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THE SECTORS FOR DEVELOPMENT

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; Fish and Fish Processing; 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
T&T’s location outside of the hurricane belt has nurtured its leisure marine industry. Each island offers a unique product; In Trinidad, it’s based primarily on repairs, specialized services and hurricane storage, while Tobago’s industry is primarily leisure and tourism based. Opportunities exist for boatyards and marinas, boat repair contractors and auxiliary support services (tour and transportation providers, marine equipment and
supplies, food services, etc). T&T has 12 marina/ boatyard facilities, capacity for 885 visiting yachts, and approximately 150 repair contractors.

The Film Industry
Geographic location, substantial production resources, a developed theatrical community, creative talent and experienced production crews make T&T an excellent centre for film production. Products include feature films, documentaries, television dramas, sit-coms, entertainment programs, commercials, corporate productions, educational programs and music videos. As of January 2005, the film industry consisted of 11 production companies; 33 companies offering production- support services; and six television stations, employing more than 80 persons. Roughly 70 foreign film crews worked in T&T in 2005, generating revenues of TT$7 million. New initiatives to facilitate foreign film crews are contributing significantly to the national economy. T&T is the only Caribbean country offering cash rebates of up to 30% for on location filming.

Music & Entertainment
The local music and entertainment sector draws from T&T’s proud heritage of indigenous traditions (Carnival, Calypso, Soca and Chutney music) flavoured by cross fertilization with regional artistes. New, powerful performers with international appeal have emerged, driving the development of sophisticated operations to meet the demands of wide audiences. The industry generates TT$351.8 million annually and employs 10,854 people; Carnival is by far the largest revenue generator within the sector, exporting services to regional and diaspora carnivals in the United States, Canada, Europe and the UK.

Plastics, Printing & Packaging
High quality printed products, technological applications and packaging fabrication and use, have made T&T the industry’s Caribbean leader, with penetration of extra-regional markets in Florida, Costa Rica and Mexico. Some 140 printing firms, 50 packaging firms and two glass and can manufacturers export more than TT$300 million annually, and enjoy strategic linkages with the domestic food and beverage, tourism, agriculture, media and education sectors. New initiatives to drive the sector’s development include promoting joint venture alliances with overseas partners, the development of strategic industry clusters, technological, operational and infrastructural upgrades and training, research and product development to enhance global competitiveness.

Merchant Marine
Currently growing at 5%, the domestic maritime sector is an offshoot of exploration and transportation activity in the energy sector and has been buoyed by the rapid expansion of trade and trans-shipment activity at the country’s three major non-energy cargo ports. Opportunities in the sector include shipping agencies, crewing services, chandlery, piloting, vessel repair, storage and land transportation services. Prospects for the sector are excellent given expected performance in the energy sector, growing non-energy cargo trade and the emerging tourism and leisure marine industry. Human resource demands will be effectively met by T&T’s new world class maritime training facility at the University of Trinidad and Tobago.

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.

Industrial Estates

Our enterprise development thrust also encompasses the establishment of several industrial estates, strategically located throughout the country. Our latest project is the development of an Eco-Industrial and Technology Park on 200 acres of land at Wallerfield, which will also serve as the campus of the University of Trinidad and Tobago. Also to be located in the Park are high-value light manufacturing and knowledge-based industries as well as a business incubator. Excellent opportunities exist for investment in this Technology Park. For more details please contact - Evolving TecKnologies and Enterprise Development Limited (eTecK)