Capital of country: Port of Spain
Population: 1.222.363 (2015 est.)
Official Language: English
GDP growth (%): 1,1% (2014)
GDP  per capita: US$32,100 (2014)
Inflation: 7% (2014)
Unemployment: 4% (2014)
Labour force: 623,500 (2014)
Major Exports:

-­‐ Energy based exports which includes crude oil, liquefied natural gas, methanol, urea, anhydrous ammonia, iron and steel products;

-­‐ Manufactured goods comprised of a wide variety of food and beverages, furniture and wood products, paper products, personal care and household products, chemicals and plastic products;

-­‐ Services including banking and insurance services, professional services including architectural, construction and engineering;

-­‐ Agricultural exports including traditional exports of sugar, cocoa, coffee and citrus, and nontraditional agricultural exports including processed fish, shrimp,  vegetables, fruit  and cut flowers.

Major Imports:

-­‐  Mineral fuels, lubricants and other related products;

-­‐  Chemicals, targeted to industrial, commercial and residential application;

-­‐  Manufactured goods comprised of appliances, furniture, equipment and building materials;

-­‐ Machinery and Transport equipment comprised of motor vehicles and capital equipment, engines and parts, heavy machinery tools;

-­‐ Miscellaneous manufactured articles including paper and paper products, household articles, personal care items including cosmetics, glassware.

Key Productive sectors: Petroleum Sector; Manufacturing Sector; Services Sector
Major trading partners: CARICOM; Venezuela; Cuba, USA, Canada, Colombia, Costa Rica, Korea, Japan; China
Government (type): Westminster Parliament , Democratic Republic
President: Mr. Anthony Carmona
Prime Minister: Dr. Keith Rowley
Opposition leader: Kamla Persad Bissesar
Economy

Trinidad and Tobago (T&T) boasts a stable economy, with sound monetary and fiscal policies and a thriving financial sector. T&T traditionally an industralized nation, with a diverse sector base.

Major Sectors include: Petroleum; Manufacturing; Services (education, transport, finance, insurance, utilities, and telecommunications). Additional sectors include tourism, agriculture, and construction.

With access to regional and international markets of over 90million people, the country is determined to pursue continued economic diversification.

Culture

A rich heritage and blend of diverse cultural influences: Amerindian, African, Indian, Portuguese, European, Spanish, Chinese, French. A multiracial and multi –religious society, that lives in harmony and respects and celebrates the differences of its people. As a result of such diversity,  a  multitude of festivals can be found: Carnival, showcasing calypso and steelband – the national instrument, Divali a Hindu festival, Eid –ul –Fitr from the Muslim community and many more. The people of Trinidad and Tobago are a warm and vibrant people and engage in a variety of recreational activities ; sailing, partying/”clubbing”, racing, dining at fine restaurants, golfing.

Education

British system of education, aligned with the Caribbean Examinations Council. Citizens enjoy free primary, secondary and tertiary education up to undergraduate level. The country posseses quality universities and private tertiary centres and has an average of 6,000 university graduates per year.

Labour Standards

A mixture of skilled and semi skilled workforce. Increasing number of knowledge based professionals and highly skilled engineering and ICT professionals, with regional and international experience.

98% Literacy rate.

Media

Daily Newspapers

Trinidad Guardian                               www.guardian.co.tt

Trinidad Express                                 www.trinidadexpress.com

Newsday                                               www.newsday.co.tt

Targeted Sectors for Investment

Light Manufacturing Creative Industries

Maritime

Information &Communications Technology (ICT) Clean Technology

Targeted sectors for Export

Petroleum Manufacturing Creative Industries

Bilateral Investment Agreements /International Investment Agreements signed
  • France, USA, Canada, Cuba, China, Germany, India, Korea, Mexico, Spain, UK, Switzerland
  • Caribbean Basin Initiative, Cotonou Agreement, Central America – DR Bilateral with the US (CAFTA-­‐2004), Economic Partnership Agreement (EPA)
Other regional agreements signed
  • CARICOM Bilateral Trade Agreements
  • Venezuela, Colombia, the Dominican, Costa Rica (2004)
Competitive  advantages
  • Strategic location at the crossroads of the Americas and below the hurricane belt;
  • Globally competitive and lowest energy costs in the region
  • Access to regional and international markets through bilateral investment and taxation treaties
  • Advanced infrastructure with fully developed industrial ports, industrial parks.
  • International standard telecom services, fibre optic network, cellular systems and global connectivity in place
  • A well-­‐educated workforce and access to existing labour pool.
Cost of Doing  Business
Corporate Income tax rate 25%
Personal income tax rate 25%

Average wage earnings for C-­‐ level occupation groupings  -­‐

 

a.       Average wage per hour (professional)

 

b.       Average wage per hour (labourer)

c.       Average wage per hour (professional)

 

d. Average wage per hour (labourer)

 

US 107K                 TT$684K per annum

US$ 14.25 (TT$90.75)  -­‐ non-­‐oil and gas sector

 

US$  5.50   (TT$35.00)    -­‐ non oil and gas sector

 

US  23.36 (TT$150.00)       -­‐ oil and gas sector

 

US$ 3.93 (TT$ 25.00)

Average hours per week 40 hrs/week
Average cost of electricity (per kWh Commercial  B1                               -­‐ TT$0.61
for businesses): Industrial  D1(small)                                      -­‐ TT$0.1990
Base Energy rate 1-­‐400kWh) Heavy  IndustrialE1  (very  large load) -­‐ TT$0.1450
ALL CHARGES ARE SUBJECT TO 15% VALUE ADDED TAX

Average cost of water for businesses

:

a.   Industrial Customers (Unmetered) – $474/month

b. Industrial Customers (Metered) –$3.50/mth Per cubic metre

c.   Commercial (Unmetered) – $474/month

 

d.      Commercial (Metered) –$3.50/mth Per cubic metre

e.       Cottage (Residential & Commercial Mix) (Unmetered) – $150/month

f.       Cottage (Metered) – 50% of waster bill

Average cost of Transportation Fuel: TT$2.73 per litre
Average cost per sq.ft, for office space in the central business district: TT$25.00 per sq. ft (Rented)
Average cost per sq.ft, for industrial space in the central business district: TT$15.00sq. ft rented
Average cost per sq.ft for land (zoned for commercial use) in/nearby central business district: Average cost per sq.ft for land (zoned for commercial use) in/nearby central business district: