The current climate of low oil prices could see T&T accelerate its drive to diversify the national economy, Minister of Trade, Industry, Investment and Communications (MTIIC) Vasant Bharath said.
Commenting in an interview he gave to global publishing, research and consultancy firm Oxford Business Group (OBG), Bharath said with data showing foreign direct investment (FDI) in non-hydrocarbons production increased by over 90 per cent from 2012 to 2013, T&T was clearly "on the right track."
Recent successes, he added, would be bolstered by a push to secure strategic investment for targeted, non-oil fields, including the maritime industry, ICT and tourism.
"Many of these opportunities are packaged to attract the kind of investors we need," he said.
"A sustained drop in oil and gas prices certainly focuses the conversation on diversification. Sustained low oil prices may cause us to look at the timelines and milestones for diversification objectives and determine how they can be brought forward."
The full interview with Bharath will appear in The Report: Trinidad and Tobago 2015, OBG's first guide to the country's economic activity and investment opportunities.
The landmark publication will also contain contributions from key public and private sector stakeholders, including Prime Minister Kamla Persad-Bissessar, Finance Minister Larry Howai and Norman Christie, regional president of bpTT.
These are balanced by viewpoints from foreign representatives, including Cecilia �lvarez-Correa, Minister of Industry, Trade and Tourism of Colombia and Gerard Johnson, general manager of the Inter-American Development Bank, Caribbean Country Department.
Bharath told OBG T&T was looking to shave at least 20 per cent off its import bill by building domestic production in key areas such as food, beverages and manufactured items.
"Boosting the capacity of industry and services in Trinidad and Tobago is linked to trade," the minister explained.
"The ability to grow industrial capacity will define our future trade prospects."
The country would increase its focus on increasing exports in parallel, he added.
In the wide-ranging interview, Bharath also mapped out the government's multi-pronged strategy for transforming Trinidad and Tobago into a regional industrial hub, which includes developing a business-friendly environment, establishing designated industrial zones and actively promoting clean technology.
The Report: Trinidad and Tobago 2015 will be a vital guide to the many facets of the country, including its macroeconomics, infrastructure, banking and other sectoral developments.
The publication will be available in print or online.