The world recognizes the country’s potential

rinidad and Tobago, a two-island nation located in the most oil- and gas-rich waters of the Caribbean, has built up a strong relationship with the U.S. on the basis of energy exports. But the vision that the country has for its future extends well beyond such sector-specific activities, and the government is proceeding with a number of programs to boost, develop and diversify Trinidad and Tobago’s economy.

A long term planning initiative known as Vision 2020 was launched two years ago. Within this, the action plan for 2002-2007 focuses on economic development in the manufacturing, services, agriculture and tourism sectors with the implementation of new policies and strategies.

Currently top of the agenda, however, is the capital city’s bid to host the Permanent Secretariat of the Free Trade Area of the Americas (FTAA). Local authorities – and many other Caribbean nations – are convinced of Port of Spain’s suitability as the natural home of the FTAA, since Trinidad and Tobago boasts a healthy economy, stable democracy and a highly-skilled workforce.

PATRICK MANNING Prime Minister

KNOWLSON W. GIFT Minister of Foreign Affairs

“Trinidad and Tobago feels confident that we can gain the support of the majority of the countries in the region,” says Patrick Manning, the Prime Minister. Port of Spain has several advantages over Miami, another strong contender, such as for instance a level of security that Miami is unable to provide. Also, one of the FTAA’s primary objectives is the economic development of the Caribbean sub-region, something which could be fostered by a more balanced distribution of multilateral institutions.

On the other hand, Miami has better facilities. “We know that we have some infrastructure challenges here and we are embarked on major development programs,” says Mr. Manning. As part of a major upgrade of the transportation system, two airlines have been merged to provide a strong regional carrier with a subsequent expansion of destinations and increase of airlift and capacity.

Trinidad and Tobago’s developmental model is a combination of public and private involvement, and inward investment is encouraged in all areas. The country has earned a reputation as an excellent investment site for international businesses. “We believe the climate here is one that is proactive. We look forward to the U.S. expanding its investment profile in Trinidad,” says Knowlson W. Gift, the Minister of Foreign Affairs.

An increasingly proactive climate is the runway for business take-off

Regional developments such as the FTAA and the forthcoming CARICOM Single Market and Economy (CSME) are geared to strengthen Trinidad and Tobago’s position within the area. “We are the most important trading partner in the CARICOM countries,” says Mr. Gift. “More foreign investment in Trinidad and Tobago contributes to the overall economic health of the rest of CARICOM.” While underlining the importance of the country’s relationship with the U.S., he defends the concept of preferential treatment for smaller economies in relation to their main exports.

Trinidad and Tobago, says the Prime Minister, is seeking to expand its energy sector products. Since 2000 Trinidad and Tobago has been the main source for over 66 percent of the U.S.’s Liquefied Natural Gas (LNG) imports, and there is co-operation between the U.S. Department of Energy and the Trinidad and Tobago Ministry of Energy and Energy Industries in the areas of exploration, production and marketing of natural gas. He dismisses the idea that the country is too dependent on oil and gas exports. The manufacturing of LNG, ammonia, methanol, and iron and steel show the country’s abilities to diversify its energy industry profile, while improvements in other economic areas show that Trinidad and Tobago can be a multi-sector player.