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Latin America & the Caribbean

Opportunities for UK companies

Trinidad & Tobago

Trinidad and Tobago is a signatory to the CARIFORUM-UK Economic partnership agreement, which provides preferential tariff rates for bilateral trade in goods and services between the UK and the CARIFORUM States. The economic partnership agreement came into effect January 1, 2021 and contains important provisions in goods and services as well as other trade related matters such as intellectual property, procurement, competition and other modern trade policy issues.

Trinidad and Tobago is a resource rich twin-island Republic, situated in the Southern Caribbean. Through its numerous trade agreements, investors are able to access a consumer base of 1.3 million people[1]

Trinidad and Tobago is an English-speaking nation, and offers favourable conditions to UK businesses. It has an active manufacturing sector representing 20% of GDP[2] and benefits from a successful petrochemical industry and free-trade area. The country is located outside the hurricane belt and acts as a regional hub for business, finance, energy services, transhipment and investment.

Market Detail

Trinidad traditionally enjoys a favourable economic climate marked by low inflation, a stable economy and a well-organised, locally regulated financial system. It has the largest Gross Domestic Product (GDP) in the English speaking Caribbean[3].

One hundred years of energy sector experience makes Trinidad and Tobago a mature energy province.  The Trinidadian Government is actively encouraging new exploration activity with a focus on natural gas exploration.

Additionally, the country’s economic policies[4] favour trade liberalisation and overseas direct investment and around 400 multinational companies have physical offices in Trinidad and Tobago, including over 50 British companies[5] such as GSK, AstraZeneca, BP, Oxford Business Group, Association of Business Executives, ACCA, RioMed, ASCO, G4S Secure Solutions among others.

The business environment in Trinidad and Tobago shares history, language, legal, political and education systems with the UK.

UK companies exporting to Trinidad & Tobago will find:

  • An educated and skilled, English speaking workforce
  • Legislation based on UK common law
  • Regulated financial system
  • A Double taxation agreement
  • An Investment treaty for the promotion and protection of investments
  • Bilaterial memoranda of understanding for the ICT, Healthcare and Security sectors.
  • Robust transportation and communication links
  • Low energy costs
  • Highly developed petrochemical and energy sectors.
  • Strong partners for joint ventures and local representation.

Opportunities in Trinidad & Tobago for UK companies:

  • Energy services related to maintenance of aged assets.
  • Renewables (solar under development, consultancies for other sub-sectors)
  • Healthcare including digital healthcare and pharmaceuticals.
  • Security & Defence including cyber security
  • Digitisation
  • Fintech

[1] World Bank, Trinidad and Tobago, 2019: [LINK]

[2] World Bank, Manufacturing Value Added % GDP 2019, [LINK]

[3] GDP expressed in PPP terms to facilitate comparison across markets. IMF World Economic Outlook, October 2020, [LINK]

[4] Multiple sources building on policies: Trinidad and Tobago Invest, Low Business Costs, 2019: [LINK] (b) FDI Intelligence, Island Economies of the Future 2019/20 – the results, 2019: [LINK] (c) FDI Intelligence, Trinidad and Tobago’s low costs, 2013-14: [LINK]

[5] Multiple sources: (a) Government of Trinidad and Tobago – statement by Minister of Public Utilities at AMCHAM’s heal and safety conference October 2020; (b) GOV.UK, Opportunities for exporters: [LINK]