TTCSI Welcomes Budget 2026 As A Step Forward For The Services Sector But Calls for Greater Policy Coordination And Targeted Investment

The Trinidad and Tobago Coalition of Services Industries (TTCSI) says while the 2025/2026 budget represents a “step forward for services sector,” greater policy coordination and targeted investment are required.

In a statement, the TTCSI took note that the budget includes several initiatives aimed at strengthening the country’s services sector, which contributes over 60% to national GDP and employs the majority of the workforce. It also noted that this year’s budget “presents a clearer recognition of the services economy than in previous years, particularly through policy initiatives in digital transformation, tourism, education, and creative industries.”

However, the organisation emphasises that consistent implementation, measurable targets, and a unified national strategy are essential to unlocking the sector’s full potential.

* Read the following recommendations from the TTCSI:

The TTCSI commends the following Budget 2026 initiatives as important enablers of a modern, competitive services economy:

· Digital Transformation and Professional Services: Introduction of a secure Digital ID; a unified online government platform; the formation of the National Payment and Innovation Company (NPIC-TT); and the launch of a National AI Research and Innovation Hub, promise improved ease of doing business and opportunities for ICT and BPO providers.

· Trade Facilitation and Business Services: The proposed establishment of a National Registry of Exporters and a “Buy Local, Build Trinbago” campaign; an Export Academy; reorientation of the EXIMBANK toward foreign-currency loans for exporters; and advancing partial-scope trade agreements with India, Chile, and West Africa, all directly target trade diversification and SME competitiveness.

· Creative and Cultural Industries: Establishment of a Creative Value-Chain Fund to support film, fashion, design, and music; enhanced intellectual property (IP) protection and duty concessions for creatives; and cultural exchange programmes and export promotion reflect growing recognition of the creative sector’s value.

· Tourism and Hospitality: Completion of the Marriott and Elephant Tree Resorts in Tobago; development of new attractions such as “Carnival City” and the “Turtle Tourism Capital” initiative; introduction of direct U.S. flights to Tobago; and expansion of medical, sport, and cultural tourism products, are positive moves toward revitalising the tourism and hospitality sector.

· Education, Skills and Human Capital Development: The operationalisation of UWI’s Debe Campus to support IT, law, and forensics training are timely responses to digital workforce needs. Additionally, the launch of a Construction-Sector Skills Programme; and the expansion of YouTEC and youth entrepreneurship programmes, place education and youth development at the forefront of development efforts.

· Financial and Regulatory Environment: Review of the VAT system with a possible transition to a simplified Sales Tax; modernisation of the Inland Revenue Division and Customs and Excise Division through digitalisation; and strengthened compliance with FATF standards to improve the country’s international financial standing, will influence the business environment while improving accountability and transparency, leading to improved investor confidence.

· Tobago’s Development Agenda: Tobago House of Assembly’s development strategy prioritises tourism, creative industries, and agriculture, with focus on product development, digital content, heritage tourism, and community-based approaches.

Calls for Greater Inclusion and Coherence

Despite the promising direction, TTCSI cautions that many measures still lack dedicated funding, institutional support, and a clear services export focus. Trade programmes such as the Export Academy and EXIMBANK reforms remain largely geared toward goods, while digitalisation efforts are framed more as administrative upgrades than pillars of a comprehensive services-sector strategy.

To address these gaps, TTCSI strongly recommends, inter alia:

1. A National Services Sector Development Plan to coordinate implementation across ministries.

2. Dedicated financing windows for services entrepreneurs within EXIMBANK and national development funds.

3. Inclusion of services exporters in national trade promotion tools like the exporter registry and export training.

4. A national services data system to accurately and holistically track exports, productivity, and job creation.

5. Structured public–private partnerships to ensure local firms benefit from digital transformation and creative economy initiatives.

Support for Tobago’s Development and Cross-Sector Collaboration

TTCSI supports the Tobago House of Assembly’s strategy to link tourism, culture, and digital content in a sustainable development model. The organisation calls for stronger coordination between the THA, TTCSI, and national ministries to align services sector support in Tobago.

Additionally, TTCSI encourages the Government to work closely with industry associations to shape skills training programmes, particularly in digital trade, data services, and creative entrepreneurship.

Conclusion: A Transitional but Promising Budget for Services Economy

TTCSI views Budget 2026 as a transitional step. It lays the groundwork for a knowledge-driven, services-oriented economy but requires stronger execution frameworks and performance metrics. We reaffirm our commitment to working alongside the Government to advance a competitive, innovative, and export-ready services sector.

“This budget shows that the Government is beginning to prioritise services as the engine of economic transformation,” said TTCSI President. “Now we must ensure that these initiatives are supported by the right investment, coordination, and policy tools to deliver real impact for our service providers.

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