The Ministry of Trade, Investment and Tourism has set a national investment target of US$9 billion by 2030.
The plan was unveiled during the Private Sector Organisation of Trinidad and Tobago’s San Juan Consultation on Wednesday.
Assistant Director at the Ministry of Trade, Investment and Tourism, Kuya Balram Singh, unveiled plans to boost non-energy exports by US$2 billion by 2027 and US$5 billion by 2030.
“Foreign exchange is critical to our economy, and the energy sector has traditionally led our export and forex generation. This has led to economic unpredictability. What is required is a more diversified economy and a strong non-energy sector.”
He outlined strategic objectives to deepen investment in the non-energy sector, highlighting the recently launched Buy Local Build Trinbago campaign aimed at supporting exporters and driving diversification.
“For exporters, we have brought new life to 12 trade agreements. Together, these agreements provide access to markets with more than one billion consumers. Markets such as Panama and Chile, amongst others, offer real opportunities for companies to increase production and achieve economies of scale.”
Manager of Investment and Business Development, Cornell Buckradee, said the initiative will also target underutilised assets that will create jobs, fuel economic activity, and expand private sector participation.
“Our objective is practical. The move from assets and ideas to investable projects that generate jobs, exports, business activity, and lasting value for Trinidad and Tobago. No short-termism here. We’re looking for lasting value.”
He noted that the Ministry has set new sights on tourism growth, expanding the sector’s current 6% contribution to GDP to 12% by 2030, delivering a projected US$1.7 billion.
“In fact, there’s a great deal of excitement about where this country needs to go in tourism because it’s one of what we call the low-hanging fruit, and I’m sure many of you are going to agree with me.”
As the Ministry moves to fast-track multimillion-dollar investments in the non-energy sector, Mr Buckradee noted that San Juan and environs stand to benefit directly from the diversification agenda.