Government is targeting a significant increase in export earnings, aiming to raise exports to US$2 billion by 2027 and US$5 billion by 2030, while tackling the barriers limiting growth within the local services sector.
Head of the Trade Directorate at the Ministry of Trade, Investment and Tourism, Christopher Rajh, highlighted the significant role of the services sector in Trinidad and Tobago’s economy.
Speaking at the launch of the Trinidad and Tobago Coalition of Services Industries’ National Services Week on Thursday, he noted that the sector remains a key driver of economic growth and diversification.
“The serviceS sector remains a critical engine of growth and diversification, contributing 56.8% to GDP in 2024, according to the Central Statistical Office. However, based on data from the Central Bank of Trinidad and Tobago, services exports accounted for approximately 11.2% of the country’s total exports in the same year. This underscores the considerable scope to expand Trinidad and Tobago’s service export base.”
He acknowledged the challenges facing local services exporters and outlined measures being implemented by the Ministry to address those constraints.
“The Ministry is advancing its response through its immediate action plan, which brings together measures to strengthen domestic enterprise, increase local consumption and expand Trinidad and Tobago’s non-energy exports. To provide strategic direction and coordinate the implementation of this agenda, the Ministry has established an export leadership team. The team has identified key challenges affecting services exporters and is advancing a more targeted approach to addressing the constraints.”
Mr Rajh also pointed to the Ministry’s Buy Local, Build Trinbago campaign as one of the initiatives being used to stimulate growth within the sector.
“The Ministry is also drafting a local business development policy aimed at increasing the participation of local individuals and enterprises in economic activity, strengthening local capacity and value added and enhancing the competitiveness of domestic businesses. By supporting greater access to opportunities, innovation and enterprise development, the policy is intended to create employment, expand exports and advance sustainable economic diversification.”
He said these initiatives, together with programmes such as the Export Booster Initiative, form part of a coordinated, data-driven strategy to strengthen T&T’s services sector and expand its presence in international markets.