Prime Minister Stuart Young has emphasised the importance of Special Economic Zones in positioning Trinidad and Tobago as a key player in the global market.
Speaking at the Opening Ceremony for the Trinidad and Tobago Special Economic Zones Authority on Friday, he highlighted the country’s readiness to compete internationally.
He noted that it aims to attract foreign investment and stimulate growth across various sectors.
“As the globe has become smaller, the significance of what we’re doing here today, again, should not be lost. This whole body and authority came about, just for a bit of historical background, as a result of the imposition on us by requirements from external factors such as Global Forum, such as FATF. These are bodies that are regulating how business is done globally.”
Prime Minister Young also underscored the importance of diversification, noting that the Special Economic Zones will provide opportunities for growth in both the energy and non-energy sectors.
He stressed that diversification does not mean abandoning traditional industries but rather expanding into new areas while maintaining existing strengths.
“So there is no need to say, ‘Well, we need to diversify away from hydrocarbons, away from oil and gas, and that we only need to focus on one sector or manufacturing or the non-oil and gas sector.’ At this stage of our development in Trinidad and Tobago, we can more than walk, chew gum, kick a ball, catch a ball at the same time. So this morning, what you’re seeing here is the launch of our entry into this huge global market and saying that Trinidad and Tobago is open for business.”
The Special Economic Zones Act, 2022, was fully proclaimed on July 5th 2024. The Act was partially proclaimed on January 31st, 2022, to allow for the establishment of the Trinidad and Tobago Special Economic Zone Authority and the appointment of a Board for the Authority.