The government has signalled its intent to diversify the economy, particularly in tourism.
Finance Minister Davendranath Tancoo said targets have been set to increase tourism’s contribution to GDP from the current 6% to 12%.
“To achieve this, we are moving beyond the tunnel vision of those on the other side who focused only on visitor arrivals by placing greater emphasis now on visitor value, investment, foreign exchange generation and international competitiveness.”
Minister Tancoo revealed that this will be accomplished by focusing on six niche areas.
“Entertainment and culture tourism, eco-tourism, business tourism, health and medical tourism, sport tourism and yachting tourism.”
Among the projects to support this initiative is the Marriott-branded 200-room hotel and resort at Rocky Point, Mount Irvine, Tobago.
The sod-turning ceremony for this investment is expected to take place with the Prime Minister on Tuesday.
Other hotel projects in the country will include a 100-room Hampton by Hilton at Piarco, which is set to open in March 2027, and a 109-room Hilton Garden Inn at South Park, San Fernando, which is targeted for completion by March 2028.
In the yachting industry, the government is expected to launch the SailClear arrival and departure digital clearance system, which is expected to reduce yacht processing times from approximately four hours to 15 minutes.