Trinidad and Trinidad is renowned for its well established energy-base however, the Government is aggressively diversifying the non-energy sectors, with particular focus on seven key areas: Yachting; Seafood; Merchant Marine; Film, Music and Entertainment; Plastics, Printing and Packaging and Food and Beverage.

Food and Beverage

Trinidad & Tobago’s (T&T) Food and Beverage sector boasts global players with internationally recognised brands, and hundreds of smaller companies specialising in niche products. The sector continues to experience solid levels of expansion, with real Gross Domestic Product (GDP) growth averaging 8.1% (2002-2005) and exports exceeding TT$900 million. Continued expansion of the local economy and excellent regional export prospects, supported by research, product development and strategic niche marketing initiatives, will continue to drive the sector on a sustained and progressive track.

Yachting

This industry is in a state of growth internationally. With an increasing number of persons retiring early, and higher average incomes, there is an increasing amount of leisure time. Furthermore, a greater proportion of leisure time is now being spent in water-based activity. The growth of the industry is also evident by the growth in the production of pleasure craft and mega-yachts in particular. This increase in the number of recreational boats worldwide is creating additional strain on the existing infrastructure and the demand for marina space is increasing. In addition, changing weather patterns may cause an increasing number of yachts to come to Trinidad and Tobago for yacht repair and storage. As such, the yachting industry in Trinidad and Tobago has been targeted for development as it was seen to display great potential for diversifying the economy from its dependence on the Energy Sector.

The Film Industry

The development of the film industry will not only generate employment and foster economic activity but also assists in highlighting and preserving the nation's culture, act as a conduit for the transfer of morals and values and contribute to the evolution of our social processes. The opportunities for the local film industry include the following:

• Growing international awareness of the country as a location for filming as a result of tourism marketing programs
• Increasing demand for dynamic new world locations by the international film industry; and
• The development of vibrant local film, television and video production sectors with export possibilities.

The Ministry of Trade and Industry has established the Trinidad and Tobago Film Company (TTFC) to facilitate the development of the film industry. The objectives of the TTFC are as follows:

• Facilitate the development of the local film industry and the generation of revenue and employment within the sector;
• Promote Trinidad and Tobago as a premier location for international productions;
• Be a one-stop shop that facilitates the operations of approved film/television productions;
• Assist local producers in accessing funding for the production and distribution of their products;
• Be responsible for the overall marketing and promotion of the Trinidad and Tobago film industry within the international market place. It will also be responsible for providing access to channels for distribution of the film products and international funding;
• Promote the development of a film culture in Trinidad and Tobago;
• Manage a national public awareness campaign by such initiatives as newsletters, radio, print and other media; and
• Take any action necessary for the development of a vibrant film industry.

The food and beverage industry is currently the largest in the non-energy manufacturing sector in Trinidad and Tobago. In many respects, Trinidad and Tobago is already considered the food and beverage-manufacturing hub for the Region. The Industry has a long history and is very advanced in terms of technological, and market development. There are also strong linkages with local support industries. The sector employs over 9,000 persons and contributes significantly to reducing this country's food import bill. Future opportunities in the sector will be in the manufacture of Caribbean based products to regional and extra regional niche markets.
Many companies in the domestic food and beverage industry were established during the post 1970's, as part of the government's import substitution regime.  The ISI or Import Substitution Industry model as it came to be known, focused on substituting foreign products with locally manufactured items.
By 1993, after the liberalisation of the Trinidad and Tobago foreign exchange system, the range of products produced by the local industry expanded considerably, in response greater competition. The Food and Beverage sector today boasts of global players with internationally recognised brands, and a large cadre of smaller companies specialising in Caribbean based niche products.  With approximately 420 registered firms, the industry is firmly established in the CARICOM and new Latin American markets.
Apart from its direct dependence on the agricultural production sector, the food and beverage industry is part of an established value chain, maintaining linkages with such areas as printing and packaging, research and development, and training; which together support growth of the industry.

Sector Profile

The food and beverage sector continues to experience relatively high levels of expansion, with real GDP growth averaging 8.1 percent between 2002 and 2005 alone, exports of over TT$900 million, and employing approximately 9,000 persons.  In terms of the future outlook for the industry, with the continued expansion of the local economy, the domestic food and beverage sector is expected to continue along its progressive track.
In addition, expansion of the regional economy, renewed efforts for research and further product development, and strategic niche marketing will also support sustained growth over the longer term.

Opportunities for Investment

The food and beverage sector continues to offer significant investment opportunities, particularly for manufacturers who utilize unique regional agro-products to develop goods such as rum flavored chocolate cakes, Caribbean fruitcakes, sauces and spices, soft drinks and exotic fruit juices, specialty rums, and bottled water.
Given the rapid opening up of global markets, the increased appreciation in the Northern hemisphere for "exotic" foods, and the growth of the gourmet lifestyle in the more developed metropolitan communities, the local food and beverage sector has a unique opportunity to brand and create specialty foods for the overseas gourmet markets, apart from the traditional focus on the diasporic markets.
There are also spin-off opportunities in valued added activities such as market research, advertising, branding, printing and packaging, and the certification of business processes and food quality standards.

Fishing and Fish Processing
The fish and fish processing industry has a long and deep history in Trinidad and Tobago. Given Trinidad and Tobago's strategic geographical location and the diverse nature of the fish resource, much potential remains for the development of the industry, particularly in offshore fleet. The sector also benefits from an enterprising game fishing sector, which has the potential to develop even further, in line with anticipated increases in the tourism sector. However, steps are being taken to firstly improve the regulatory and legislative environment of the industry, to ensure that the appropriate framework remains in place to facilitate the long-term and sustainable development of the industry.

Music and Entertainment
Global market demand for cultural commodities continues to rise steadily,
particularly within the entertainment and media industry. In 2003, global expenditure on entertainment and media surpassed US$1.1 trillion. Trinidad and Tobago has long contributed to the phenomenal growth of the global entertainment landscape, in terms of inventing the steel pan as well as providing raw talent and artistry in many areas. This industry has experienced tremendous growth since the 1960s due to the increasing external demand for assistance with the burgeoning Trinidad-type carnival celebrations throughout the region and across the globe. The opportunities for the entertainment industry in Trinidad and Tobago are vast:

• Soca music mixed with other genres such as dancehall and pop is appealing to global market
• Growing recognition among private sector enterprises of the value of investing in the entertainment industry
• Allocation of a Grammy awards category to Soca for 2006
• Rising media interest in Carnival arts and artists; and
• Global visual art is expanding to encompass design, animation and architecture.

As such, the Ministry of Trade and Industry has established the Trinidad and Tobago Entertainment Company (T&T Ent) to facilitate the development of a globally competitive entertainment industry. The objectives of T&T Ent are as follows:

• To facilitate international exposure of our local entertainers;
• To market and promote the national creativity;
• To ensure that Trinidad and Tobago is identified not only as the home of steel pan and Carnival but also as the home of soca, chutney and calypso;
• To influence positive perception of Trinidad and Tobago’s arts and culture abroad;
• To assist local entertainers and artistes in accessing funding for projects geared towards the export market; and
• To facilitate private sector investment both locally and abroad into the entertainment industry.

In order to achieve its main objective of facilitating the internationalization of the industry, the main projects of T&T Ent will include: