of the energy industry, including upstream and the energy sector, though, means looking at all downstream, mid-stream (chiefly transportation- of T&T’s energy assets, including its downstream oriented) the T&T Energy Chamber, State enterprises activity and energy services. and other government agencies. The three are intrinsically linked. The upstream sector The policy areas the plan will seek to address include: is responsible for exploration and production of our oil the allocation of acreage for exploration, identifying and gas exports, while downstream can utilise oil and development concepts for deep-water gas, a review gas to produce derivative products such as methanol, of current contractual arrangements in the upstream LNG and diesel. This country also has a significant market and storage and utilisation of natural gas. knowledge base and energy services platform built The legislative and regulatory framework will also through more than 100 years’ experience in the energy be looked at, as well as downstream opportunities. industry. Minister of Energy and Energy Affairs Kevin Ramnarine, The local energy sector accounts for close to 50% of in addressing stakeholders last November, believes T&T’s GDP, and 80% of exports, and requires a stable the Master Gas Plan will provide a pathway for the stream of investment, particularly in a challenging future of the sector. global financial environment. The global economic downturn between 2008 and 2011 has affected the level of investment T&T has been able to attract. This, in turn, resulted in a limited supply of gas to service the downstream sector, which has restricted the possibilities for downstream investment. Attracting investment upstream over the next few years is the key to ensuring the turnaround continues. This is where the Natural Gas Master Plan 2014-2024 comes in. The Ministry of Energy and Energy Affairs commissioned UK-based consulting firm Poten and 30 | INvest Trinidad and Tobago “The long-term planning and road-mapping for the natural gas sector are critical to the continued growth, development and further prosperity of Trinidad and Tobago,” Minister Ramnarine said, adding that T&T is one of the largest producers of natural gas in the Americas region. Gas accounts for a greater percentage of T&T’s GDP than oil. The shortage of gas means there won’t be many large downstream projects. According to T&T Energy Chamber president Dr Thackwray Driver, though, there is still room for investment. 

33) Getting the best out of the energy sector This country also has a significant knowledge base and energy services platform built through more than 100 years’ experience in the energy industry www.investt.co.tt | 31 

34) “We are seen as a global leader, adding value to our T&T energy project. The proposal is for a TT$5.4 billion gas resources through that process of downstream DME plant to be built in La Brea, and the final decision industrialisation,” Driver explained. “Right now the on investment should be made in the coming months emphasis on the next few years is really increasing (March/April 2015). Government (20%), Massy (10%) investment upstream to ensure we have a supply of and US-based Integrated Chemical Company Limited gas to the downstream.” (ICCL; 4 %) will be the other shareholders along with “There are probably more limited opportunities now for Mitsubishi (66%). massive expansion in the downstream gas industry. It is a good sign and could attract further investors There will be some projects, we have a project coming to T&T, says Driver. up with Mitsubishi, the DME (di-methyl ether) project and there are other possible small-scale projects like the LNG export project. But where we see the potential is for smaller projects, which use downstream petrochemicals such as methanol, urea and melamine. The further processing of those existing feedstock into “If you are able to attract companies such as Mitsubishi, you want to go and attract other companies like that, perhaps not into the large-scale petrochemical projects but into smaller projects, ones that don’t rely upon large volumes of gas and feedstock.” value-added products [are certainly areas of promise “There’s also potential for taking the skills that we conjunction with the Massy Group—is encouraging, developed in the downstream industry, the gas given that the Mitsubishi Group is the first multi- processing industry and using those same skills to diversified corporation to consider investment in a | Driver as a selling point. The Mitsubishi project—which is being planned in 32 T&T’s services expertise has also been identified by for investment].” develop allied industries, closely associated industries INvest Trinidad and Tobago 

35) I think that it’s a global issue in the oil and gas industry, which is sort of soft in the middle in terms of energy sector skills because globally there wasn’t enough training from the period of the mid-80s to the 2000s that use the same skillset but don’t rely on large “The key word is partnership,” said Driver. “For the amounts of gas resources. Solar panel manufacturing bigger projects, we need [them] to spread the risk out in Trinidad, that’s another project that we have a lot amongst themselves; they need to put in a lot of effort of potential for.” into educating themselves about the [energy] sector, Driver admitted, though, that skills development is a work in progress. It is currently high on the Energy Chamber’s agenda. “I think that it’s a global issue in the oil and gas industry, which is sort of soft in the middle in terms of energy sector skills because globally there wasn’t enough training from the period of the mid-80s to the 2000s.” “So you have about 15 years when significant investment was not being made in training skilled peopled for the oil and gas industry. That means that there are also opportunities globally. That’s where we put a major emphasis.” Another area that T&T has been focused on is getting greater involvement from the local financial sector, which is the second largest in the country after the and partner with us and with companies working in the sector to make sure their risk departments really understand what’s going on. The tendency is to think of it as a great risk if you don’t understand it.” To bring all of these areas together requires efficient processes as well. “It’s about making sure the regulatory agencies work a bit faster and that the decision making is speeded up, including the process of environmental clearance, which needs to be a little quicker and the general ease of doing business in the country,” Driver noted. “The better that that gets, then it also benefits the energy sector like it does every other sector. The infrastructure, ports, roads…the better that gets, the more competitive the energy sector becomes.” energy industry. www.investt.co.tt | 33 

36) Investment Opportunities Sunny Side Up by Abby Braithwaite Harnessing the sun, T&T is fuelling renewable energy throughout the region and beyond 34 | INvest Trinidad and Tobago 

37) Fuelling renewable energy I n its 2013 report on climate change, the as an ideal location for the large-scale, low-cost United Nations warned the world that rising manufacture of the photovoltaic (PV) panels used to temperatures would increase the likelihood of severe and irreversible damage to the environment. convert solar energy into electricity. The study recommends the establishment of a solar Small island developing states (SIDS), such as industrial park with four separate plants which will Trinidad and Tobago and other Caribbean islands, produce polysilicon, metallurgical silicon, float glass are particularly vulnerable to the effects of climate and solar photovoltaics (solar PV). change which can bring an increased number of extreme weather events, potential rises in sea level, and possible extinction of plant and animal species because of habitat loss. Trinidad’s strategic location within the Americas markets and close proximity to shipping lanes and key raw materials, as well as its existing industrial infrastructure and expertise in operating large-scale For many SIDS, a reliable, clean and affordable industrial complexes in the petrochemical sector make energy supply is needed to realise their developmental this project an ideal fit. goals—which include a reduction in greenhouse gas emissions—but most remain dependant on imported fossil fuels for their energy needs. Perhaps, most important, is the country’s supply of natural gas. The low cost of energy in Trinidad and Tobago helps keep manufacturing costs down. This Given its production of oil and gas, Trinidad and is crucial, as producing glass and silicon is energy Tobago, unlike its regional counterparts, is protected intensive, with electricity or gas representing some from the high cost and supply volatility that plague 25 to 35% of total cost. the other states that rely on hydrocarbons for fuel. Johan Sydow is the managing director at SiTek Despite this clear advantage, however, the country Limited, the local company that envisioned the local understands that the trend towards renewable establishment of the solar park. energy cannot be ignored, given the environmental implications of hydrocarbon use and the need for energy independence in the region. Plans continue apace to act on the findings of a recent Sydow said beyond providing cheap energy for production of solar panels this industry is the ideal investment for Trinidad and Tobago because it derives a high return in exchange for the use of our natural gas. feasibility study which pegs Trinidad and Tobago www.investt.co.tt | 35 

38) The energy that goes into producing and installing a solar panel is paid back by the production of solar energy from that panel within 1.5 years. A solar panel produces power under warranty for 25 years He explained, “The focus is on extracting maximum that goes into producing and installing a solar panel value from this gas, no longer is it about increasing is paid back by the production of solar energy from volume. The Solar Park is simply an alternative off- that panel within 1.5 years. A solar panel produces take of gas that generates more value to Trinidad power under warranty for 25 years. In a way, you and Tobago with lots of downstream value added.” could look at the Solar Park as a way to convert our The entire Solar Park would use less than 2% of the present T&T gas production capacity, “so it’s not any threat to the existing petrochemical industry.” He added, “Another angle to look at the solar project is as a multiplier of our energy reserves. The energy 36 | INvest Trinidad and Tobago gas to electricity, and in the process, increasing the energy content of our gas by a multiple of more than 15 times.” The main markets for sales from a large-scale manufacturing base of solar panels are North and South America where there is large demand. It is 

39) expected that the Caribbean will also develop into a significant market. Andre Escalante, managing director of Energy Dynamics Limited, an energy services company that provides a range of energy solutions throughout the Caribbean region, says despite the fall in oil prices regional leaders should still invest in renewable energy. Escalante said fuel costs represent just over 60% of the total energy bill incurred by most Caribbean islands and noted that the current decline in oil www.investt.co.tt | 37 

40) Making an investment in the renewable energy sector is a crucial step in the right direction for Trinidad and Tobago 38 | INvest Trinidad and Tobago 

41) prices would reduce this cost. He advised though institution, along with the University of Trinidad and that any savings should be applied to an investment Tobago, provides the necessary resources for us in renewable energy systems. to best develop technical and engineering capacity Sydow agrees: “The Caribbean region outside of Trinidad is bleeding some five to 10% of its Gross which is sadly lacking to meet the energy efficiency and renewable energy needs of the region.” Domestic Product every year in purchasing fuel He said that the country already has the capacity to distillates to power the region. It’s the single biggest provide the innovative financing opportunities needed cause of foreign exchange losses.” to support ventures in the renewable energy sector. “The potential economic impact of investing this Making an investment in the renewable energy sector money instead into renewable energy generation and is a crucial step in the right direction for Trinidad and smart grid technology, with much of the materials Tobago. Not only is it an opportunity to provide a being produced in the region, installation of the kit service which is increasingly in demand but it is also being done by local companies, and financing and one of the ways in which we can ensure that we use ownership originating from the region, is tremendous the limited resources at our disposal in the best way and the resulting power would be cheaper to generate possible. than the present cost of diesel fuel.” Sydow added, “Over the medium to long term, Trinidad, Sydow believes, has a unique opportunity 10 to 20 years, Trinidad will need to increase the to lead the Caribbean in the transition to renewable contribution to GDP by industries outside of the oil and energy. gas sector. This is because there is a substantial risk He said, “So here is Trinidad and Tobago, a low-cost energy island surrounded by neighbours with some of the highest energy costs in the world, this is a great opportunity for T&T to step up and help the Caribbean out with its energy woes.” Our access to low-cost energy isn’t the only resource that equips this country to lead the region in this industry. Trinidad and Tobago has already established the technical and financial capacity that is needed to advance this thrust. that T&T gas production will reduce significantly within this timeframe. So we should mitigate this risk by diversifying to industries that can generate significant revenue without relying on the very high volumes of gas we are currently producing.This diversification will take some time and so we need to start now.” Sydow reinforces that, “The Solar Park is a bridge between energy and manufacturing, leveraging our strengths in energy to attract high-end manufacturing with its higher-paying jobs. In developing this skills base, we see T&T eventually attracting manufacturing Escalante said, “Trinidad and Tobago is in the enviable sectors outside of energy as well. This is the biggest position in the Caribbean of holding the engineering driver for the project.” faculty of the University of the West Indies. This www.investt.co.tt | 39 

