As published in
Situated at the southernmost fringe of the Caribbean, the twin-island nation of Trinidad and Tobago is tempering its traditionally oil and gas-centric economy with a focus on sustainability and innovation.
While the two islands have very different – and complementary – cultures, the territory as a whole outperforms many near neighbours against a number of economic metrics. A high-in- come developing country, it is also among the wealthiest of the Caribbean Community (CARICOM) states and the fifth richest by GDP per capita in the Americas, according to World Bank analysis.
Moreover, the Inter- national Monetary Fund (IMF) predicts that GDP will increase by 5.4% as the economy steadily rebounds from the impact of COVID.
Unlike some Caribbean nations, Trinidad and Tobago’s economy owes much to oil and gas production; petroleum and petrochem- ical industries here accounted for almost three-quarters of export earnings in 2020.As a result, the energy exploration and pro- duction sector has underpinned Trinidad and Tobago’s economy to date, historically attracting the most foreign direct investment (FDI) – which is why the country already has a strong affinity with the UAE.
Despite recent global economic turbulence, Trinidad and Tobago’s investment climate remains attractive to investors, as the Central Bank continues to foster financial resilience through legislative reform, regulatory reform and improved governance.
That the nation currently has the largest financial services industry in the English-speaking Caribbean has also helped to establish the right conditions for innovation to thrive. Trinidad and Tobago has skilfully positioned itself as a hotbed for innovation and an emerging regional technology hub.
Boasting a highly educated talent pool, a stable political system and generous tax incetives, it is a tempting destination for foreign investors looking to close the gap in their digital skills – something forward-thinking multinationals are already exploiting.
For example, Agribusinesses and health sector investments are on the rise. Technology-driven firms like Novo International, as well as cutting-edge medical solutions providers like Biomedical Enterprises of Trinidad and Tobago Limited (BMETT) are making waves across the Americas and beyond as they capitalise on the country’s – and the region’s – momentum. Kieran Thompson, Managing Director of BMETT, said his firm was actively seeking partnerships with investors or companies interested in contributing to the development of healthcare in the Caribbean, particularly in Trinidad and Tobago. «The Caribbean market presents a plethora of opportunities for Biomedical Enterprises,» he added. «We believe there are numerous potential opportunities for growth and collaboration, and as we identify prospective investors and partners, our aim is to establish and nurture long-term engagements.»
