InvesTT set to promote Phoenix Park Industrial Estate at China/ LAC Summit

InvesTT set to promote Phoenix Park Industrial Estate at China/ LAC Summit

13th December 2022: InvesTT Limited, in keeping with its mandate to attract foreign direct investment, will showcase Trinidad and Tobago’s investment opportunities at the XV China LAC Ecuador 2022 Business Summit in Guayaquil, Ecuador during 14th & 15th December.

The annual Summit is noted as the most important business event between companies from China and Latin American and Caribbean countries. Key among InvesTT’s focus will be the promotion of e TecK’s Phoenix Park Industrial Estate as a prime location for businesses wanting to access Latin American and North American markets as well as those focused on trading to and from China. Targeted sectors will be Manufacturing, Logistics & Distribution as well as Agri-business.

InvesTT’s president, Sekou Alleyne explains - “China LAC Ecuador 2022 is an ideal forum to promote the opportunities at Phoenix Park to Latin American and Chinese companies in one space. We’re positioning Trinidad and Tobago as the gateway for Chinese investors to the North, South, Central American and Caribbean markets via the strength of this country’s existing trade relationship with both regions.” He further highlights that Trinidad and Tobago is China’s largest trading partner in the English speaking Caribbean and foreign policy is a top priority for China.

Senator the Honourable Paula Gopee-Scoon, Minister of Trade and Industry will also attend the conference virtually as a panelist for the discussion on Day 2 entitled ‘Unimpeded Trade connectivity, financial cooperation and infrastructure.’

InvesTT’s team aims to secure at least 5 investment leads at this Summit in addition to potential site visits to Trinidad and Tobago within the ensuing months. Out of the twelve companies already confirmed to establish operations at e TecK’s Phoenix Park Industrial Estate, two of them are Chinese manufacturing companies – Summit Luggage and Docare Quanzhou Hygienic Product Company. Businesses located at the Estate will benefit from the proximity to the international Port of Point Lisas, low energy costs, access to built-in 5G infrastructure as well as attractive incentives under the Special Economic Zones Act upon its full proclamation. 

InvesTT Limited is the national Investment Promotion Agency (IPA) of Trinidad and Tobago and employs a proactive strategy to attract foreign investment despite global economic uncertainties. With borders reopened, the opportunity to promote the country’s investment potential at in-person international business events such as the XV China LAC is once again a potent tool in InvesTT’s arsenal of investment promotion strategies.

For the fiscal year ended September 2022, InvesTT facilitated TT$486.3Mn in local and foreign investments, representing a 70% increase from the prior year and a doubling of its targets. These results equate closely with InvesTT’s 3-year average of TT$400Mn/yr in investments facilitated pre-pandemic (2016 to 2018). Out of the total investments facilitated for Fiscal 2022, 29% represents foreign direct investment.