42) InvesTT Fast Facts Trinidad and Tobago is home to abundant natural resources, talented people and robust infrastructure. Here are some more facts about this leading Caribbean location. Trinidad and Tobago Sources: www.investt.co.tt Language Total Population people GMT - 4:00 Location Trinidad and Tobago: Trinidad English MARKET ACCESS Two islands located at the southern tip of the Caribbean island chain. Ideal location below the hurricane belt with access to North and South American markets 1.3 MILLION 1.2 billion 4,828 Km 300 Km 2 Multilateral Trade Agreements Port-of-Spain Partial Scope Trade Agreements Climate 102 million people Jan - Jun Jun - Dec Avg. 31 Avg. 21 Dry season Rainy season CARICOM 14 million people BELOW THE HURRICANE BELT Trade Agreements with: USA, UK, Canada, Brazil, France, Colombia, Cuba, Denmark, Germany, India, Italy, Luxembourg, Spain, Sweden, Switzerland, Norway, Venezuela, Dominican Republic, Costa Rica, Panama and CARICOM. GDP telecommunications infrastructure Air Travel 635,100 GDP per capita 9% 5 FIBRE-OPTIC LINKS Redundant and diverse US$18,010 1.5% 5% 6% 41% 52% Telecommunications Country code Labour Force % OF LABOUR FORCE Electricity Rate 60% Infrastructure (868) INDEPENDENT JUDICIARY Economic freedom and laws to protect investors Manufacturing US$ 23 billion °C Legal System free tertiary education 7,600 GRADUATES ANNUALLY GDP BY SECTOR Services Oil/Gas °C Education STABLE PARLIAMENTARY DEMOCRACY 2 Capital 1.1 billion people Politics Tobago PortS Growth Q4 2013 US$ 0.03/kwh Lowest business costs in Central America and the Caribbean Transportation SECOND Two major ports handling dry and general cargo plus two liquid terminals 80.1% Internet penetration 139% most developed road network in the Caribbean Ranked #2 Mobile penetration in port capacity in the Caribbean Piarco International is a modern airport on the island of Trinidad while Tobago is served by the ANR Robinson International airport. Approximate flying times BEIJING 25.1 HOURS ZURICH 17 HOURS BRAZIL 15.1 hours LONDON 8.2 HOURS TORONTO 5.5 HOURS HOUSTON 5.3 HOURS NEW YORK 4.5 HOURS MIAMI 3.3 HOURS PANAMA 3.25 HOURS For more information, please contact us at CARACAS 0.55 HOURS info@investt.co.tt 

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44) Investment Opportunities The Animation opportunity drawing on success By Hugh Blanc L ike Saturday morning superheroes, Trinidad Trinidad and Tobago to the cusp of being an and Tobago animators have been prepping international player. While there has been a dramatic their gadgets and honing their skills and T&T is now increase in the quality of creative art services in T&T ready to be the next major hub for international overall, no single industry is better poised to reward animation. Leading the charge is Camille Selvon its investors. Abrahams with her company, Full Circle Animation. Selvon Abrahams, an award-winning multi-media producer and animator, has been spearheading the Caribbean animation movement from the very beginning. Graduating from Goldsmiths University of London with a Bachelor of Arts degree in media and communications, specialising in animation, the future industry pioneer made the decision to return home to Where Animation Is At Generally, animation serves the media industry, largely comprising feature film, computer games, advertising (commercials) and TV shows. All four sectors use animation and in recent times their usage of animation has even increased, exemplified in 2010 where 75% of the top grossing films had animation. advance the art of animation in the Caribbean. In 2009, Reasons for the increases in the demand for animation in recognition for her achievements in the field, she include: was honoured with the Toronto-based Caribbean Tales Innovation Award and in 2010 she was also selected • Globalisation/outsourcing. International studios are by the global animation association ASIFA, to be the expanding to developing countries with lower costs president of the first ever ASIFA Caribbean Chapter. or outsourcing animation work to low-cost service providers. Thanks to advances in technology and global trends, the international animation market has seen continued increases, and Camille Selvon Abrahams has brought 42 | INvest Trinidad and Tobago • More use of animation, and special effects in mainstream feature films. 

45) Creative industry on the rise With imagination and creativity in ample supply, animators are hot tickets and T&T is ready to become an international hub • Technological innovation has increased the ability of International animators. It accomplishes this through animators to contribute to film, television and games its partnerships with animation studios beyond the at a faster rate. Caribbean, as well as through its membership with • Countries are expanding animation industries to create culturally-themed animated productions to fill the big cultural gap in the market. • Quality of games will soon equal that of animated feature films; this is a strong growth impetus. The New Hub the world renowned Association Internationale du Film d’Animation (ASIFA). Animae Caribe has grown to be recognised as one of the notable international festivals in the industry. In addition, it has built a regional and international network of storytellers, writers, puppetry artists, visual artists (including graphic designers and photographers), theatre and music performers, sound The rise in demand for animation has created an and lighting technicians and researchers, which feed opportunity for emerging providers and there are three into the animation production sector. main reasons why Trinidad and Tobago is a prime contender to become the next major animation hub: 2. 1. The increasing trend towards outsourcing in this Ability to attract international talent Cost Competitiveness industry is primarily because of the presence of good In 2001, Camille Selvon Abrahams established the studios and the vast base of skilled English-speaking Animae Caribe Film and New Media Festival, which workforce in outsourcing locations where the cost of has become the largest animation film network with animation services is also significantly more affordable. a regional coverage in the Caribbean. The festival While a US-based animator is paid US$125/hour, in functions as a regional platform for Caribbean outsourced regions this can be as low as US$25/hour. animators, as well as a liaison between Caribbean and www.investt.co.tt | 43 

46) Equipped with state-ofthe-art hardware and software and a trained pool of animators and networks, Full Circle Animation Studio has leveraged its resources to act as an outsourcing studio for overseas producers, as well as to develop and produce its own content and serve the media industry Moo! Milk Commercial Animated Advertisement 44 | INvest Trinidad and Tobago 

47) Where a 30-minute animation feature costs between US$200,000 to $400,000 to produce in the US, the same feature can cost 17% to 35% (estimated US$70,000) of the total or up to 83% less in Trinidad and Tobago’s thriving animation industry. This cost-saving potential makes the country a prime location for an animation studio. Additionally, T&T now boasts a number of specialized programmes in animation, both at secondary-level and tertiary-level educational institutes. 3. Availability of incentive schemes Regional and international producers stand to benefit from rebates for on-location costs incurred, that fall within the range of US$100,000 to US$8,000,000 on a three-tier scale of 12.5%, 15% and 35%. Coupled with a 20% rebate on labour costs if nationals of the islands are hired for the production of the film, producers have the opportunity to benefit from a whopping 55% cash rebate. Full Circle Animation With the launch of Full Circle Animation, Selvon Abrahams created the first complete animation studio in the Caribbean, which continues to be one of the leading studios. Equipped with state-of-theart hardware and software and a trained pool of animators and networks, Full Circle Animation Studio has leveraged its resources to act as an outsourcing studio for overseas producers, as well as to develop and produce its own content and serve the media industry. The company also recently acquired Jason Lindsay in the role of managing director, a key acquisition to the team’s growth, with over 15 years of local and international business development experience in both the public and private sectors. This solid team in place, Full Circle Animation aims to further expand its work in the animation industry, with the intention of establishing a 50- to 60-person studio that can leverage huge cost advantages to the global animation market without compromising on quality. With a history of successes like the Animae Caribe Film Festival under her belt, it is only a matter of time before Camille Selvon Abrahams and Full Circle bring their studio front and centre into the international A motion graphics video outlining the pivotal factors affecting the fight against HIV/AIDS in Jamaica spotlight and bring their uniquely crafted imaginings to the world. www.investt.co.tt | 45 

48) Investment Opportunities Work as play in Tobago By Pat Ganase Everyone's ideal vacation getaway is also an attractive location for investors and entrepreneurs, especially at the Cove 46 | INvest Trinidad and Tobago 

49) An attractive location for investors www.investt.co.tt | 47 

50) T hink Tobago. Tropical island in the South Cove (the Cove Eco Industrial and Business Park) Caribbean. Just beyond the hurricane zone. on the southern coast of Tobago, was allocated to Sunlit sandy beaches, calm waters, a protected the programme of establishing an eco-friendly state- forested main ridge. Desired and settled by a of-the-art estate that would attract entrepreneurs, succession of European powers—more than any innovators and investors who would operate other Caribbean island—before she was joined to sustainable companies, and model the new business Trinidad by the British. The tranquil partner in the environment while keeping Tobago clean, green, safe Republic of Trinidad and Tobago, this 40-kilometre and serene. long (almost 10-kilometre wide) island is home to 60,000 in towns and villages, linked by a welldeveloped network of roads that encircle the island, providing access to beaches and beauty The Cove, overlooking calm picturesque Canoe Bay, is on the southernmost promontory of Tobago. Ten minutes from the international airport at Crown spots on- and off-shore. Point; and no more than 15 to the deep-water port Tobago is all this and more. The international airport at development and growth—an axis of change—that Crown Point linked with the airport at Trinidad provides will resonate beyond Tobago. regular and convenient access to major cities on both sides of the Atlantic. The deepwater harbour and port at Scarborough has the capacity for cruise liners as well as cargo ships. in Scarborough, the Cove is strategically located for Infrastructure at the Cove is complete. The commercial electricity-generating plant was commissioned in 2009, with the capacity to provide 64MW, enough to power the island. The natural gas plant was completed Tobago’s accessibility makes it everyone’s ideal in 2010. Water is stored underground. Fibre-optic vacation place: the weekend getaway for Trinidadians, cables that will afford instantaneous communications, and it draws thousands from Europe and North information trading with anywhere in the world will America every year. It is also conducive as a workplace shortly be installed. The street-lighting system is solar- for such industries as digital arts, agro-processing, powered. Cove is the first eco-park in the Caribbean, design and entertainment. a model of local ingenuity, design and administration. The local government, the Tobago House of Assembly (THA), is hoping to attract a new cadre of innovators, entrepreneurs, investors, to seed creative enterprise on the island. The THA already employs over 60% of the working population. Generally, people are occupied GSAL Designs Ltd provided urban planning and architecture designs. The administrative company E-IDCOT is headed by a distinguished board of directors led by chairman Neil Wilson. Chief executive officer is Bernard Mitchell. in the health, education, security, construction, Mitchell is an engineer with industry experience in maintenance, agriculture and tourism sectors. The telecommunications and project management as government sector guarantees stability and security well as business development. He was involved in on the island. Young people often set their sights on the planning of the science and technology park the bigger island, Trinidad, or further afield. In 2009, at Tamana which will also house the University of the THA established the Eco Industrial Development Trinidad and Tobago. He is a Fellow of the Association Company of Tobago (E-IDCOT), a wholly-owned of Professional Engineers of Trinidad and Tobago private limited liability company, with the mission to (APETT) and has served as an industry consultant “transform and diversify the Tobago economy.” with the Faculty of Engineering, University of the TRANSFORMING TOBAGO West Indies at St Augustine. While Mitchell’s task includes the infrastructural development at the Cove Transformation through diversification is a long and Eco-Industrial and Business Park, and the provision slow process, but it has begun. Land, 140 acres, at of project management services, his main remit is 48 | INvest Trinidad and Tobago 

