Trinidad and Tobago - Business Opportunities
High Commissioner for the Republic of Trinidad and Tobago, H.E Dr. Roger Gopaul accepted the Honorary Membership of Global India Business Forum in presence of Global President Dr. Jitendra Joshi and Director - Global Operations Ms. Deepali Gadkari for mutual business association between India & Trinidad and Tobago. Realizing the strengths of Global India Business Forum and the Consulate of the Republic of Trinidad and Tobago and conscious of the benefits to be derived by both organizations and its members through this mutual understanding, both parties will be associated with each other in mutual cooperation to facilitate mutual investment, trade and economic cooperation complimented by knowledge sharing, training, certification and networking.
About Trinidad and Tobago
Trinidad and Tobago, also officially known as Republic of Trinidad and Tobago, is an island country located in the southernmost part of the Caribbean and is a country known for its fossil wealth. The country has a chain of smaller islands and shares its borders with other countries like Grenada, Venezuela and Barbados.The country gained independence from British rule in 1962 and eventually became a republic in 1976. Trinidad is the fifth richest country in terms of GDP per capita in the Americas after the USA and Canada. What sets Trinidad apart is that it doesn’t rely heavily on tourism for its survival when compared to other island countries in the Caribbean, but has its own industries to support its economy such as the petrochemicals and petroleum. It is because of this that the World Bank has recognized Trinidad and Tobago as a high-income economy.The country is well-known for its African and Indian cultures and festivals such as Carnivals, Diwali and Hosay celebrations and is known to have a vibrant and inclusive culture.
Business Opportunities in Trinidad and Tobago
Trinidad and Tobago is a leading producer of oil and gas and these resources are the main drivers of the Trinidadian economy. These resources make up for nearly 40% of the country’s GDP and 80% of the exports that Trinidad makes to other countries. However, the country has diversified its operations into areas such as Liquefied Natural Gas (LNG), aluminium, steel and plastics and has also started projects in these sectors. Tourism is another important sector for Trinidad and is a growing sector as well. These sectors can offer a host of different business opportunities for Trinidad and Tobago and other countries as well.
Exports and Imports in Trinidad and Tobago
The exports of Trinidad and Tobago increased from $1966.30 million in Q3 of 2019 to $2026.50 million in Q4 of 2019. On the other hand, the imports of the country decreased from $1589.20 million in Q3 of 2019 to $1538.30 million in the Q4 of 2019.
Top Exports of Trinidad and Tobago
The top exports of Trinidad and Tobago are natural gas and oil along with ammonia, alcohols, iron, fertilizers and iron and steel. The main export partners of the country are the USA, Jamaica, Spain, Mexico, the Netherlands, the Dominican Republic, Barbados, France and the UK.
Top Imports of Trinidad and Tobago
The top imports of Trinidad and Tobago are oil, natural gas, fuel, vehicles, water heaters, ethyl alcohol, iron and steel, pumps and catalysts. The main import partners of the country are the USA, Brazil, Colombia, Russia, Germany, China, Japan, Nigeria and Venezuela.