Industry

In his October 2015 budget speech, newly appointed finance minister Colm Imbert underscored the fact that Trinidad and Tobago’s manufacturing sector had fallen below 10% of national GDP. Estimates from the Central Statistical Office put the figure at 8.1% in 2015, with food, beverages and tobacco accounting for around 4.5% of GDP. Despite having the largest manufacturing base of any CARICOM country, the government focus on energy and relative neglect of manufacturing, as well as a shortage of unskilled labor, has held back the sector in recent decades. Nonetheless, T&T holds many comparative advantages that have yet to be fully exploited. It has a handful of globally recognized industries, a strong food and beverage segment, and a strategic geographical position for the maritime industry. The coming two years will see a renewed focus on diversifying the economy away from hydrocarbons, providing alternative pillars of growth during times of low oil prices.

This chapter contains interviews with Arthur Lok Jack, Executive Chairman, Associated Brands, and Racquel Moses, President, InvesTT.