51) The local government, the Tobago House of Assembly (THA), is hoping to attract a new cadre of innovators, entrepreneurs, investors, to seed creative enterprise on the island www.investt.co.tt | 49 

52) In 1958, Tobago was chosen by the Walt Disney Company as the setting for their forthcoming film based on the Johann Wyss novel, Swiss Family Robinson CLOTHES IN THE SUN Pigeon Point, Tobago, May 1956 Wenda Parkinson in Tobago British Vogue, May 1956 "First essential for any sun-and-sea holiday—a swimsuit with this summer’s new look of brilliant, patterned exuberance. This one is bright as a parakeet, in vivid emerald green” Wenda (an actress, model and later a writer) first met Norman Parkinson after they were introduced by fellow photographer, Cecil Beaton. Parkinson and Wenda worked together for Vogue on countless occasions—she was his most enduring muse and features in many of his most iconic images. They were married in 1947 and remained together for the rest of their lives. 50 | INvest Trinidad and Tobago 

53) investor sourcing for Tobago. In support of its mandate, In 1958, “Tobago was chosen by the Walt Disney E-IDCOT will also provide project procurement and Company as the setting for their forthcoming film project management services for its internal projects based on the Johann Wyss novel, Swiss Family and to third parties. Robinson. When producers saw the island for the first IMAGINATION AND DESIGN time, they fell instantly in love….” The island remains a film location waiting to be re-discovered. The Cove Traditional agro-industry is ripe for development. The may provide offices for a film production company, revitalisation of cocoa on Trinidad—rehabilitation of but Tobago can facilitate accommodation for crews, old estates, exemplary cottage industry processing locations, crews, and talent. E-IDCOT will be the local to fine flavoured chocolate plus the support of the partner and one-stop shop to facilitate agreements world-renowned Cocoa Research Centre—may yet with local agencies and to propose the way forward. spur the rebirth of cocoa in Tobago. Cocoa estates across the island devastated by the last hurricane to hit Tobago (Flora, September 30, 1963) and abandoned for more than a generation, are ready to be cultivated again. Still bearing cocoa trees have fed parrots for too Music production and music videos have become simpler in the digital age. The Cove as a location for a recording studio would seek out local talent, but would also attract international artistes. long. In the meantime, new heavily producing clones Mitchell anticipates that data processing companies, have been developed. A fine flavour chocolate factory call centres, online marketers, designers and creators is not a bad idea for the Cove. of many innovative and new products should find In his day, the photographer “who brought British homes here in the Cove. glamour to the world,” Norman Parkinson, chose Creators of furniture, ceramics, art and craft, may all be to live in Tobago. He reared pigs and created the housed at the Cove, spurring industry, innovation and Porkinson banger. Today, the best goat cheese and entrepreneurship. While the development at the Cove yogurt comes from the Orange Hill Nature Ranch, represents a substantial outlay for construction and a goat dairy and organic farm. Tobago has its own infrastructure, it is intended as an investment in people. brands of chutneys and specialty sauces. Production Not only Tobago businesses are expected to occupy facilities for any or all of these products would find the two initial factory shells, which are adaptable for homes at the Cove. a variety of processes (large or smaller machinery). Green & serene YOUR WORKPLACE IN TOBAGO Five reasons to consider Tobago as the location for your new or expanded green business: • • • • • • • Easy airport and port access to North America, Caribbean, Europe and Lain America; Literate workforce Telecommunications Low-cost electricity Written and spoken English as language of business Cool sunny climate and location Equity investment for approved companies of up to 30% is available for medium- to long-term investors www.investt.co.tt | 51 

54) It is expected that Trinidadian and international • Car parking and other common facilities will service companies will perceive the opportunities of an eco- the park. A mini mart will provide the basic needs friendly park, with a compatible business sector and of the companies and individuals working here. ready supply of human resource. It is not unlikely that a high-end restaurant and a FACILITIES AT THE COVE The Cove has been planned to accommodate existing and enterprising new businesses with a variety of different and flexible spaces. CONTACT: The Eco-Industrial Development Company of Tobago (E-IDCOT) Ltd. Website: www.e-idcot.co.tt Telephone: 1-868-660-2683 or 1-868-635-2683. Fax: 1-868-631-2683. Address: First Floor, Isaac Industrial and Business Park, Canoe Bay Road, Tobago Compliance with occupational health and safety regulations, as well as environmentally helpful practices (reducing and recycling waste) will be mandated among tenants. Innovative waste recycling into useful Among these, the proposed administrative centre products is a business that would be welcomed here. will house the Cove’s management team, offices The Cove will be a model Caribbean industrial park and conference facilities. As the park expands from its flagship design to the day-to-day practices. with companies and new businesses, it will evolve to provide one-stop services, from basic business processes to project management and marketing. • A business incubator complex is geared to assist start-up companies. T. McLeod Building. Sislyn Thomas-Craig Road, Cove Eco- food court will be included. Mitchell imagines a “vibrant hub with companies involved in areas such as fabrication, manufacturing, BPO, data warehousing, beverage production, agroprocessing and animation. The landscape is populated with aesthetically pleasing buildings and the sound of industry is part of the rhythm of the park, which • The factory shell buildings comprise working and storage areas with office cores. • The innovation centre will provide an administrative meeting block and a lab/ research block. • A shared business centre will serve as a meeting area for business to business activities and other shared activities. It will be conveniently located for easy access from all other units via tree-lined paths. The cove INVESTMENT INCENTIVES is landscaped and well-maintained. The outputs of some companies are feedstock for other companies. The facility is full secured and well branded. Cove and E-IDCOT are household names in Tobago and to the business community in Trinidad and in the region.” 

55) Cove Eco-Industrial and Business Park, Canoe Bay, Tobago As the park expands with companies and new businesses, it will evolve to provide one-stop services, from basic business processes to project management and marketing The investment incentives for operations at the Cove include: • Tax holidays of up to 10 years for the manufacture of products using significant local input or goods produced exclusively for export or capital-intensive businesses investing in excess of TT$50 million (US$ 8.3 million). • Exemption from import duties on materials and other inputs, plant, machinery and equipment for industrial production. • Waiver of income tax on dividends and other distributions other than interest, out of profit derived from the manufacture of approved products. • Relief of value added tax on imports of highly capital intensive industries • Exemption from corporation tax on profits, taxes on dividends and value added taxes on inputs for entities exporting 80% of their final production. • Tax credit of 25% on chargeable profits for an approved small company. • Equity investment for approved companies of up to 30% is available for medium- to longterm investors. www.investt.co.tt | 53 

56) Doing Business in T&T 54 | INvest Trinidad and Tobago 

57) T&T remains in the limelight as an investment option Holding Strong By Sonja Sinaswee Buffered against reduced oil prices, T&T remains an attractive investment option www.investt.co.tt | 55 

58) S ince June 2014, the price of crude oil has plummeted by roughly 55%, from US$107 a barrel to under US$50, where it has remained since the beginning of 2015. Understandably, there is concern amongst the world’s largest oil producers and exporters, with multinational energy giants aggressively cutting back on all forms of expenditure, everything from exploration to employees. In the midst of international anxiety, however, Trinidad and Tobago stands strong and stable. the ANSA Merchant Bank managing director says. Jason Julien, general manager of First Caribbean Investment Services (FCIS) as well as First Citizens Bank’s deputy chief executive of bank operations, notes the importance of the HSF in times like this. “The intention of the Fund is to support countercyclical policy—when times are good we save so that when times are bad, we can spend from the fund to help keep the economy moving,” he says. “The Fund is governed by legislation and can only be tapped when specific criteria related to the price of our “What sets us apart globally is our ability to correct energy products are met. As an extra line of defence quickly during unexpected times as we are doing now,” to prevent abuse of the Fund, as even Standard and says Racquel Moses, president of InvesTT Trinidad and Poor’s has noticed, spending from the HSF is political Tobago (InvesTT), the country’s national investment taboo and administrations are unlikely to do so unless promotion agency. “Many of our global counterparts it is really needed.” are forced to make decisions in times of crises when their economic indicators are failing. T&T’s economic indicators, interest rates, unemployment, market liquidity and credit rating all remain very positive. However, we are focused on them remaining that way by reinforcing our efforts to diversify our economy through investment whether foreign or local.” Gregory Hill, managing director of ANSA Merchant Bank, agrees. In December 2014, Standard and Poor’s affirmed the country’s “A” credit rating, with a stable outlook for the economy. This was affirmed in January 2015. This is an indicator that international credit agencies remain confident in T&T’s ability to withstand what many experts consider the cyclical phenomenon of energy prices. “Credit ratings are extremely important to a country’s financial standing in the world,” Hill explains. “It is also “The robustness of the economy is underpinned by a signal to the rest of the world of the willingness and adequate foreign reserves, investments into long- ability of a country to paying its sovereign debt.” term capital projects which will propel the economy forward, the growth in the Heritage and Stabilisation Fund (HSF), and a strong current account position,” he says. “Net government debt of 20% of Gross Domestic Julien points out that “A’’ credit rating placed T&T at a credit quality level of countries such as Oman and Ireland and just below that of Israel and South Korea. Product is low both by regional and international “The credit rating is not only significant to external standards, and the growth in the non-energy sector, parties looking to invest in T&T but to us as well, as especially banking, construction and manufacturing, having a good foreign currency credit rating means is encouraging.” we will be more attractive to the international capital Hill adds that while the decline in crude is negative markets when trying to secure funding and can benefit from lower borrowing costs,” he adds. Gregory Hill for the economy, approximately 70% of the energy Managing Director of ANSA sector revenues are actually generated through InvesTT’s Moses says T&T’s international credit ratings natural gas and its derivatives, which has proven to confirm what the agency consistently indicates to be more resilient. He noted that the development of the investors—that T&T is a sound investment location downstream sectors such as methanol or ammonia providing foundational factors for successful operation. Merchant Bank also serves as a buffer against falling oil prices. One of those factors is stable monetary and foreign “Close monitoring of fiscal expenditure and aggressive | to support the development and expansion of new export products must be high on the agenda in 2015,” 56 exchange policies that provide an ideal framework marketing for new foreign direct investment and our businesses and industries. INvest Trinidad and Tobago 

