World Country Guide

Business Profile

Economy
The oil and gas industry has been the most important in Trinidad & Tobago for some time. It had been in long-term decline from the 1980s due to falling yields and low world prices. More recently, however, new discoveries, increased foreign investment and a steady increase in world prices have reversed the trend. In the summer of 2003, Trinidad signed a landmark agreement with nearby Venezuela, one of the world's largest producers, to collaborate in all aspects of the oil and gas industries. This should ensure the long-term future of the sector for Trinidad. Apart from oil and gas, Trinidad has the world's largest deposits of asphalt.
The non-oil industrial sector is concentrated in relatively new industries established with oil and gas revenues, such as plastics and electronics. The agricultural sector is small, with sugar cane, coffee, cocoa and citrus fruits as the main commodities. Once a net exporter of foodstuffs, Trinidad now imports the bulk of its requirements.
The Government has also sought to address historic under-investment in the tourism industry, a promising part of the economy which has undergone steady growth. The islands now cater to about 400,000 visitors annually; the industry is worth about US$275 million to the Trinidadian economy. Trinidad & Tobago formerly had the most heavily regulated economy in the region but the state-controlled edifice was dismantled during the 1990s as part of an IMF-approved package of privatisation, fiscal and trade liberalisation. The external debt has been substantially reduced while growth and inflation are both close to 5 per cent; unemployment has been cut to 13 per cent from higher levels during the 1990s. As ever, this was achieved at the cost of reductions in social provision and lower than average incomes for the bulk of the population. Trinidad & Tobago is a member of the Caribbean trading bloc, CARICOM. The country's main trading partners are Jamaica, Barbados and Guyana in the region and, further afield, the UK, the USA, Canada, Brazil and Germany.

Business
Lightweight suits or 'shirt jacks' should be worn. It is normal to shake hands and exchange business cards. The best time to visit is from December to April, except during the Christmas festivities. Office hours: Mon-Fri 0800-1600.

Commercial Information
The following organisation can offer advice: Trinidad and Tobago Chamber of Industry and Commerce (Inc), Columbus Circle, Westmoorings, Trinidad, PO Box 499, Port of Spain (tel: 637 6966; fax: 637 7425; e-mail: chamber@chamber.org.tt; website: www.chamber.org.tt).