Andrea Perez-Sobers
Senior Reporter
andrea.perez-sobers@guardian.co.tt
T&T is a dynamic and globally welcoming country for investment, says French Ambassador Didier Chabert, but the business environment needs to be improved.
In an interview with the Business Guardian, Chabert said France and T&T established diplomatic relations 62 years ago and have been economic partners for years.
He noted that this country’s assets for French investors are well known, but stated that there are three areas where improvements could facilitate new investments: the limited external convertibility of the Trinidadian dollar, while companies have to pay their suppliers in US dollars; and the lack of labour market flexibility for foreign companies. Obtaining a work permit is difficult for a foreigner and it is difficult to renew.
“I know companies in high-tech sectors that have left T&T for that reason,” said the French ambassador
Finally, the French ambassador said the customs procedures are sometimes tardy and complex and could slow down economic trade.
“I am thinking in particular of the agri-food sector, where it is essential that goods can be delivered quickly.”
Asked how important it is for this country to improve its business environment, Chabert said he knows the government is very committed to this issue, particularly to improving T&T’s international rankings in the ease of doing business and this should be applauded.
However, he stressed how important it is for this country to be able to get off the list of non-cooperative tax jurisdictions.
“There are now only 12 countries in the world on that list. “This affects the image of T&T, while the European Union (EU) is ready to work together to help to put in place the necessary measures to achieve this,” Chabert disclosed.
The EU’s list of non-cooperative tax jurisdictions includes countries that either have not engaged in a constructive dialogue with the EU on tax governance or have failed to deliver on their commitments to implement the necessary reforms.
The EU list of non-cooperative jurisdictions for tax purposes was established in December 2017.
It is part of the EU’s external strategy on taxation and aims to contribute to ongoing efforts to promote good tax governance worldwide.
In terms of investments between the two, the ambassador highlighted that with the arrival of the Teleperformance company, which launched its 84th global location in T&T in 2022, France has become the foreign country that has created the most jobs in the last two years “and it is a pride for us.”
He noted that French companies such as Perenco, a hydrocarbon producer, Technip Energies, CMA-CGM, a shipping and logistics company, and SOGET, a leading Port Community System (PCS) operator have brought their world-renowned know-how to this country.
As it pertains to the energy sector, the ambassador highlighted that Trinidad announced its intention to develop the green hydrogen sector, and France, which is a leader in this sector, is ready to carry out an investment project of US$300 million with Hydrogen de France (HDF Energy), a global pioneer of high-power hydrogen power plants.
This project, he said, is of strategic importance for employment and the industrial future of the ammonia industry, which will have to rely increasingly on non-carbon energy to export to its main markets, and is strategic for the resilience of T&T to climate change.
“This remarkable project on the economic, technological, and ecological level, which will hopefully contribute to the creation of jobs in the country, is supported by France and the European Union and we hope that it can be implemented quickly, if the Trinidadian government gives the go-ahead. If this happens, it will be the biggest investment made by a foreign company in T&T since 2020,” he disclosed.
Crime
On the burning issue of crime, Chabert said it is a problem for the whole country, the population, and the business community.
“I fully support the President of Amcham T&T Stuart Franco calling on the Government and private sector to put aside their differences and work together to solve this country’s crime problem.”
But he noted that it is also important to underline that crime is a major topic for the entire Caribbean and not just for this country.
“France cooperates closely with the Trinidadian authorities to fight together against the trafficking that feeds this scourge, in the first place the illegal trade of drugs and arms. Joint training at the level of security forces and naval forces takes place regularly between our two countries and is mutually beneficial,” the ambassador pointed out.
Speaking passionately on this issue the ambassador said Russia has shamelessly transgressed international law by not respecting the borders and the sovereignty of a United Nations member state and has constantly violated international humanitarian law.
Domestically, he said the Russian regime has arrested its opponents, muzzled the press, and created an atmosphere of fear to silence any criticism.
“There is a reality that the civilian populations being bombed, women raped, and children killed are Ukrainian and the aggressors are Russian,” he stressed.
Olympics in Paris.
Beaming with pride, the ambassador said the holding of the Olympic Games in Paris is a great feeling for all of France.
“We hope that the opening ceremony will be beautiful, spectacular and will make a memorable impression for spectators attending in person or on television. Then whether the results of the competitions will live up to expectations will depend on the athletes themselves. Still, everything has been done so they can compete in the best conditions ever,” Chabert stated.
Asked how much money is being spent by the French government to improve infrastructure for the Olympics, he said it still seems difficult to assess precisely the impact of the organisation of the games on public finances. Still, as a range, these Games are expected to cost between 3 and 5 billion euros.
Chabert added that only two sites have been built: the Olympic and Paralympic Village, and the Aquatic Centre. The rest of the infrastructure already existed.