Renewable Energy
With a target of 30% of electricity from renewable sources by 2030, Trinidad and Tobago has placed a focus on solar PV and wind (offshore and onshore) energy electricity generation. The Ministry of Energy and Energy Affairs (MEEA) continues to create an enabling environment for Renewable Energy (RE) and Energy Efficiency (EE) through provision of incentives, review of the legislative and regulatory environment, revision to the National Electrical Code, development of technical and product standards, capacity building and awareness creation. In addition, the Government has taken the lead through a number of Pilot initiatives involving the nation’s community centers and schools. Trinidad and Tobago has favourable solar irradiation levels and being an island there is particular interest in offshore wind energy technology deployment. Trinidad and Tobago is positioned to become a manufacturing centre for renewable energy components for the solar and wind energy industry which would support the growing demand in the
Caribbean and other end markets in the Americas. The International Renewable Energy Agency (IRENA) forecasts that Latin America and the Caribbean will grow their installed solar capacity by a factor of 40 by 2050. To service this demand, Trinidad and Tobago proposes a manufacturing cluster to ensure synergies and cost efficiencies. The first low-carbon hydrogen production facility in Trinidad and Tobago is currently under development. The Government of the Republic of Trinidad and Tobago (GoRTT) has entered
into a policy-based loan agreement with the Inter-American Development Bank (IDB) with respect to the development of a Sustainable Energy Framework. In support of this loan facility, the IDB has engaged the services of an international consultancy Consortium including Projekt-Consult GmBH , LKS Ingenieria S Coop and led by the Centre of Partnerships for Development (CAD) to provide the MEEA with policy and technical support for its Sustainable Energy Program.
Agriculture and Agro-biotechnology
Agro-processing in Trinidad & Tobago offers lucrative, niche investment opportunities. This is particularly so for manufacturers using unique, indigenous agro-products. The industry is infused with potential for innovation and development of specialty items for local, regional and international markets. Trinidad and Tobago has an attractive policy for tertiary education. The agriculture industry benefits from skilled labour in Aquaculture, Fishing, Food Preparation, Farm Management, Crop Production, Livestock Production, General Agriculture, Fish and Fish Processing, Food and Beverage manufacturing, and other key disciplines. Agro-processing manufacturers utilizing advanced technologies have access to various real estate options throughout T&T, including eTecK’s Moruga Agroprocessing and Light Industrial Park. Following the meeting of EAM Dr. S. Jaishankar with his CARICOM counterparts in Georgetown in April 2023, a US$ 1 million grant to T&T for supplying SME machinery. After conducting a feasibility study, it has been decided to supply machinery to an agroprocessing facility of National Agriculture Marketing and Development Corporation (NAMDEVCO), a public sector entity under Trinidad and Tobago’s Ministry of Agriculture, Land & Fisheries. A delegation of NABARD Consultancy Services Ltd (NABCONS) visited Trinidad and Tobago from 18-19 July, 2024 and met with all the stakeholders. An MoU has also been finalized for timely implementation of the project.
Information Technology
Trinidad and Tobago’s telecommunications and fiber optic link systems are one of the most robust in the Western Hemisphere. The country boasts 5 undersea cables; Southern Caribbean Fiber, EC Link, Eastern Caribbean Fiber System, Suriname – Guyana Submarine Cable System, and Americas. ICT accounts for 3.7 percent of GDP, primarily in software development, web design, data processing, ICT training, and software solutions. With 142 mobile phone subscriptions per 100 people, TT has one of the highest penetrations of mobile phone coverage in the world. At the start of 2023, 79 percent of the total population had internet subscriptions. Additionally, its internal fiber optic distribution system covers close to 100% of the populated areas. The availability of general mobile services provided by Trinidad and Tobago’s 2 mobile providers, Digicel and bmobile, exceeds 75% coverage throughout both islands. 4G availability by the Digicel carrier exceeds 50% in most parts of Trinidad and reaches up to 25% of the population via the bmobile carrier, with Tobago having approximately 25% 4G mobile coverage throughout the island. The reliable and secure infrastructure of the country, along with its highly-skilled, readily available labour force comprising 615,100 persons, positions the twin-island Republic as an ideal location from which Business Processing Outsourcing companies can operate. MoU on Cooperation in the Field of Successful Digital Solutions Implemented at Population Scale for Digital Transformation was signed with India in 2023. Research in Trinidad and Tobago is currently carried out in the areas of agricultural, medical and industrial and environmental biotechnology. Research to date on GMOs is carried out in the laboratory and no GMOs have been released into the environment.
Pharmaceuticals
Trinidad and Tobago has a very small domestic industry and imports most pharmaceuticals. The Ministry of Health provides free medicines for lifestyle-related diseases. There are over 250 pharmacies throughout the country that provide medications through the Chronic Disease Assistance Program (CDAP). Under CDAP, nearly 50 drugs are distributed for free to patients with certain conditions, including diabetes, asthma, cardiac diseases, arthritis, glaucoma, depression, high blood pressure, enlarged prostate, epilepsy, hypercholesterolemia, Parkinson’s disease, and thyroid diseases. All Trinidad and Tobago citizens are eligible and there are no age restrictions or exceptions.
Trinidad And Tobago Imports of Pharmaceutical products was US$175.55 Million during 2022, according to the United Nations COMTRADE database on international trade. Trinidad and Tobago has very good potential for investment and establishment of joint ventures by Indian companies in the field of energy, SMEs, ICT, Pharmaceuticals & Medical equipment and consumables, Health, Wellness Tourism, Ayurveda. Government of Trinidad and Tobago has shown some degree of willingness at reforming the whole system to allow for foreign firms to do business in Trinidad and Tobago. Presently there are no specific non-tariff barriers for imports/exports of goods of Indian origin into the country. However, they do have a strict approval criterion for import of the pharmaceuticals.
Automobile Sector
Since 2010, the Tobagonian market has seen a modest increase, averaging 1.3% growth per year. In the global ranking for 2023, Tobago placed 85th, with Iceland just slightly ahead, also at around 14,200 units. Exports in 2022, Trinidad and Tobago exported $753k in cars, making it the 145th largest exporter of cars in the world. At the same year, cars was the 151st most exported product in Trinidad and Tobago. The main destination of car exports from Trinidad and Tobago were: Suriname ($291k), Jamaica ($121k), Guyana ($112k), Barbados ($71.7k), and United States ($52.1k). In 2022, Trinidad and Tobago imported $206M in cars, becoming the 115th largest importer of cars in the world. At the same year, cars was the 3rd most imported product in Trinidad and Tobago. Trinidad and Tobago imports cars primarily from: Japan ($68.9M), Thailand ($41.4M), South Korea ($20.5M), India ($13.4M), and Germany ($10.7M). IDB Lab, the innovation and venture laboratory of the Inter- American Development Bank Group (IDB Group), will invest reimbursable and non-reimbursable financing in the startup Go Electric TT to launch a new business model that aims to catalyze the adoption of electric vehicles in Trinidad and Tobago.