After over 140 years of success in oil and gas, Trinidad and Tobago has a well-established economy. The country is now the 7th largest global exporter of methanol and ammonia from a single site and the largest exporter of methanol and ammonia to the U.S market.
(Source: IHS Chemical, World Methanol Analysis 2013; FERTECON Ammonia Outlook 2014).
US $16,000GDP per capita 2017
1.5%Inflation rate 2017
BBB+Standards & Poor (April 2017)
US $21.6 BnGDP at Market Prices 2017
Baa3Moody’s Investment Grade Status (April 2017)
Key productive sectors include Energy Sector (including Petroleum, Natural Gas and Downstream industries); Manufacturing Sector; Services Sector.
|Oil and Gas||19|
|Economy||Millions in US Dollars|
|Trinidad & Tobago||20989|
|Antigua & Barbuda||1449|
|St Kitts & Nevis||917|
|St Vincent & the Grenadines||771|
Five undersea fibre connections provide a robust and redundant core infrastructure, while we also offer reliable energy utilities and transport connections.
Trinidad and Tobago ranks 54 out of 139 economies for Infrastructure on the GCI 2016/17 Index. Our competitive advantage results from effective modes of transportation.
Advanced road networks, major industrial ports and an efficient air transport system ensure that goods and services can get to market without major delays and workers get to their jobs with ease. Both islands have an adequate supply of electricity and an extensive telecommunications network allows free flow of information for increased economic efficiency.
|Trinidad and Tobago||54|
T&T ranks 50th out of 140 countries for Technological Readiness. Advanced communication technologies, necessary for routine production processes are accessible to businesses operating in the country. These technologies also enable innovation for increased competitiveness.
|Trinidad and Tobago||50|
The Government of the Republic of Trinidad & Tobago (GORTT) encourages foreign direct investment in almost all sectors, with specific focus on the non-energy targeted sectors. Generally speaking, there are no restrictions or disincentives to investment.
(i) for a single company project - TT $500,000;
(ii) for a business alliance of two or more companies - TT $1,000,000; and
(iii) for patent registration - TT $300,000.
Co-Financing. Companies can enjoy reimbursement, through exporTT, for a portion of the costs associated with entry into selected export markets. A company shall receive financial support on pre-approved investments, purchases, costs or expenses.
Importation of Goods for temporary use. The Comptroller may give permission to any person to import any goods without payment of duty thereon, upon being satisfied that the goods are so imported for temporary use only. Special conditions are applicable. Chapter 78:01 Customs Act
Fiscal Incentives are benefits granted to large scale manufacturers or processing enterprises under the provisions of the Fiscal Incentives Act, Chapter 85:01 (as amended).
Other incentives include:
Import Duty Concessions. Locally registered firms engaged in ship building and ship repair are allowed duty free treatment on their machinery, equipment and materials for use in the boat and ship building and repairsindustry. Third Schedule ofthe Customs Act, Chapter 78:01
Free Zones Status. Firms in the Maritime sector can also benefit from Free Zone Status based upon theprovisions of the Free Zones Act, Chapter 81:07; Same as Free Zones Status under the Manufacturing Sector. Free Zones Act, Chapter 81:07
Production Expenditure Rebate Programme
The Tourism Development Act (TDA), 2000 (as amended) provides for benefits to be granted to the owners/operators of various types of tourism projects, once these projects have the potential of contributing substantially to the growth of the tourism sector. The benefits that are offered include
Generally there are no restrictions or disincentives to investment. Foreign ownership of companies is permitted and welcomed under the Foreign Investment Act (1990).