59) while the decline in crude is negative for the economy, approximately 70% of the energy sector revenues are actually generated through natural gas and its derivatives, which has proven to be more resilient www.investt.co.tt | 57 

60) Our currency appreciates or depreciates in response to changes in supply and demand conditions; there is no engineering of our currency. What results for us is a stable dollar that is maintained through sound economic policy and relatively high demand 58 | INvest Trinidad and Tobago 

61) “The primary contributor to our ideal framework to It is another excellent example of the country’s ability support the development and expansion of new to weather fiscal storms that would typically cripple businesses and industries is our floating exchange the economy of a small island nation. rate regime,” the InvesTT president explains. “Our currency appreciates or depreciates in response to changes in supply and demand conditions; there is no engineering of our currency. What results for us is a stable dollar that is maintained through sound economic policy and relatively high demand. Our open Moses says, “As much as we talk about our need to diversify, we are making strides towards diversification every day with each investment. This has protected us through the global financial crisis and will continue to protect us.” market infrastructure allows the market to direct the The fact that T&T’s investment environment is different course of business which is a proven system.” from that of our Caribbean counterparts also plays a critical role in our economy’s ability to remain stable Hill agrees, adding other factors, including: • Low interest rates and capital market demand for local debt issuances as the fundamental tools of domestic corporate growth and project financing; • Corporates are able to borrow relatively cheaply, which keeps their costs down and allows them to invest in capital goods; in turbulent times. Hill explains that T&T’s economy is more industrialised than other economies in the region. This factor has a direct effect on the investment environment because it means that the country is better suited to withstand a slowdown in developed markets because it is not dependent on the tourism sector like the rest of the Caribbean. He adds, “Our economic and investment outlook is • Entrepreneurship in general has increased as more tethered to developing markets due to the fact the barrier to entry from many industries has that the country is primarily a commodity exporter. lessened; and While Jamaica and Barbados must be concerned • From a foreign exchange perspective, in the short-medium term, a fixed exchange rate will allow for predictability and reliability in revenue and profit forecasts for local enterprises and multinationals doing business in T&T. about the strength of the Eurozone and American economies, Trinidad and Tobago has to concern itself with the economic developments out of countries such as India, China, Turkey, Japan and South Korea, the larger energy and commodities importers.” Predictability is the number one demand of all Hill says that from a technical standpoint, T&T’s investors. capital market is also a bit more developed than most other economies in the region, with the exception of Hill believes there are many other characteristics that make T&T attractive to investors. These include a strategic geographic location; low cost of doing business, especially energy costs; a stable, democratic and reliable political process and environment; an Jamaica. The local stock exchange is growing, with trading volumes increasing on a yearly basis, and the bond market has also grown in size, due mainly in part to state-owned enterprises. This makes the local market more “investible.’’ educated and skilled population that is primarily “Lastly, given the large excess liquidity in the local English-speaking and multi-cultural; and strong and market, volatility is also relatively low in T&T compared resilient corporate governance. Boards have become to even developed markets such as the US,” Hill more vigilant and active in the face of the financial adds. “The country has been recognised numerous crisis of 2008. times as one of the most attractive frontier markets The reference to the financial crisis of 2008 is indeed in the world.” significant. The local economy was one of the few in the Caribbean to withstand that global economic crisis. www.investt.co.tt | 59 

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63) WHEN WE SAY WE TAKE YOUR BUSINESS TO THE WORLD WE MEAN IT Eximbank is T&T’s dominant bank for providing export financing. As part of our strategy to strengthen companies of all sizes in our manufacturing sector through export led growth, we have launched the business portal: This site’s sole purpose is to list every manufacturer and service provider from Trinidad and Tobago and expose them to the world. #30 Queen’s Park West, P.O.S. WI E-mail: eximbank@eximbanktt.com | www.eximbanktt.com To have your product or service on the site, contact Genero Communications at 359-5431 or 621-5516, or Eximbank at 628-2762. 

64) Doing Business in T&T Moving in the Right Direction By Sonja Sinaswee T&T gets top grades for its investor ready-to-do business packages T he Government of the Republic of Trinidad for research, development and patent registration, and Tobago has been working assiduously as well as trade financing assistance for developing to transform the sister islands into an investor’s their export capacity. Grant funding is available to all paradise, complete with sun, sea, sand and the non-energy manufacturing and service businesses ease of doing of business. for research and development initiatives. Senator the Honourable Vasant Bharath, Minister of “As our economy continues on its growth path, Trade, Industry, Investment and Communications, and investors will be attracted to doing business here Minister in the Ministry of Finance and the Economy, and we must provide the enabling environment and believes, “We have the right ambience to encourage incentives to do so,” Minister Bharath believes. investors—an excellent education system, low energy costs, economic and political stability, and an aggressive agenda with regard to the ease of doing business. T&T welcomes investors with open arms.” An attractive framework of incentives is included in the promotional package created to improve the local investment climate and capture the attention of international investors. Potential investors have access to a range of incentives based on their intended activities from the following legislative acts: the Fiscal Incentives Act, Customs Act, Income Tax Act, Corporation Tax Act, Free Zones Act and Tourism Development Act. There are also incentives in the form of rebates, which are available for offsetting production Institutional, legislative and administrative reforms will also prove important if T&T is to encourage local business development and attract foreign investors. Three pieces of legislature are of particular interest to the business community. The Public Procurement and Disposal of Public Property Bill aims to reform T&T’s public procurement laws within the strict principles of good governance, such as accountability, transparency, integrity and value for money. The Bill also seeks the establishment of the Office of Procurement Regulation. After a 10year debate process, the Bill was finally passed in the Senate in December 2014. expenses incurred within the film industry, as well as The purpose of the Planning and Facilitation of for a range of expenses incurred within the agriculture Development Bill is to reform the country’s Town and sector. Country Planning laws by “establishing a system for the Locally owned entities involved in the non-energy manufacturing and services sector benefit from grants 62 | INvest Trinidad and Tobago preparation and approval of national and subnational development plans; and a system of planning and 

65) Welcoming investors with open arms www.investt.co.tt | 63 

66) The roles of existing institutions such as the Business Development Company, now exporTT, and the T&T International Finance Centre, have also been rationalised and streamlined development approvals, which are designed to secure making it easier to do business in 2013/14, 10 stand predictability, simplicity, promptness and transparency out as having improved the most in performance in the treatment of development applications.” on the Doing Business indicators: Tajikistan, Benin, The partial proclamation of the 2006 Bankruptcy and Insolvency Act into law provides for corporate and individual insolvency. It aims to foster the rehabilitation of insolvent debtors and to create a formal office of Supervisor of Insolvency. In terms of institutional and administrative reforms, new agencies have been created to impact investment promotion and the country’s economic development. Among them are the Economic Development Board of T&T (EDB), the Council for Competitiveness and Togo, Côte d’Ivoire, Senegal, Trinidad and Tobago, the Democratic Republic of Congo, Azerbaijan, Ireland and the United Arab Emirates. Together, these 10 top improvers implemented 40 regulatory reforms making it easier to do business.” The Report further states that “being recognised as top improvers shows that thanks to serious efforts in regulatory reform in the past year, they made the biggest advances toward frontier in regulatory practice.” Innovation (CCI) and InvesTT Trinidad and Tobago. The main highlights of T&T’s performance in the The roles of existing institutions such as the Business annual report are: Development Company, now exporTT, and the T&T International Finance Centre, have also been rationalised and streamlined. Efforts to step up the country’s investor appeal have not gone unnoticed. The 2015 Doing Business Report ranks T&T as one of the top 10 reformers worldwide. The Report states, “Among the 21 economies with the most reforms 64 | INvest Trinidad and Tobago • The country is among the 10 top improvers worldwide. It is the only economy from Latin America and the Caribbean to obtain this achievement; • It has gained 12 ranks; • The country’s reforms span across the highest number of indicators in the Caribbean; 

67) • It made starting a business easier by introducing Dr Rikhi Permanand agreed: “This is a fantastic online systems for employer and tax registration. achievement for the country, as the ease of doing Starting a business in T&T now takes an business is an important component that any would entrepreneur 11.5 days— on par with international be investor would be looking for.” best practice—down from 35.5 days in 2013; Permanand is the executive director of the EDB and • The country is nearly 4% closer than last year to the CCI. The EDB is a unit of the Ministry of Planning global best practices in business regulation, as and Sustainable Development (MPSD) and sets the measured by its Distance to Frontier (DTF) rank. strategy for industrial economic diversification and The DTF shows how each economy performs the development of the growth poles within T&T. in absolute terms, as well as in relation to other Also a unit of the MPSD, the CCI is responsible economies; for developing and implementing a holistic and • It made resolving insolvency easier by introducing a new restructuring proceeding; and • The country also strengthened the rights of secured creditors during reorganisation procedures. competitive innovation policy to transform the local economy by lowering its dependence on the oil and gas sector. One of the CCI’s objectives is to improve T&T’s rank on the Global Competitiveness Index by 20 points by Sophie Sirtaine, director of the World Bank’s the year 2016. For 2013–2014, the country ranked at Caribbean Country Management Unit—Latin America 92 out of 148 countries on the Index, which compares and the Caribbean Region, extended her “sincere countries’ productivity and efficiency and highlights congratulations” to the country, saying that the ranking their comparative advantages and the advisability of “places T&T once more in a leadership position in investing in them. Impressively, by the time the 2014- the region.” She further noted that “such reforms are -2015 Report was produced, T&T had jumped three leading to tangible benefits for entrepreneurs.” points on the global ranking, the first time there’s been any improvement in years. www.investt.co.tt | 65 

68) 66 | INvest Trinidad and Tobago 

69) T&T also has bilateral trade agreements with the following countries: USA, UK, Canada, Brazil, France, Colombia, Cuba, Denmark, Germany, India, Italy, Luxembourg, Spain, Sweden, Switzerland, Norway, Venezuela, Dominican Republic, Costa Rica, Panama, and the CARICOM region, providing access to over 1.2 billion potential customers www.investt.co.tt | 67 

70) There has been more clarity in the areas for sustainable economic diversification to lessen our dependence on the oil and gas sector 

