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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 of Trinidad and Tobago’s private sector reaffirmed their full support of the development of e TecK’s Phoenix Park Industrial Estate project. Ian De Souza, Chief Executive Officer, Trinidad and Tobago Chamber of Industry and Commerce and Dr. Ramesh Ramdeen, CEO of Trinidad and Tobago Manufacturers’ Association (TTMA) were given a mini-tour of the Estate the construction of which is currently in full-swing and with an expected completion date of May month-end.
Senator the Honourable Paula Gopee-Scoon, line Minister of Evolving TecKnologies and Enterprise Development Company Limited (e TecK) responsible for the design and construction of the Estate, was at hand to provide key insight into the state-of-the-art industrial space. The construction of the Estate is part of the Government’s Vision 2030 programme to develop new businesses and also an aspect of the post Covid-19 economic recovery development agenda.
During his comments, Mr. De Souza said that the Estate supports local manufacturing and foreign investment and acknowledged it as ‘an essential element’ of the country’s long term plan to increase economic growth and development. He was highly complimentary of the Park’s modern infrastructure and the suite of incentives offered, highlighting the promotion of the first year rent free incentive. He commended the Ministry of Trade and Industry’s efforts to modernize the free zone regime through the passing of the Special Economic Zones (SEZ) Act and eagerly awaits its full operationalisation.
Dr. Ramdeen passionately endorsed the potential of the Estate to improve the enabling business environment saying “This is a good step in the right direction to create a clear path for economic growth. The park is being modernized to an extent that is comparable to other parks that I’ve visited, for example in Panama. Empower us to share the info to ensure a successful park!”
Both private sector industry association leaders expressed their readiness and enthusiasm to promote the Estate among their memberships and business visitors.
Senator Gopee-Scoon applauded the marketing efforts of InvesTT, the Embassy of the Republic of Trinidad and Tobago in Beijing, and project manager Beijing Construction Engineering Group (BCEG) who have been working together to attract tenants to the Estate.
Presentations were made by Daniel Duncan, Vice President, Projects and Facilities at e TecK and Quincy Flores, Manager Investments at InvesTT. During his statements, Mr. Duncan highlighted the fact that close to 90% of the project’s staff is from the local workforce, ranging from engineers and technicians to skilled and semi-skilled labour – “Currently, the main Contractor, BCEG, has engaged a total of 35 local sub-contractors which includes an estimated 580 local personnel. Considering the acceleration of the works to drive to completion, the Contractor intends to further increase this number. It must also be noted that about 65% of materials are being sourced from local suppliers and manufacturers and that all construction equipment on site has been sourced locally to date.”
Mr. Flores presented the lease rates and tenant benefits and affirmed the commitment of InvesTT to work with each potential tenant to make the application process as smooth as possible. Since 2020, InvesTT has been aggressively promoting the Estate to local and foreign businesses through webinars, advertising, social media promotion, virtual tours and on-site visits.
In response to the private sector appeal for empowerment to promote the Estate - a position shared by both Mr. De Souza and Dr. Ramdeen - Mr. Flores indicated that the investment promotion agency is 100% prepared to facilitate visits to the Estate by the memberships of the T&T Chamber and the TTMA as part of its ongoing promotional schedule. Targeted industries include Manufacturing & Assembly, Logistics & Distribution and Information Communication Technology.
Click here for more information on e TecK's Phoenix Park Industrial Estate
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