Through active engagement for a little over 6 years in the investment promotion arena, InvesTT has identified that a domestic, regional investment approach would be a necessary component to the implementation of its mandate to attract, facilitate and retain local and foreign investment.
While the establishment of regional sub-agencies is not practical in the local landscape given our relatively small geographical acreage, the adoption of a regional approach has the potential to channel inward investment across all regions of the country, thus leading to a more uniformed distribution of national economic and infrastructural development.
As the first stage to the development of a regional investment strategy, InvesTT embarked in September 2017 on a pre-strategy planning initiative with the objective of gathering information on Tobago and the fourteen regional corporations within Trinidad. Data collection focused on specific areas to garner a better understanding of the economic and investment potential of each region and the existing developmental issues that impact upon the achievement of these objectives.
Key to this strategy was the engagement of the Chairmen and Mayors of the various regional corporations, boroughs, and cities. The Agency’s objective was to identify human resources, land and material available in each jurisdiction as well as priority investment projects that can be promoted by InvesTT with the collaboration of the corporation. As of March 2018, the agency has met with and received positive responses from the regional corporations and cities of Port of Spain,Diego Martin, Arima, San Fernando, Princes Town, Penal/Debe as well as the Tobago House of Assembly.
“The information collected through these initial interviews, in conjunction with other sources of data will feed into the development of a Regional Investment Strategy. It will address greater specialization by region such as clearer land use and resource identification, multiple instances of particular types of investments, localized supply chain specialization, guide the development of regional infrastructure, and support localized incentives and special economiczones.”
Completion of the Draft Regional Investment Strategy is scheduled for September 2018. Once approved by our Board of Directors and line Ministry, it is positioned to become a catalyst for the growth of investment and economic development in Trinidad and Tobago.