The Ministry of Trade, Investment and Tourism (MTTI) has expanded its national economic diversification drive with the signing of the Buy Local, Build Trinbago Charter by three innovation hubs.
The Innovation Association of Trinidad and Tobago, Founder Institute Caribbean and the La Brea Association for Innovation signed the charter on Friday, October 2, at Queen’s Hall.
The Ministry said each organisation adds its own strengths to the national innovation ecosystem:
The Innovation Association of Trinidad and Tobago (IATT) is a central hub that connects founders, industry and government to speed up the commercialisation of local ideas.
Founder Institute Caribbean draws on what the Ministry called the world’s largest startup network to provide structured incubation and acceleration for early-stage ventures.
The La Brea Association for Innovation (LBAFI) works at the grassroots level, promoting digital innovation and sustainable entrepreneurship so that innovators in La Brea are connected to national economic opportunities.
Acting Deputy Permanent Secretary Neville Alexander said the initiative pairs consumer promotion with direct operational support, so that local micro, small and medium-sized enterprises (MSMEs) can scale production, meet quality standards and access global markets.
He spoke of the knock-on effect of supporting domestic enterprise. “When a local business succeeds, the benefits extend beyond the business owner. Jobs are created. Suppliers receive orders. Skills are developed… and some of those businesses eventually become exporters,” he said.
The Ministry is also aligning the support provided through the signatory partners with the Trinidad and Tobago Bureau of Standards’ TTS/ISO 56001:2024 innovation management standard. The standard offers a framework to help businesses, including manufacturers and agro-processors, manage innovation and improve how they develop products and processes.
The initiative supports the Ministry’s drive to diversify the economy and expand non-energy exports. The Ministry said greater demand for competitive local products can help sustain employment at home, while export growth creates opportunities to earn foreign exchange.
It added that buying local should mean choosing products that people trust and see as good value for money. By helping businesses improve production and meet quality standards, the initiative aims to give consumers more confidence in locally made goods and help producers win repeat customers.