Priority Investment Industries- Maritime Services, Electricity Intensive Manufacturing, Third Party Logistics and Business Process Outsourcing.
Prior to Covid-19, InvesTT embarked on an initiative that would bring together key industrial players in Trinidad and Tobago to stimulate sector growth and economic development through increased Foreign Direct Investment. As it turns out, the pandemic further highlights the importance of such a stimulus to boost industrial activity in non-traditional and under-developed areas, in order to mitigate against impending post Covid-19 economic effects.
The formation of InvesTT’s FDI Stimulator Network is a timely intervention which will see the Agency collaborating with local business leaders to assist in attracting investment in priority industries including Maritime Services, Electricity Intensive Manufacturing, Third Party Logistics and Business Process Outsourcing.
“No one person has the ideal answer. As an investment promotion agency, we can’t do our job without connecting to the key industry players as we rely on their insight of local market conditions to assist us in coming up with solutions to drive local and foreign investment.”
Mr. Alleyne moderated the virtual launch of the FDI Stimulator Network on 29th April, 2020 with selected participants from the identified industries. He highlighted several participant benefits including:
Alleyne emphasized that the prioritized industries were initially identified from sector reviews conducted internally by InvesTT, which involved the application of a global trend analysis of FDI inflows to selected national priority sectors:
“Case studies of specific investment projects in each sector were reviewed to identify the investors’ decision-making factors and requirements during their site selection process. The agency also compared Trinidad and Tobago’s investment offerings and attributes with those of the Caribbean and Central American region with a view to determining the best areas of national advantage that would be attractive to investors.”
Participants registered strong support for this initiative and InvesTT’s data driven approach in identifying the PIOs. The next step will see each Stimulator Group reviewing the competitive advantages in their niche areas and proposing opportunities for increased investment in Trinidad and Tobago.