Market for Sri Lanka products in Trinidad and Tobago

There is a good export market for Sri Lanka products in Trinidad and Tobago, Latin America and the Caribbean, said High Commissioner of Trinidad and Tobago to Sri Lanka Pundit Maniedeo Persad addressing the business community at the National Chamber of Commerce of Sri Lanka recently.

Although the population in Trinidad and Tobago is only 1.3 million, they have a very high purchasing power. Sri Lanka exports will be affected adversely by the global recession as its main markets are Japan and the USA. However Sri Lanka has very good alternative i.e. the large market in Latin America and the Caribbean. Trinidad and Tobago have not been affected by the global recession. Trinidad and Tobago is a good platform for business in Latin America.

Foreigners can set up their own marketing offices in Trinidad and Tobago and export to 15 Latin American countries. There is a common visa for all those countries. To set up a company, foreigners need not have any joint venture partners from that country as the trade is fully liberalized and 100% foreign investments are allowed. There is no foreign exchange control. Even for work permit there is an open policy.

Foreign companies can purchase lands upto one acre for housing and upto 5 acres for setting up of factories. Of course to purchase lands over 5 acres, the government approval is needed.

The High Commissioner said that the country has a business friendly tariff structure and there is no negative list in the sense any product could be exported to Trinidad and Tobago. Infrastructure such as roadways, ports and airports utility and fuel lines are well developed and connected to all the industrial estates. Fuel supplies of natural gas are abundant and cost lower than comparable facilities in North America and Europe. Trinidad and Tobago has secured preferential trade agreements to access strategic markets such as CARICOM, USA, EU, Dominican Republic, Venezuela, Colombia, Canada and other countries. It offers a high favourable investment climate for foreign companies including low energy costs and economic incentives in a stable and growing economy.

It offers significant opportunities for chemical manufacturing companies for manufacture of adhesives, cosmetics, industrial chemicals, paints, pharmaceuticals, industrial gasses, petrochemicals and plastics.

There are also investment opportunities in the agro processing sector as well. The major imports into Trinidad and Tobago includes; petroleum products, industrial machinery, vehicles and equipment, iron and steel, telecom products and equipment, paper products and metal products. Their major exports include: petroleum products, liquid natural gas, methanol, chemicals, iron, steel and aluminium products, beverage and tobacco, processed foods, furniture and wood products, paper products and plastic and plastic products.

There is a Trade and investment Convention in Trinidad and Tobago from June 24 - 27, 2009 which is a good platform for foreign investors and exporters to explore the market in Trinidad and Tobago and Latin America, Pundit Maniedeo Persad said.