71) Permanand said that there are several initiatives Gross National Savings to Gross Domestic Product and reforms in place to improve T&T’s global through the Heritage and Stabilisation Fund. This competitiveness. He noted the “expansion of the may not be seen as a reform but a positive action.” traditional markets of CARICOM to other markets in the region and beyond, through trade agreements” as an example. It would seem that Government’s “positive action” is yielding corresponding results. The average Foreign Direct Investment (FDI) into T&T in the last three years CARICOM has an estimated population of 6.4 has been quite substantial. In addition to the various million. As such, investors have access to many initiatives and projects, Dr Permanand attributes this regional markets through a number of bilateral trade growth to other factors. agreements between CARICOM and countries like the Dominican Republic, Venezuela, Colombia, Cuba and Costa Rica. T&T also has bilateral trade agreements with countries around the world, including USA, UK, Canada, Brazil, France, Colombia, Cuba, Denmark, Germany, India, Italy, Lexenbourg, Spain, Sweden, Switzerland, Norway, Venezuela, Dominican Republic, Costa Rica, Panama, and the CARICOM region, providing access to over 1.2 billion potential customers. Permanand also highlighted the implementation of TTBizLink, also called the Single Electronic Window (SEW), by the Ministry of Trade, Industry, Investment and Communications. TTBizLink is an integrated information technology trade facilitation platform that serves as a virtual one-stop shop where private stakeholders and the approving government agencies can collaborate so as to process the necessary permits and approvals online. TTBizLink facilitates the online administration of the licences, work permits, fiscal incentives, import duty concessions, cargo and manifest declarations, company registration and certificate of origin by various government departments, allowing companies to conduct business in a safe, seamless and efficient environment. “There is also focus on skill development at the tertiary education level and vocation training,” Permanand said. “There is also continued strengthening of our “There has been more clarity in the areas for sustainable economic diversification to lessen our dependence on the oil and gas sector. Seven industrial sectors have been identified, among them food sustainability, which is agriculture; energy with a focus on added value petrochemicals; export of energy services and renewable energy; maritime services; tourism; culture and creative, information and communication technology and financial services. By providing this clarity, there is more scope for the investor outside of oil and gas exploration. “In addition to focused areas of industrial diversification, there is also geographical diversification through the development of five growth poles in T&T. They are East Port of Spain, North Coast, Central, South West Peninsula and North East Tobago,” the EDB head continued. “The Growth Poles are economic spaces for igniting economic and social transformation and as such will be centres for investment in industry and further creating jobs for citizens in the surrounding communities.” Permanand noted the development taking place along Trinidad’s Chaguaramas Peninsula, saying that it was also an area full of investment opportunities, another area of FDI into the country. The oil and gas sector remains a major source of FDI into the country where land and offshore bid rounds are continually successful. www.investt.co.tt | 69 

72) PRODUCT CERTIFICATION CAN BOOST YOUR BUSINESS Rodney Ramnath, Head of the Certification Division of the (TTBS) realizes that in order to be globally competitive, penetrate new markets and to maximize existing trade agreements products have to conform to standards. what Q: Mr. Ramnath,(PC)? is Product Certification A: As the name implies, this is where a product is certified against specifications or criteria. These requirements are normally listed in national, regional or international standards. The certification process involves the inspection and testing of the product as well as an assessment of the production process and quality systems to ensure the consistent production and delivery of conforming products. Conforming products are certified and this is demonstrated via the certifying organization issuing a certificate for the product and a certification mark which can be placed on the product. RODNEY RAMNATH HEAD CERTIFICATION DIVISION, TTBS ‟ Product certification tells the customer that the product has been assessed by an independent body and meets the requirements of the standard thereby giving them confidence... ” P ossessing a robust and resilient economy, Trinidad and Tobago is known for being an industrialized and diversified nation in the English-speaking Caribbean. It is against this backdrop, that the Trinidad and Tobago Bureau of Standards (TTBS) a statutory agency which falls under the purview of the Ministry of Trade, Industry, 70 | INvest Trinidad and Tobago Investment and Communication (MTIIC), is committed to improving competitiveness and promoting sustainable development through the formulation, promotion and application of standards and conformity assessment activities such as Product Certification (PC). These activities will simultaneously ensure that consumers have an adequate level of protection and confidence when purchasing goods and services. Q: How long is the Product Certification Process? A: The time may vary depending on the requirements against which the product is being assessed; the level or extent of the quality control system the manufacturer or service provider currently possesses and the time needed to complete inspection and testing activities since some laboratory tests can be performed quickly whereas others require a significant time. Q: Mr. Ramnath, you said that Product Certification is distinguished by a Certification Mark, what does having this mark mean? A: The presence of this mark means that the certification body has 

73) www.investt.co.tt | 71 

74) Doing Business in T&T RECYCLING & Rewards By Pat Ganase Gravita India and InvesTT forge alliance for recycling innovations T he story of Rajat Agrawal’s rise from an commitments and responsibility of business and entrepreneur with a welding business to management. leader of one of India’s most successful and admired companies, is worthy of study in any business programme. In 21 years, Agrawal moved his enterprise through failure, debt and bankruptcy to an ISO 9001:2008 and ISO 14001:2004 certified company and a certified star exporter. Agrawal’s journey took him to Singapore and Sri Lanka before he returned to Rajasthan in India where Rajat Agrawal’s company Gravita India is recognised today as the global leader in lead manufacturing, with operations in 37 countries with 500 employees. The core business is lead processing but the company has expanded to international trade in lead scrap, ores and battery scrap and turnkey lead recycling projects. All aspects of the business are conducted Gravita India is now headquartered. with environmentally sound practices in sustainable His advice to entrepreneurs is garnered from facilities, four in Asia and four in Africa. experience and the strong will to thrive by learning new practices: “Even if you have the right attitude, great idea and business plan, a wonderful team … deep understanding of the financial aspects is extremely important. You should understand the cash flows and all the financial terms which make you an entrepreneur.” ways. Gravita India operates eight lead smelting Two years ago, an alliance between Gravita India and InvesTT Trinidad and Tobago (InvesTT) to do business in Trinidad and Tobago was launched. Shyamal Chandradathsingh, vice president investor sourcing says, “InvesTT had initially signed an MoU with Gravita to provide facilitation services to them. We have provided those services, including searching And although he was confident about his understanding for suitable real estate, establishing contact with of the financials, he also realised, “It is very difficult potential companies who can integrate into Gravita’s to understand that you are not so qualified, when value chain, and the facilitation of work permits and you have already achieved something.” He took time business registration under InvesTT’s One Stop off mid-career, and enrolled in the OPM (Owner/ Shop.’’ President Management) programme at the Harvard Business School. As he learned about ratios, mergers, Mr. Rajat Agarwal acquisitions, and financial success, his perceptions changed. He returned to share this education with his company. From founder and business builder, he has turned teacher and mentor, coaching his top management team about financials and the 72 | INvest Trinidad and Tobago Gravita’s initial investment is in a processing facility for used batteries, where the lead plates are removed and shipped to Gravita’s facility in Africa. Phase two of their investment will see the construction of a recycling facility here, pending environmental and other approvals. 

75) Gravita India and InvesTT join forces Rajat Agrawal’s company Gravita India is recognized today as the global leader in lead manufacturing, with operations in 37 countries with 500 employees www.investt.co.tt | 73 

76) Trinidad will be the newest location for Gravita India with that company providing a business approach to recycling Trinidad will be the newest location for Gravita India UNCTAD, shared the criteria for assessment of the with that company providing a business approach 2014 awards: to recycling. Gravita will recover lead by digging up battery dumps throughout the country. They will also treat areas that have been contaminated with battery acid. It is this alliance that has been recognised in the 2014 awards by UNCTAD (the United Nations Conference for • The IPA's role in screening, targeting and facilitating the FDI project. • How is environmental, social and economic sustainability taken into consideration in targeting and facilitating the project? Trade and Development) for promoting foreign direct • Efforts made by the IPA and partner organizations investment for sustainable development. InvesTT is to magnify its contribution to sustainable Trinidad and Tobago’s investment promotion agency development. aligned to the Ministry of Trade, Industry, Investment and Communications. On October 13 at the World Chandradathsingh said, “All investment promotion Investment Forum 2014 in Geneva, Switzerland, agencies in the world are eligible for the award. It InvesTT was named one of four winners of the is based on a submission by the IPA that looks at UNCTAD Investment Promotion Award. InvesTT’s the nature of the project, the strategic intent that submission was based on the project proposed by the investment is meeting and the actions of the IPA Gravita India for lead recovery and recycling in Trinidad. in assisting to secure the investment. This award is an indicator of InvesTT’s excellence in facilitating Paul Wessendorp, chief of the investment promotion section in the Division on Investment and Enterprise 74 | INvest Trinidad and Tobago investment that serves the national interest.” 

77) ABOUT UNCTAD In 2002, UNCTAD developed criteria to recognize and share best practices of investment agencies among member nations. The UNCTAD Investment Promotion Awards are presented annually to: • Recognize and celebrate the outstanding achievements of the world’s best practice investment promotion agencies (IPAs). • Make the investment community and general public aware of exceptional contributions by IPAs to the realization and advancement of national development strategies. • Disseminate best practices and lessons learned in the promotion of foreign direct investment (FDI) for sustainable development. ......................................................................................................................... Think Debate Deliver In 2014, 31 projects from 29 agencies qualified for the awards for achievements in the areas of renewable energy, green manufacturing, waste treatment, electric vehicles and greenhouse construction. The outstanding IPAs received the awards for their role in attracting and facilitating these projects and their efforts in magnifying their economic, social and environmental impact. This year’s Investment Promotion Awards for “excellence in promoting foreign direct investment for sustainable development” come at a critical juncture, as United Nations member states prepare to adopt a set of sustainable development goals (SDGs) for the period up to 2030. The SDGs will encompass a wide range of economic, social and environmental objectives, as well as measures aiming at climate change mitigation and adaption. IPA executives, senior policymakers and business leaders from over 130 countries will carry forward the momentum created by the awards ceremony through discussing best practices and exploring means of attracting FDI for infrastructure projects, green growth, more and better jobs, and social development. 2014 marked 50 years since the first UN Conference on Trade and Development in 1964. The conference was designed as an inter-governmental forum for North-South dialogue and negotiations. It was intended to drive analytical research and advise on policy for development issues. Through these initiatives, UNCTAD emerged as a key contributor to the flow of aid from developed to developing countries. Over the years, UNCTAD focused its research and analyses on linkages between trade, investment, technology and enterprise development. Following the merger of UNCTAD and the New Yorkbased UN Centre on Transnational Corporation in 1993, expanded collaborations on international investment issues led to expanded and diversified technical assistance. Almost 200 countries are members of UNCTAD. www.investt.co.tt | 75 

