The Ministry of Trade and Industry (MTI) has said that investments in the local economy to the tune of roughly $1 billion created over 3,500 jobs in Fiscal 2022, and that the country remains attractive to direct foreign investment.
According to an official statement from the Ministry, this positive development comes against a backdrop of global disruptions such as the COVID-19 Pandemic and the Russia/Ukraine war, both of which contributed to slowdown of international foreign direct investment (FDI) flows, with the steepest decline being among developing economies, such as Trinidad and Tobago.
“For Fiscal 2022, the Government recorded just over TT$1 billion in investments that became operational, creating as many as 1,746 new jobs,” the Trade Ministry reports.
It added: “Total committed investments by the private sector in various projects totalled an additional TT$646 million, of which InvesTT was responsible for TT$486.3 million, which will create a further 1,768 new jobs when operational.”
The Ministry observes that a recent report by the Economic Commission for Latin America and the Caribbean (ECLAC) highlighted Foreign Direct Investment (FDI) trends into Trinidad and Tobago over the period 2020 to 2021. In that report, ECLAC noted that T&T posted a negative FDI inflow in 2021, which was largely due to outflows in the hydrocarbon sector. These outflows usually include the repatriation of funds, the Trade and Industry Ministry said.
However, MTI reports that despite the global challenges, there were significant non-energy sector investments into the domestic economy, facilitated primarily by InvesTT.
“The national investment promotion agency, InvesTT Limited, directly facilitated FDI valued at TT$163.3 million and TT$140.8 million in fiscal 2021 and 2022 respectively. These values exclude FDI that was made independently, as well as domestic investments, which remain quite robust,” MTI said.
The Ministry added: “Total investments in Trinidad and Tobago—which include domestic investments and FDI—have grown substantially with companies such as John Dickinson and Company West Indies Limited, West Indian Tobacco Company Limited, Blue Waters Limited, HADCO Limited, the NUTRIMIX Group of Companies and Massy Stores, among the some of the major domestic investors.”
In its release, the Trade Ministry also lists the most recent non-energy sector FDI facilitated by InvesTT, namely:
■ Four BPO (Business Process Outsourcing) companies – Teleperformance; Customer Acquisition Group; Bill Gosling Outsourcing; and iQor, which established its 3rd operation in Trinidad and Tobago.
■ Two Chinese manufacturing firms – Summit Luggage Company and Docare Quanzhou Hygienic Product Company confirmed operations to be established at the Phoenix Park Industrial Estate.
With regard to energy sector investments, the Ministry points to the recent announcement by bpTT President David Campbell that the company invested US$3.4 billion ( in Trinidad and Tobago between 2018 and 2022. The bpTT president also confirmed the company’s intention to invest a further US$800 million (TT$5.44 billion) in 2023.
“Trinidad and Tobago, through the efforts of the Ministry of Trade and Industry and invesTT, continues to be an attractive location for foreign direct investment due to our country’s open investment climate, low business operating costs, wide ranging market access, robust infrastructure, and talented pool of labour.