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T&T's registers negative US$439M foreign direct investment; worst in Caribbean

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#meta[ag-author]
20210716000107
20210716
A view of the Pt Lisas Industrial Estate from the Gulf of Paria. (Image courtesy Energy Chamber of Trinidad and Tobago)

A view of the Pt Lisas Industrial Estate from the Gulf of Paria. (Image courtesy Energy Chamber of Trinidad and Tobago)

Photographer: chris anderson

The Unit­ed Na­tions Con­fer­ence on Trade and De­vel­op­ment's (UNC­TAD’s) World In­vest­ment Re­port for 2021, has shown that among all the coun­tries in the Caribbean, Trinidad and To­ba­go suf­fered the worse in For­eign Di­rect In­vest­ment (FDI) in 2020 with neg­a­tive FDI in the hun­dreds of mil­lions of US dol­lars.

The neg­a­tive fig­ure was put at US$439 mil­lion (ap­prox TT$3 bil­lion) and the re­port not­ed that it was main­ly due to the slow down in the en­er­gy sec­tor.

Neg­a­tive FDI val­ues in­di­cate where out­flows of in­vest­ment ex­ceed in­flows and large­ly re­sults when the loans from the af­fil­i­ate to its par­ent ex­ceed the loans and eq­ui­ty cap­i­tal giv­en by the par­ent to the af­fil­i­ate.

Haiti, was among the coun­tries that per­formed bet­ter than T&T, with pos­i­tive FDIs.

The re­port not­ed that in 2020, FDI in the Caribbean re­gion, ex­clud­ing the off­shore fi­nan­cial cen­tres, de­clined 36 per cent to US$2.5 bil­lion.

The re­port point­ed out that the Caribbean re­gion suf­fered from the col­lapse in tourism and the halt in in­vest­ment in the trav­el and leisure in­dus­try trig­gered by the pan­dem­ic.

"The over­all con­trac­tion was main­ly caused by a 15 per cent de­cline in FDI to the Do­mini­can Re­pub­lic, the ma­jor re­cip­i­ent in the re­gion, to US$2.6 bil­lion," it said.

It then re­ferred to Haiti, which saw a drop in its for­eign di­rect in­vest­ment but still re­mained in the pos­i­tive.

"FDI flows dropped from US$75 to US$30 mil­lion, in re­sponse not on­ly to the pan­dem­ic cri­sis but al­so to civ­il un­rest and the alarm­ing wors­en­ing of the hu­man­i­tar­i­an cri­sis that has con­tin­ued since 2018."

How­ev­er, the re­port then point­ed out that Trinidad and To­ba­go did not just see a drop, but went from pos­i­tive for­eign di­rect in­vest­ment to neg­a­tive FDI.

"Fi­nal­ly, FDI to Trinidad and To­ba­go turned neg­a­tive, to -US$439 mil­lion, with a se­vere im­pact in the en­er­gy in­dus­try, which ac­counts for ap­prox­i­mate­ly half of GDP."

Al­most US$70 bil­lion flowed in­to the Caribbean re­gion in 2020 as for­eign di­rect in­vest­ment, de­spite the COVID-19 pan­dem­ic and the dev­as­tat­ing toll it has tak­en on most re­gion­al economies. The amount was at least $8 bil­lion more than 2019.

The British Vir­gin Is­lands, The Cay­man Is­lands, the Do­mini­can Re­pub­lic and Guyana all reaped in­vest­ments of a bil­lion and up.

The BVI saw the largest in­flow at US$39,620,000 fol­lowed by Cay­man Is­lands with US$23,621,000.

The Do­mini­can Re­pub­lic and Guyana rolled in US$2,554,000 and US$1,834,000, re­spec­tive­ly.

Apart from Trinidad and To­ba­go, Suri­name was the on­ly oth­er coun­try with neg­a­tive FDI, as that coun­try's FDI dropped to -US$27 mil­lion.

For more in­fo: https://unc­tad.org/sys­tem/files/of­fi­cial-doc­u­ment/WIR2021_ch02_en.pdf


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