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79) Doing Business in T&T SUMMARY OF INCENTIVES TO DOING BUSINESS IN TRINIDAD AND TOBAGO MANUFACTURING • Exemption from customs duties on the construction of an approved project. • Exemption from Value Added Tax (VAT). • Exemption from income tax on dividends or other distribution, other than interest, out of profits or gains derived from the manufacture of the approved product during the tax holiday period. • Duty-free treatment on raw materials, machinery, equipment and packaging material. • Tax credit equal to 5% of chargeable profits as an Approved Small Company for a period of 5 years. • Exemptions from corporation tax, import duties, VAT, withholding taxes, container examination fees, work permit fees and land and building taxes as a designated Free Zone area. CREATIVE INDUSTRIES • 35% rebate for filmmaking expenditure between TT$100K and TT$19.2M for national productions. • 12.5% to 35% rebate for filmmaking expenditure between TT$630K to TT$19.2M for regional and international productions. • 150% tax deduction of actual expenditure on audio visual or video production for the purposes of local education or reflecting local culture in a radio, television or cinematic production, to a maximum of TT$1M. • Duty-free concessions for filmmakers on machinery, equipment and materials for the production of motion pictures. TOURISM • Tax exemption on profits not exceeding 7 years. • Tax exemption on profits from the initial sale of villas, condominiums and sites within an integrated resort development. • An accelerated depreciation of depreciable capital expenditure incurred by the owner or operator. • A capital allowance for capital expenditure incurred by the owner or operator in the creation or expansion of a tourism project. • A carry-over of losses from a tax exemption period arising out of the operation or renting of a tourism project. • Tax exemption on the dividend received by a non-resident shareholder if the recipient is not liable to tax on the dividend in his country of residence. AGRICULTURE Rebates on a percentage of the total cost of the following: • • • • • • • • • • • • • • • • • • Vehicles Water for agriculture Land preparation Soil conservation Machinery and equipment Agro processing Crops Protected agriculture systems Security Waste management Integrated pest management Post harvest and marketing Marine fisheries Soil amelioration Livestock Aquaculture New farmers Guaranteed prices MARITIME • Duty-free concessions for machinery, equipment and materials for use in boat/ship building and repairs. • Exemption from VAT in the repair of ships, yachts and pleasure crafts. ALL SECTORS • Maximum grant of TT$1M to non-energy manufacturing and service businesses for research and development initiatives. • Maximum grant of TT$300K for patent registration by nonenergy manufacturing and service businesses for research and development initiatives. • Reimbursement of financial costs associated with entry into selected export markets. • Trade financing options, including pre/post shipment financing, demand loans and export credit insurance available through EXIMBANK. • Tax allowances for: - promotional expenses equivalent to 150% of the total amount expended. - Annual wear and tear allowances for machinery and equipment, industrial buildings and intangibles. • Exemption from motor vehicle tax for a vehicle imported for use in a tourism project. • Exemption from customs duty for imported materials. • A licence to import vehicles with the payment of customs duty at a reduced rate of 10%. • Reduced customs and excise charges for the purchase in Trinidad and Tobago of building materials and tourism equipment. www.investt.co.tt | 77 

80) Doing Business in T&T coming home By Hugh Blanc Stacy Adams, VP of Investor Services, follows her stars S tacy Adams has returned to her homeland of art forms, our heritage, are just as valid as European Trinidad and Tobago to take up the role of vice classical anthems or classical music or ballet. Ours was president of Investor Services at InvesTT Trinidad just as worthy of being, showcased with sophistication and Tobago (InvesTT). As she explains, it was an and performed in a certain way, and that completely easy choice and a fit tailor-made all for her. changed my outlook as a performing artist. It made “I’m very much a Trini,” Adams says. “I spent most of my adult life outside of Trinidad though, having left here it very easy to stay in Jamaica and enjoy and relish what it meant to be a performer.” in 1994 to do my first degree in mass communications The experience with The University Singers also at UWI in Mona.” allowed Adams a richer view of other cultures. “It also Born in Trinidad, Adams attended Holy Name Convent before working as a journalist for Trinidad and Tobago Television. She then decided to leave home to pursue a degree in mass communications. The decision would lead her on an odyssean journey of many years abroad before her eventual return. At university in Jamaica, Adams became involved with The University Singers, an experience that would prove tremendously informative. A large part of that impact came from the programme’s musical and artistic directors. She had the “absolute honour’’ of working with Noel Dexter and Professor Rex Nettleford. Dexter, “the quiet giant,’’ has been contributing to the development of music in Jamaica for over 50 years and the late Professor Nettleford was a luminary in regional academia who also founded the National Dance Theatre Company of Jamaica. gave me the opportunity to see the world because we toured extensively…so it was very interesting. You also get a very different perspective of cultures when you interact with other performing artists in their space. And it virtually shaped who I am.” By the time she graduated, Adams found that she had built strong networks in Jamaica. “A lot of my professional equity was in Jamaica.” As a result, she remained there, initially taking a post in media and later working with the United Nations and UNESCO. However, ultimately she found herself unfulfilled and returned to Trinidad to work with Republic Bank as the editor of Group corporate communications. Three years later she moved to the newly formed First Caribbean International Bank in Barbados. “When I read the vacancy ad and I saw what they were looking for, I thought to myself, ‘This is me. This job is me. They want me.’ ” They certainly did. She applied Both men broadened her view of Caribbean value. for the job and became FCIB’s first Group public “The general approach to culture and what it meant to relations manager, and Adams was moving around be a Caribbean person, not just someone of African the Caribbean once again. descent, but a Caribbean person, showing that our 78 | INvest Trinidad and Tobago 

81) VP Stacy Adams comes home It’s all about establishing relationships, maintaining relationships. There are still certain challenges to be faced. As a young investment promotion agency, there is still distance to travel in terms of building goodwill for the organization www.investt.co.tt | 79 

82) Adams followed this by attending the London School stay close to the investor to ensure we’re proactive of Economics and Political Science, attaining her in identifying their issues and constantly looking for master’s in new media. Although her experience in business linkages that may be beneficial to them. London was “fantastic,’’ she made the decision to Our focus in Aftercare is also to drive reinvestment.” return to Jamaica in 2005. After working for FCIB (Jamaica) in the role of administration and marketing manager, in 2010 Adams joined the Jamaican Promotions Corporation (JAMPRO) as the manager of investment facilitation services. “It’s all about establishing relationships and, maintaining relationships,” Adams says. There are still certain challenges to be faced. As a young investment promotion agency, there is still distance to travel in terms of building goodwill for the organisation. “I In September 2014, Adams took the opportunity to think all the things you would expect from a very move to InvesTT, finally coming home, but to a role young IPA is what I have found at InvesTT,” she says, already familiar. As the new vice president of Investor “except that already in our short existence and very Services, Adams oversees all aspects of the full suite young life, we’ve already received two significant of services offered once investors have made the awards, one from CAIPA (Caribbean Association of decision to invest. Investment Promotion Agencies) and just recently “We’re here to hold investor’s hands through the process of getting licenses, approvals, work permits, finding them space, all that is entailed in helping a business get set up and running,” she says. Investor Services breaks down into two main departments. “We from UNCTAD (United Nations Conference on Trade and Development). I think that says a lot about what is happening and what is happening right at InvesTT, in terms of really trying to set ourselves apart as a leading IPA.” have the One Stop Shop and The Aftercare Unit. The Adams is ready as always for the work ahead. For One Stop Shop, as the name implies is where investors now, her odyssey and InvesTT have finally brought are facilitated and helped past any roadblocks or her home. “A lot of things aligned for me to come delays they may encounter with the processing of back here, even the fact that this particular job was their applications. We are their main point of contact, available. When I was being interviewed I said that their person on the ground helping when things get I want something that is a good fit for me….Things stuck. The Aftercare team makes sure that once worked out. The stars aligned for me to be back here they are up and running, their stay here is happy now.” and that their issues are escalated and resolved. We “We dealt with a lot of other countries and I was very impressed with the level of professionalism.” Scott Jones CEO, Oldendorff ............................................................................................................................................. “We've been working with InvesTT for two years. The management and staff have been very knowledgeable and supportive. We can say without hesitation that our continued success in the future will be partly because of our help and assistance from InvesTT.” Barry Chin Fatt Country Business Corporate Manager General Electric ............................................................................................................................................. 80 | INvest Trinidad and Tobago 

83) VP of Investor Services follows her stars 

84) Success Stories The Greatest Brand on earth By Abby Braithwaite 82 | INvest Trinidad and Tobago 

85) The Business of Carnival Creativity, technology and loads of fun are invested in building a stronger Carnival brand www.investt.co.tt | 83 

86) 84 | INvest Trinidad and Tobago TRIBE BLISS CARNIVAL SECTION, "LUST" 

87) The Greatest brand on earth I n the weeks leading up to Ash Wednesday, the They were the first to transform an industrial container countdown to Trinidad and Tobago’s Carnival into a bar trailer so that they could provide a drink becomes a frenzied buzz of escalating activity. In the days just before the annual street parade on Carnival Monday and Tuesday, more than 40,000 international visitors descend on the islands for what they have been promised is the Greatest Show on Earth. On those two days revellers from around the world dance through the city in their costumes, washing its streets with colour and creativity. For scores of Carnival bands this marks the joyous culmination of months of preparation and hard work to ensure that everything is just right for their masqueraders. In the last decade, however, Carnival has become much more than costume making and selling and has transformed into an increasingly diversified product. service on wheels while on the parade route. Ackin decided to “take a 40-foot storage container, cut some windows in it , fabricate it and make it a proper serving bar and now that has become standard, you have 40-foot trailers serving alcohol all day all around the city.” Tribe also quickly embraced technology through the use of electronic smart card tickets and the first registration/database system enabling masqueraders to register online. The efforts of Ackin and other like-minded band leaders have served to strengthen the festival’s brand and would have undoubtedly contributed to Carnival’s increased profitability in recent times. Bandleaders who have been willing to exercise In the last 10 years, the revenue from visitor expenditure their entrepreneurial prowess have found that they during this period has quadrupled. now have the capacity to continue their operations throughout the year—moving the industry model from According to Dr Mareba Scott, strategy and business seasonal to sustainable. development manager at the National Carnival Commission (NCC) of Trinidad and Tobago, revenue An ideal example of this transition is the band Tribe, in 2004 stood at some US$5 million and had grown led by the husband-and-wife team Dean Ackin and to an estimated US$20 million by 2014. Monique Nobrega Ackin. One of the mainstays and most lucrative elements of Dean Ackin came to Carnival from the banking sector Carnival is the plethora of parties that are hosted by thinking about how he could go about “improving and many mas bands. In fact, the very popular mas band adding to the mas.” And he has been doing just that Island People began as an annual party by the same since Tribe’s launch in 2005, leading the way with a name which was first held some 25 years ago. series of innovations that have been widely adopted. Today, Island People is the name behind a number Tribe launched the fully all-inclusive trend, centred of the most premium Carnival events. They, together on providing the ultimate Carnival experience for with Tribe, have so established themselves in this their masqueraders, with a focus on catering to and arena that they have both created event management anticipating their clients’ every need. companies of their own. Dean Ackin came to Carnival from the banking sector thinking about how he could go about “improving and adding to the mas.” And he has been doing just that since Tribe’s launch in 2005 www.investt.co.tt | 85 

