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Setting up a business in Trinidad and Tobago is quite straight forward.
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.
Trinidad and Tobago's success in energy has fueled its rapid development into one of the most industrialized and cost-effective nations in the Caribbean and Central America.
Trinidad and Tobago is a twin island republic situated below the hurricane belt, at the southern-most end of the Caribbean archipelago.
Edan K. Properties manages many complex projects - from purchase to conceptualization, financing and site development. In its role as facilitator, InvesTT has worked alongside Edan K. and played a significant role over the years in the fast-tracking of processes required to implement multi-faceted development projects.
InvesTT facilitated company registration and access to import duty concessions for equipment, engaged the Ministry of Energy & Energy Industries on the placement and inspection of their LPG tanks as well as facilitated smooth entry at Immigration for foreign engineers needed to install equipment and train local staff.
Located in St. Augustine Trinidad, Virtana Inc. is an outsourcing company that delivers high quality robotics software solutions to international technology companies, utilizing engineering graduates based in Trinidad and Tobago.
Representatives from a variety of industries across China were eager to have their investment enquiries on the Phoenix Park Industrial Estate answered during a webinar hosted on 17th August by InvesTT and the Beijing Construction Engineering Group (BCEG) T&T Company Limited. In his introduction, Sekou Alleyne, President, InvesTT affirmed the agency’s satisfaction to work with BCEG as well as this country’s overseas mission in Beijing on the initiative. The collaboration aims to raise awareness of Trinidad and Tobago as an investment destination while promoting the Phoenix Park Industrial Estate as a base of operations for Chinese firms seeking to target large markets in the Americas.
Senator the Honorable Paula Gopee-Scoon, Minister of Trade and Industry, Trinidad and Tobago was at hand to deliver the main address in which she thanked the Chinese investors for their high level of interest in Phoenix Park Industrial Estate. The Trade Minister said she was “especially pleased with the project milestones that we have achieved within the last 10 ½ months”.
"The establishment of Chinese companies at the Estate will enhance the state of trade relations and joint cooperation between the Governments of the Republic of Trinidad and Tobago and the People's Republic of China."
The Minister went on to state that Trinidad and Tobago remains open for investment and will continue to facilitate site visits for investors, in compliance with the required pandemic protocols.
Since the beginning of 2021, events promoting the Estate have been conducted in China by Trinidad and Tobago’s Embassy in Beijing and BCEG, the most recent being in the Quanzhou and Wuhan provinces in late June/ early July. According to Mr. Adrian Thomas, Chargé d’Affaires a.i. of the Embassy of the Republic of Trinidad and Tobago, “the Embassy has played a very active role in trying to attract tenants from China to the Phoenix Park Industrial Estate.” Mr. Thomas stated that the Embassy continues to facilitate business cooperation as its role is to “support the growth in the bilateral relationship between the People’s Republic of China and the Republic of Trinidad and Tobago.”
During remarks by Mr. Zhou Lichun, Commercial Counsellor of the Embassy of China in Trinidad and Tobago, Mr. Lichun said that “China and Trinidad and Tobago enjoy a long history of friendship since the establishment of diplomatic ties between our two countries in 1974.” He continued to say that Phoenix Park Industrial Estate is one of great significance in the cooperation between China and Trinidad and Tobago as it provides an important platform for continuing bilateral cooperation. Mr. Lichun highlighted that Phoenix Park “can not only help Trinidad and Tobago to realize the strategy of economic diversification but also provide favourable conditions for Chinese enterprises to open up to Latin American markets.”
Questions posed to InvesTT by the Chinese company executives demonstrated their eagerness for information on the accessibility of foreign exchange in Trinidad and Tobago, investment opportunities in e-commerce, labour costs and Special Economic Zone incentives at the Phoenix Park. Mr. Alleyne’s responses were well received by the Chinese investors who were stimulated even further to set up operations at the Estate and anxiously await its completion in the near future.
Mr. Alleyne closed by reiterating that Trinidad and Tobago looks forward to the continued interactions between the People’s Republic of China and the Republic of Trinidad and Tobago, and recapped that InvesTT is eager to facilitate all investors in getting their business operational at the Phoenix Park Industrial Estate.
Phoenix Park Industrial Estate is the first project to be developed in the Caribbean as the concept arose in 2018 out of a Memorandum of Understanding between the governments of the Republic of Trinidad and Tobago and the People’s Republic of China, for joint cooperation within the framework of the Belt and Road initiative. Phoenix Park is a state of the art facility, situated on 144 acres in Point Lisas, Central Trinidad. Ideally suited for businesses operating in Manufacturing & Assembly, Logistics & Distribution and ICT Industries, Phoenix Park is perfectly positioned for global consumer market access.
Discover more about Phoenix Park Industrial Estate >>> https://bit.ly/PhoenixParkTT
Click here to download the Phoenix Park brochure >>> business.investt.co.tt
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