Port of Spain : Trinidad and Tobago’s bid to increase energy production and sharpen its focus on education and training as part of broader efforts to boost growth are mapped out in a new report by the global research and advisory firm Oxford Business Group (OBG).
The Report: Trinidad and Tobago 2020 examines the key role that new oil and gas discoveries are expected to play in helping the industry to rally against a backdrop of lower international prices by galvanising investment and market activity. It also shines a spotlight on T&T’s upstream petrochemicals industry, while exploring the country’s plan to position itself as a regional centre for liquefied natural gas bunkering.
The industrial sector is earmarked for a major part in helping T&T to reach its target of doubling non-oil exports between 2020 and 2025. As the twin-island nation looks to extend its reach beyond the CARICOM area, OBG charts the growing contribution that China is making through its investment in T&T’s infrastructure development and industrial drive.
Its analysis also includes details of plans in the pipeline to upgrade the country’s road network, improve connectivity and reduce congestion, which are seen as vital to the growth of non-oil sectors like agriculture and tourism.
In separate coverage, OBG examines the escalation of activity witnessed in T&T’s capital markets at the end of the decade on the back of increases in initial public offerings, mergers and acquisitions and bonds issued in 2018 and 2019.
Commenting ahead of the launch, OBG’s Editor-in-Chief Oliver Cornock said that while T&T had felt the weight of lower global oil prices in recent years, moves under way to diversify the economy and place greater emphasis on high-value exports bode well for future growth.
“Longer term, efforts to improve access to foreign currency, reduce bureaucracy and encourage greater private sector participation will need to be addressed,” he said. “However, the country’s rich supply of natural resources continues to be an attractive draw for investors.” Harry van Schaick, the Group’s Regional Editor for the Americas, agreed that the outlook had improved for T&T, with growth expected to reach 1.5% in 2020 and 2.3% in 2021, after flatlining last year according, to the IMF.
“Aside from its own resources, Trinidad and Tobago is well placed to capitalise on opportunities in value-added services following oil discoveries in neighbouring Guyana, which come at a time when the Caribbean is moving towards enhanced regional integration,” he said. “We also expect to see momentum gained in the push to raise government revenue and boost taxpayer compliance as part of the country’s ongoing recovery efforts.” The Report: Trinidad and Tobago 2020 contains a viewpoint by Prime Minister Keith Rowley, together with a detailed sector-by-sector guide for investors. It also features a wide range of interviews with other high-profile personalities, including Allen Chastanet, Prime Minister of St Lucia; Tijjani Muhammad-Bande, President, UN General Assembly; Mark Loquan, President, National Gas Company of Trinidad and Tobago and Aldwyn Wayne, CEO, WiPay.
The Report: Trinidad and Tobago 2020 marks the culmination of almost one year of field research by a team of analysts from Oxford Business Group. The publication assesses trends and developments across the economy, including those in macroeconomics, infrastructure, banking and others.
The Report: Trinidad and Tobago 2020 has been produced in partnership with InvesTT. Contributions have also been made by the American Chamber of Commerce in T&T, Ansa Merchant Bank, Republic Bank and PwC. It is available online and in print.
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About Oxford Business Group
Oxford Business Group (OBG) is a global research and advisory company with a presence in over 30 countries, from Asia, Africa, the Middle East and the Americas. A distinctive and respected provider of on-the-ground intelligence on the world’s fastest growing markets for sound investment opportunities and business decisions.
Through its range of products – Economic News and Views; OBG CEO Survey; OBG Events and Conferences; Global Platform, which hosts exclusive video interviews; The Report publications – and its Advisory division, OBG offers comprehensive and accurate analysis of macroeconomic and sectoral developments.
OBG provides business intelligence to its subscribers through multiple platforms, including its own verified subscribers and the ones of Dow Jones Factiva, Bloomberg Professional Services, Refinitiv’s Eikon (previously Thomson Reuters), Factset, and more.
For more information, please contact:
Marc-André de Blois
Director of PR and Video Content, Oxford Business Group
E-mail: mdeblois@oxfordbusinessgroup.com
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