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Trinidad and Tobago has played a crucial role in the integration of the Caribbean, particularly among the Anglophone countries of the region, for decades now. A promoter of the Treaty of Chaguaramas in 1973, the first step towards deeper regional integration after the mixed fortunes of the establishment of the short-lived West Indies Federation between 1958 and 1962, T&T subsequently became a founding member of the Caribbean Community (CARICOM). Between 1998 and 2013 T&T’s share of total intra-CARICOM exports rose from 37% to 70%, with Jamaica being the principal importer of T&T exports over this period. Alongside T&T, the international organisation currently has 14 full members, five associate members and eight observers. This chapter contains an interview with William Warren Smith, President, Caribbean Development Bank.

While some areas of transport and logistics have experienced a decline in performance in recent years due to overall sluggish economic performance, a projected turnaround in 2018 will likely have a positive impact on the industry. However, from port and airport, to road construction projects and upgrades, there still is a way to go to bring Trinidad and Tobago’s infrastructure up to speed with economic demands. Beyond financing new projects, finding ways to improve productivity and competitiveness by streamlining processes and modernising systems will be essential to elevate the sector and enable it to better contribute to the country’s diversification strategy, as well as boost overall economic growth. This chapter contains an interview with Garvin Medera, CEO, Caribbean Airlines Limited.

While an ongoing scarcity of foreign exchange (forex) poses a challenge for the sector, macroeconomic conditions are expected to continue to recover, which bodes well for the industry. Though penetration levels remain low, Trinidad and Tobago exhibits strong growth potential, with a comparatively wealthy population and rising demand for health and life insurance products. Moreover, improvements to the regulatory framework, notably the Insurance Act of 2018, appear set to ease business operations and increase consumer confidence. With recovery setting in, downward pressure on premiums may ease; however, industry stakeholders will need to keep costs down and preserve competitiveness to take full advantage of the opportunities to expand market share. This chapter features an interview with Jacqueline Quamina, Chairman, National Insurance Board.

T&T remains one of the least developed destinations in the Caribbean. Although tourism has not historically been a priority for the government, increased pressure to diversify away from oil and gas has made tourism a viable development alternative. Higher oil prices in 2018 could provide the country with much-needed revenues to amplify diversification efforts. Meanwhile, ongoing efforts to expand source markets and establish a policy framework and regulatory authority bode well for the sector, especially as global tourism is set to continue rising over the next decade. With a unique and diverse cultural heritage and strategic setting outside of the hurricane belt, T&T has the opportunity to move its tourism offerings forward. This chapter features an interview with Janelle Commissiong, Chairman, Tourism Trinidad Destination Management Company.

In a show of commitment to the well-being of citizens, the government allocated TT$6.03bn ($894.4m) to the health sector in the FY 2018 budget, placing it in the top-three publicly funded areas of the economy behind education and national security. While this figure represents a decline from FY 2017, when the allocation was TT$6.25bn ($927m), health funding has risen since 2010. Meanwhile, the human capital requirements of globalisation and the information age are placing great demands on economic and educational structures in Trinidad and Tobago. The government therefore confirmed its commitment to developing a knowledge-based economy with a TT$7.3bn ($1.1bn) allocation for education and training in the FY 2018 budget, which was the largest of any sector. The contribution of education to GDP in 2017 is estimated at 2.7%, which is marginally higher than the 2016 figure of 2.6%. This chapter contains an interview with David Dulal-Whiteaway, CEO, Arthur Lok Jack Graduate School of Business.

Economic growth is expected to gather speed in 2018 and 2019, and the Trinidad and Tobago Stock Exchange could benefit through higher share prices and more players becoming involved with the exchange. Even if T&T’s road to economic recovery is long, companies with a healthy cash flow have the option to return a higher percentage of their earnings to shareholders. Increasing dividend pay-out ratios would defend the yields earned by investors in a difficult economic environment. New tax measures may offset incremental economic growth in the near term, however, and affect the earnings of the country’s listed companies. In FY 2018 a change was implemented to the tax regime that subjects companies earning over TT$1m ($148,300) per year to a marginal tax rate of 30%, up from 25%. This increase could deflate the impact of companies on the Composite Index by a few percentage points. This chapter includes an interview with Hadyn Gittens, CEO, Trinidad and Tobago Securities and Exchange Commission; and a viewpoint by Gregory N Hill, Managing Director, ANSA Merchant Bank.