Business delegation from
Trinidad & Tobago calls on FIEO
|
|
| On the dais from left: Mr Subhash Goyal, Mr. Pundit Maniedeo Persad, Mr. Kennth C Valley, Hon’ble Minister of Trade & Industry, Republic of Trinidad & Tobago, Mr. Subhash Mittal, Mr. Sanjay Kumar, Mr. Ashok Kumar, Deputy Director General, FIEO |
The Trade & Industry Minister of the Republic of Trinidad & Tobago, Mr. Kennth C Valley calls his country ‘the Singapore of the West,’ ‘the Caribbean Tiger’ and ‘Gateway to America’. According to him, this Caribbean state is not only a good place to work but also a good place to live. Among all the Caribbean island states that are together known in the cricketing world as West Indies, it is Trinidad & Tobago which abodes a large population of Indian origin.
During a meeting organized by FIEO with a 40 member high-level business delegation from Trinidad & Tobago on 10th March 2007 in New Delhi, Mr. Valley persuaded Indian exporters for accessing the South and Latin American market through his country. The delegates specifically sought strategic economic relationship with Indian businessmen in manufacturing supply chain, film production, and various other sectors.
While welcoming the delegates led by the Minister, the FIEO Convener on the Committee on IT & EP, Mr. Subhash Mittal informed that India’s export to Trinidad and Tobago currently stood at USD 67 million and was set to cross one billion in near future. He also informed that FIEO was planning to participate in Trade and Investment Convention (TIC) to be organized in the capital city of Port of Spain.
 |
 |
| H E Mr. Kenneth C Valley addressing the gathering |
Mr. Subhash Mittal (right) welcoming H E Mr. Kenneth C Valley. |
 |
 |
|
Mr. Subhash Mittal and Mr. Joe Pires, Past Vice President, Trinidad & Tobago Chamber of Industry & Commerce signing the MoU on behalf of their respective organizations. |
One-to-one Business meeting in progress. |
The High Commissioner of Trinidad & Tobago, Mr. Pundit Manideo Persad during his address said that his country was keen to expand trade ties with India. "Though the Trinidad & Tobago has a very small market, but it offers a platform for access to the whole Caribbean countries, the US and Latin American countries," he added. The High Commissioner informed that his country allowed 100% foreign equity in private companies and said that Indian companies like ESSAR and Asian Paints had already made their significant presence there.
Mr. Sanjay Kumar, a Director in the Ministry of Commerce on this occasion pointed out that Trinidad & Tobago was a fast growing economy and had a growth rate of 12.61%. Given the cultural similarity this Caribbean country enjoys with India, he said, for Indian businessmen Trinidad & Tobago not only offers bilateral trade opportunities but also the opportunities for cultural exchange. He informed that the two countries were already working together with MERCOSUR.
Later, a delegation member Mr. Khalid Hassan Ali while giving a detailed presentation on Trinidad & Tobago said the country owing to its strategic location had become financial, manufacturing and transportation centre of the Caribbean region and a regional hub of international companies like British airways, Microsoft, Fujitsu, Mitsubushi Hyundai etc.
|
Trading with Trinidad & Tobago The costs and procedures involved in importing and exporting a standardized shipment of goods to Trinidad & Tobago is given below. Every official procedure involved is recorded - starting from the final contractual agreement between the two parties, and ending with the delivery of the goods.
Provisions for foreign investors in Trinidad & Tobago
All this allowed without obtaining a license from government Incentives for foreign investors in Trinidad & Tobago
|
Trinidad & Tobago is a global supplier of methanol, ammonia and LNG to USA and has two main ports – Port of Spain and Port of Lisas. The country is now looking to expand its non-energy sector, says Mr. Ali. According to him, the country is going to open 20 industrial technological parks in near future such as TAMANA Inteck Park which is about to open in 2008 on 1100 acre land.
Mr. Ali emphasizes that since Trinidad & Tobago is a member of CARICOM Single Market, there is possibility of free movement of goods and services from this country to 15 countries. He adds that the country places more emphasis on downstream energy sector and the development of high-value manufacturing systems and expects full integrated development of high-end products with strong supply chain system.
In information and communication technology (ICT) and knowledge based business, says Mr. Ali, Trinidad & Tobago offers opportunities in BPO and medical transcription while in software business it offers opportunities in software development and IteS. The country churns out 400 IT graduates every year, Mr. Ali claims.
Other opportunities for Indian investors and exporters in manufacturing sector, according to Mr. Ali, lie in petrochemical processing, downstream processing, textiles and garment manufacture, pharmaceuticals. In agricultural sector seafood processing, processing of fruit pulp for juices, sugar refining, horticulture, floriculture, cardboard and plastic packaging are the possible areas of cooperation between the two countries. Since Trinidad & Tobago is an island economy, it has good ship building and maintenance facilities, adds Mr. Ali.
 |
|
A view of a festival in Trinidad |
In film and broadcasting infrastructure, Trinidad & Tobago have 11 production houses, have diverse and exotic locations for shooting and have state-of-the-art music and photography systems. Mr. Ali further informs.
After the presentation made by Mr. Ali, Mr. Joe Pirus, Past Vice President, Trinidad & Tobago Chamber of Industry & Commerce and Mr. Mittal signed an MoU for long-term business and trade relations between the two countries.
FIEO Managing Committee Member Mr. Subhash Goyal on this occasion said Indians are the largest shoppers in Malaysia, Dubai, Sri Lanka and London. Attracting foreign investors from Trinidad & Tobago, he said India has the largest population of highly skilled and English speaking professionals and investment in India is highly protected by strong laws. Mr. Goyal advised the visiting Minister to start airline services to India and provide visa on arrival to Indians.
|
|
|
All Smiles-Business Delegates from the Rep. of Trinidad & Tobago |