88) Colin Greaves is the general manager at Island People a stage or to build installations for certain banners and its events company, Eventology. Greaves says or decorative features. This calls for a special kind the crossover to events management is a natural fit of expertise.” for the company. He added, “While we started doing a lot of this kind “People began to associate us with exceptional work of work during the Carnival season, we are now being because they saw what we were able to produce for asked to do it all through the year for our corporate Carnival. Eventually corporations began approaching clients.” us to manage their events and as a result our events management company was born.” For Ackin, his role as chief executive officer of Ultimate Group, sees him at the helm of a collection of thriving Through their events company, Island People have businesses including Tribe’s sister band Bliss and been able to parlay their experience to gain entrance Ultimate Events, his events management company. into another market and now offer event planning, management and production, experiential marketing and advertising (traditional and social media) and event analytics and polling among other services. Given the demand for their work, Eventology was further split into another company which handles infrastructure, construction and design exclusively. Scott reports that Carnival infrastructure costs for the National Carnival Commission in 2014 was approximately TT$50 million (US$7.8 million) and that private event promoters also require similar provisions making Carnival infrastructure a significant income earner for the construction sector. Greaves said, “With our increase in popularity we had to create another company that specialises in His experience with costuming also paved the way for his current ownership of the local Miss Universe franchise. While pleased with the growth he has seen in the last decade, he wants to take his company to a higher level and has said that he wants to move from a small structure to a more business-like corporate structure. Dean Ackin has demonstrated that the Carnival story is not just about bringing people together to play mas but about providing them with an unforgettable experience. Carnival is much more than a band, it’s a brand and Ackin believes, “Bands come and go; brands come to stay.” infrastructure. A lot of these events require us to build Island People have been able to parlay their experience to gain entrance into another market and now offer event planning, management and production, experiential marketing and advertising (traditional and social media) and event analytics and polling among other services 86 | INvest Trinidad and Tobago 

89) www.investt.co.tt | 87 TRIBE BLISS CARNIVAL SECTION, "TEMPT" 

90) www.grantthornton.tt 

91) www. grantthornton.tt 

92) Success Stories 2 in 1 Kimono Wrap Tunic and Wrap trouser Model, Carlene James Makeup artist, Sudesh Ramsaran Designed by Adrian Foster 90 | INvest Trinidad and Tobago 

93) T&T's emerging fashion designers Behind the seams By Kamsha R. Maharaj InvesTT takes a closer look at Trinidad and Tobago’s rising fashion stars T he local fashion industry has become synonymous with talent, creative prowess and a whole lot of star power. It has also translated into investment opportunities for several local designers who have captured attention in the US, UK, and Italy (Vogue Italia), as well as in the Caribbean. Business opportunities are veritably bursting at the seams as manufacturing, retail and wholesale export opportunities continue their exponential growth. Additionally, the region’s blossoming fashion industry has been consistently creating major buzz in the business sector. The following designers have made their indelible mark on the fashion industry. This snapshot not only focuses on each designer, but it also highlights the latent investment opportunities that would put Trinidad and Tobago on par with some of the Caribbean/ Latin American region’s most notable famous designers, such as Oscar de la Renta (Dominican Republic) and Carolina Herrera (Venezuela). Stripe Shirt-dress and Trouser Model, Carlene James Makeup artist, Sudesh Ramsaran Designed by Adrian Foster www.investt.co.tt | 91 

94) Adrian Foster With a Bachelor of Fine Arts degree in fashion design from the University of Trinidad and Tobago’s (UTT) Caribbean Academy of Fashion and Design (CAFD), Adrian Foster, 24, has already impressed audiences at New York Fashion Week (NYFW). Foster, coming right off that successful showing in New York will be heading to London’s prestigious catwalk at the 2015 London Fashion Week (LFW). With a mix of sleek, minimalist silhouettes that ooze effortless chic, Foster doesn’t shy away from bright or unexpected shades either. As part of the British Council’s International Fashion Showcase (IFS), the ADRIAN FOSTER label is poised to make a marked impression on the world’s fashion elite. According to the IFS website, “The Showcase offers the public together with the international press Black and White Chevron Dress and buyers the chance to explore work by some of Model, Carlene James the most innovative young fashion designers from Makeup artist, Sudesh Ramsaran Designed by Adrian Foster around the world.” Foster ais also winner of the UTT’s President's Award for Graduate Entrepreneur of the Year 2014, the Caribbean Academy of Fashion and Design’s Thesis Fashion Showcase, Most Promising Designer 2013, CAFD first runner-up Designer Critic Award; Shaun Griffith Perez 2012 and the Fashion Panache Designer of the Year 2011 92 | INvest Trinidad and Tobago 

95) Anya Ayoung Chee Winner of Lifetime Television’s Project Runway in 2011 According to Ayoung Chee in a Huffington Post article, and fashion designer mentor on Under the Gunn in "There is so much talent in the Caribbean and I wanted 2014, former Miss Trinidad and Tobago Universe 2008 to provide a platform for it. I have so much support contestant has come a long way. And, she’s got miles from my fans and followers, and they were eager to go before she sleeps. to have more access to my Caribbean culture and After her much lauded win, Ayoung Chee recently launched a line titled the cANYAval shop. Embodying both her love of Carnival and fashion, Ayoung Chee’s new venture is an ideal example of how the fashion industry has morphed into a successful investment venture. By collaborating with local designers, Ayoung Chee’s cANYAval shop showcases the multifaceted fashion industry and its inherent business opportunities. lifestyle. While I don't design for cANYAval (yet), I do mentor each of my designers and guide them through the process of developing a successful line." 

96) CLD is a perfect benchmark of mixing business and pleasure and now boasts of custom-made items that are full of verve Charu Lochan Dass If you want old Hollywood glam, you go to Charu Lochan Dass (CLD). Totally representative of the Caribbean’s and Trinidad and Tobago’s eclectic genetic make-up, New Delhi-born Dass moved to Trinidad at just six years old. However, unlike other designers who start out working on collections in order to open their first flagship store, Dass returned to Trinidad after completing her Bachelor of Arts degree in business administration, in New Delhi in 1999. Then, in 2002, Dass opened a small clothing business in Princes Town. After several years of playful designing for friends, Dass eventually applied to and was accepted into the London College of Fashion in 2010. Fast forward to New York Fashion Week in 2014, where Dass, 34, presented her CLD Spring/Summer 2015 collection titled “Boho Glam’’ which became a cause celebre. CLD is a perfect benchmark of mixing business and pleasure and now boasts of custommade items that are full of verve. 94 | INvest Trinidad and Tobago 

97) A graduate of the London College of Fashion [University of the Arts London], 2008, De Vlugt made her way to the Islands of the World Fashion Week (IWFW) in Nassau, Bahamas. The following year, fuelled by a determination to win, De Vlugt, nabbed the Next Generation Designer Award in 2009 Darcel De Vlugt You might have trouble pronouncing her name, but there will be no mistake when it comes to Darcel De Vlugt’s (say vloot) fashion label, Van der Vlugt (VDV). Born in Trinidad, De Vlugt moved to Cyprus where she lived for 13 years. What sets De Vlugt apart is the drama that her pieces imbibe. With layered tulle to intricate lace adorning custom-made wedding dresses, VDV is clearly one fashion label with women’s femininity in mind. It’s mind boggling to think of the endless possibilities that are available to locals who are passionate about fashion, and growing their passion for fashion into a successful business. With the support from the UTT and CAFD, the government is ensuring that rising stars have an option to chase their dreams. With combined talent, a solid work ethic and a desire to contribute to Trinidad and Tobago, the local fashion industry is designing its own opportunities for growth. www.investt.co.tt | 95 

98) Success Stories Where the world parties By Kamsha R. Maharaj T&T emerges as a top entertainment hub, attracting world-class acts 96 | INvest Trinidad and Tobago 

99) T&T...a world class act www.investt.co.tt | 97 

100) National Academy for the Performing Arts, North T rinidad and Tobago is on the cusp of becoming attract additional venture overall. In a recent Doing the entertainment hub of the region. With Business Report (October, 2014), Trinidad and Tobago Carnival, Great Race, international cricket and was named one of the top 10 nations to increase their myriad cultural and religious festivals, our twin business and investor relations efficiency. islands have much grander things to offer on a global scale. The established groundwork of local pubs and But T&T must think outside the box in order to boost such as Dave & Buster’s, or the plethora of bowling our profile as one of the leading Caribbean islands alleys that would provide not only another option for to attract international brands and investment. Local entertainment, but would boost diversity and increase entertainment, often bracketed by live theatre, music investment opportunities for both locals and foreigners. festivals, local and international artiste concerts, and Think Victoria Square with a Times Square, New York nightlife, can be utilised to parlay Trinidad and Tobago’s vibe and there is an idea of the kind of international economic diversification. The opportunities include interest it may very well generate. showcasing local talent, marketing our nightlife as a premier “must-do’’ in the Caribbean, exploring newly opened routes via Caribbean Airlines, and introducing world-renowned branded television shows such as Family Feud, The Voice, and even The Bachelor. bars would do well with the inclusion of franchises It would also mean that the local theatre aficionados could have more options to stage larger musicals, plays and other works that have originated locally. Much like Broadway and the West End, the existing Queen’s Hall and National Academy for Performing Compared with the UK and the US, Trinidad and Arts (NAPA) are well-equipped to stage internationally Tobago may not have the geographical wherewithal to branded artistic renderings of The Lion King, Wicked warrant millions of visitors. However, we enjoy Bourbon and many other branded plays that are apt to travel. Street-esque nightlife on Ariapita Avenue. As one of the There is no shortage of talent either; thus, possible most diverse areas in Port of Spain, not only does “The investment opportunities could turn Trinidad into the Avenue” offer business visitors a chance to immerse Caribbean’s leading theatre entertainment centre. themselves in our culture, but the varied businesses offer a chance for international investment. Coincidentally, Trinidad and Tobago’s history of hosting producers and filmmakers for television Economically speaking, Trinidad and Tobago has also been laying the foundation in other ways in order to 98 | programmes and movies can also boost not only the local film industry, but also the opportunity to INvest Trinidad and Tobago 

