As the non-energy sector continues to strengthen, proposals are underway to address challenges facing exporters.
On Wednesday, the Ministry of Trade, Investment and Tourism explained how it intends to generate an additional US$2 billion in non-energy exports by 2027.
Speaking at the Ministry’s Year One Report, Director of Trade Facilitation Neville Alexander gave a breakdown of its goal.
“Our target is to generate an additional US$2 billion in non-energy exports by 2027 and $5 billion by 2030. Foreign exchange is the lifeblood for trade and investment. Traditionally the energy sector has led our exports and forex generation. That has often led to economic unpredictability. What is required is a more diversified economy.”
He explained that the initiative will be implemented through twelve strategic pathways, integrating the resources of the Ministry and its agencies under a unified Export Leadership Team.
It will also involve collaboration with Global Trinidad and Tobago, the Trinidad and Tobago Bureau of Standards, and private-sector partners.
The proposals are designed to address longstanding challenges faced by exporters and are expected to boost exports by as much as 25% annually.
Key measures include the introduction of a staggered shift system at the Customs and Excise Division, the removal of the staff quota system, and the establishment of standard operating procedures within the division.
“We have developed proposals for legislative and regulatory amendments to the Port Authority Act for automatic waiver of demurrage fees when port operations negatively impact container movement and clearance. Moreover, it is proposed that there be the implementation of an authorised economic operator programme that preapproves trusted traders, including manufacturers, for expedited clearance at the port.”
The predictions are as follows: “We are saying if we were to be on track for 2026, we should realise exports of US$750 million by the end of the year. Based on our actual exports for the first few months of this year, we are currently ahead of those projections.”
While 49% of exports will be accounted for by non-energy goods exporters, 11% is projected to be attained from investment in the iron and steel industry, which, once operational, will generate upwards of US$200 million in exports.