101) Mungal Patasar performs Indian classical music Local entertainment, often bracketed by live theatre, music festivals, local and international artiste concerts, and nightlife, can be utilised to parlay Trinidad and Tobago’s economic diversification develop and implement production companies. and routes to Trinidad and Tobago. Recently, Much like locally run Question Mark Entertainment, Caribbean Airlines (CAL) announced that the state- where one entertainment company books, promotes owned company has improved its current schedules to and showcases its clients, Trinidad and Tobago include several more non-stop flights to/from New York would benefit greatly from a conglomerate such as (NY), Miami and Toronto. Additionally, CAL’s media Freemantle Media (Family Feud, India’s Got Talent, statement touts that, “As the only airline offering non- Latin American Idol). stops from Trinidad to London, Caribbean Airlines is Another opportunity to maximise business investment opportunities could also stem from additional flights increasing the frequencies, effective Feb 4, 2014 to four weekly flights.” JetBlue and Virgin Airlines have www.investt.co.tt | 99 

102) The Renaissance, Westmoorings Slinger Francisco (The Mighty Sparrow) Caribbean Airlines Invaders Steel Orchestra Masqueraders in their costumes also indicated that additional flights and routes have While the local infrastructure may be burgeoning in this been added to and from Trinidad and Tobago. This regard, there are many avenues that can be explored bodes well for interested parties and other types of in order to maximise exposure. Keeping the “out- investors who now have more options when flying to of-the-box’’ strategy in mind, local entertainers and and from Trinidad and Tobago. entertainment companies have been using almost From the Tobago transportation hub, Latin America is more accessible with the introduction of weekly non-stop flights to and from Tobago and Sao Paulo, Brazil. Known for their own Carnival, Brazilians wanting to experience the local variation could also seize the opportunity to make their mark locally and vice versa. 100 | INvest Trinidad and Tobago every available medium possible. According to the Trinidad and Tobago Entertainment Company (TTEnt), the local entertainment scene is geared towards being “internationally recognised as the premier organisation for promoting multi-cultural entertainment from Trinidad and Tobago onto the world stage. The company 

103) With support from creative industries as well, the local entertainment sector could also maximise its exposure by growing the burgeoning areas in animation, film and fashion Scenes from A Story About Wendy Sean Hodgkinson (far left), writer, director and producer from Trinidad and Tobago, speaks to Anthony Fung (far right), director of photography, on the set of his debut film, A Story About Wendy (TTEnt) will be primarily market-driven, leading the stations, and a growing number of qualified individuals, development, growth and internationalisation of the the entertainment sector is uniquely poised to make local entertainment industry into a key business sector great strides in the sector. thereby assisting in the diversification of the Trinidad and Tobago economy.” Entertainment, either local or on an international scale, can be a fantastic avenue to explore diverse monetary With support from creative industries as well, the local interests. By stimulating the creativity of locals in order entertainment sector could also maximise its exposure to push the boundaries, Trinidad and Tobago has every by growing the burgeoning areas in animation, film and chance of becoming a competitor in the entertainment fashion. The local market has at least one 3D and two field. 2D companies capable of creating dynamic content (www.investt.co.tt). Along with 11 local television www.investt.co.tt | 101 

104) List of diplomatic missions Embassy of the Republic of Trinidad and Tobago, Brussels Address: Avenue de La Faisanderie 14, 1150 Brussels , Belgium  Country: Belgium  Phone: 011-322-762-9400  Fax: 011-322-772-2783  Email: info@embtrinbago.be  High Commission of the Republic of Trinidad and Tobago, Ottawa  Address: Third Level, 200 First Avenue, Ottawa, Ontario, CANADA K1S 2G6  Country: Canada, Phone: 1-613-232-2418-9, Fax: 1-613-232-4349 Email: Ottawa@ttmissions.com Website: http://www.ttmissions.com/  Consulate General of the Republic of Trinidad and Tobago, Miami Address: 1000 Brickell Avenue, Suite 800, Miami Fl 33131 -3047 Country: United States Phone: 1-305-374-2199 Fax: 1-305-374-3199 Email: Consulate@ttcgmiami.com Website: http://www.ttcgmiami.com/  High Commission of the Republic of Trinidad and Tobago, Kingston Address: 7th Floor, Pan Caribbean Building 60, Knutsford Boulevard, Kingston 5 Country: Jamaica Phone: 1-876-926-5730 | 1-876-926-5739 | 1-876-968-0588 Fax: 1-876-926-5801 Email: kgnhctt@cwjamaica.com Website: http://www.kgnhctt.org/  Consulate General of the Republic of Trinidad and Tobago, New York Address: 125 Maiden Lane, 4th Floor, New York, N.Y. 10038 Country: United States Phone: 1-212-682-7272 Fax: 1-212-232-0368 Email: consulate@ttcgny.com  Website: http://www.ttcgnewyork.com/  High Commission of the Republic of Trinidad and Tobago, London  Address: 42 Belgrave Square, London, SW1X 8NT  Country: United Kingdom  Phone: 01-144-207-245-9351  Fax: 01-144-207-823-1065  Email: tthc@btconnect.com or tthc.account@btconnect.com  Website: http://www.tthighcommission.co.uk/  Embassy of the Republic of Trinidad and Tobago, Washington D.C.  Address: 1708 Massachusetts Avenue N.W. Washington D.C. 20036-1975  Country: United States  Phone: 1-202-467-6490-3  Fax: 1-202-785-3130  Email: Info@ttembwash.com  Website: http://www.ttembassy.com/  102 | INvest Trinidad and Tobago 

105) Consulate General of the Republic of Trinidad and Tobago, Toronto  Address: 185 Sheppard Avenue West M2N 1M9  Country: Canada  Phone: 1-416-495-9442-3 | 1-416-495-7342 | 1-416-495-7847  Fax:1-416-495-6934  Email: congen@ttcgtoronto.gov.tt  Website: http://ttcgtoronto.gov.tt/  High Commission of the Republic of Trinidad and Tobago, New Delhi  Address: B-3/26 Vasant Vihar New Delhi, 110057  Country: India  Phone: 011-9111-4600-7500  Fax: 011-9111-4600-7505  Email: info@hctt.net  Website: http://www.hctt.net/  Telex: TrintagoffNewDelhi  High Commission of the Republic of Trinidad and Tobago, Pretoria  Address: 258 Lawley Street Waterkloof Pretoria, 0181  Country: South Africa  Phone: 011-27-12-460-9688  Fax: 011-27-12-346-7302  Email: Pretoria@hctt.co.za  Website: http://hcpretoria.foreign.gov.tt/  High Commission of the Republic of Trinidad and Tobago, Kampala  Address: Plot No. 44 Chwa II Place Mbuya P.O. Box 40150 Nakawa, Kampala  Country: Uganda  Phone: 011-256-414-562-400-5  Fax: 011-256-414-223-318/319 Email: tthckampala@foreign.gov.tt  Permanent Mission of the Republic of Trinidad and Tobago to the United Nations, New York  Address: Chanin Building 122 E 42nd Street, 39th Floor, New York, N.Y. 10168  Country: United States  Phone: 1-212-697-7620-3  Fax: 1-212-949-4639  Email: tto@un.int  Embassy of the Republic of Trinidad and Tobago, Caracas  Address: No. 22-12, Quinta Poshika, Tercera Avenida Entre 6a y 7a Transversales, Altamira Municipio Autónomo Chacao de Estado Miranda, Caracas  Country: Venezuela  Phone: 011-58-212-261-3748 | 011-58-212-261-5796 | 011-58-212-261-4772  Fax: 011-58-212-261-9801  Email: embassytt@gmail.com or embassytt@cantv.net  Website: http://caracas.foreign.gov.tt/  High Commission of the Republic of Trinidad and Tobago, Abuja  Address: No. 7 Casablanca Street, Off Nairobi Street, off Aminu Kano Crescent, WUSE II Abuja, PBM 5106, Wuse II, 900288 Abuja, F.C.T.  Country: Nigeria  Phone: 011-(234) 9461 1118 | 011-(234) 9870-2438  Fax: 011-234-9461-1117  Email: trinitobagoabj@yahoo.co.uk or info@ttmissionsnigeria.com  Website: http://www.ttmissionsnigeria.com/  www.investt.co.tt | 103 

106) List of diplomatic missions Embassy of the Republic of Trinidad and Tobago, San José  Address: Edificio Torre La Sabana Segundo Piso Del ICE 300 metros Oeste y 25 Norte Sabana Norte, San José  Country: Costa Rica  Phone: (011) 506-2231-0809  Fax: (011) 506-2231-1244  Email: embttsanjose@racsa.co.cr Permanent Mission of the Republic of Trinidad and Tobago to the United Nations, Geneva Address: 37-39 rue de Vermont 1202 Geneva  Country: Switzerland  Phone: (011) 4122-918-0380 | (011) 4122-918-0390  Fax: 011-4122-734-9138 | 011-4122-734-8826  Email: Mission.Trinidad-Tobago@ties.itu.int or admin@ttperm-mission.ch  Website: http://missions.itu.int/~trintago/  Embassy of the Republic of Trinidad and Tobago, Brasilia  Address: SHIS QL 02, Conjunto 02, Casa 01, 71665-028 - Brasilia D.F.  Country: Brazil  Phone: (011)-5561-3365-3466 | (011)-5561-3365-3572 | (011)-5561-3365-1132  Fax: 011-5561-3365-3466  Email: trinbagoemb@gmail.com  Website: http://brazil.foreign.gov.tt/  Telex: 611844 EBTT BR Embassy of the Republic of Trinidad and Tobago, Havana  Address: 5ta. Avenida, No. 6603 e/66 y 68, Miramar, Playa, La Habana  Country: Cuba Phone: 011 537-207-9603 | 011-537-207-9604  Email: Embhavana@foreign.gov.tt or ttmissionscuba@gmail.com  or Ambassadorhavana@foreign.gov.tt  Embassy of the Republic of Trinidad and Tobago, Beijing Address: Villa 04-03, Section C, Liang Ma Qiao Diplomatic Compound, No. 7 Bei Xiao Jie, Liang Ma Qiao, Chaoyang District, Beijing 100600 Country: People’s Republic of China Phone: 011861085323432 Email: embassybeijing@foreign.gov.tt “Another advantage that Trinidad and Tobago brings is its geographic location. We have found that poised at the tip of South America, we are uniquely placed where we can deliver special services as a cargo hub and especially as an airline cargo hub.” Simon Pantin Director of Global Network Development, Amerijet International Inc. ............................................................................................................................................. 104 | INvest Trinidad and Tobago 

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108)