Tobago, the University of the West Soaring Price of Oil in 2008 Is a Double- Indies at St Augustine
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2008/9 i ii From the editor “Things look different depending on “extraordinarily high energy costs and where you sit or stand.” That was a recessionary trends in the world’s largest favourite saying of the late Dr Herb economy, the Unites States of America, Addo, who was a lecturer which could affect industrial output in at the Institute of countries around the world.” International Relations, For Trinidad and Tobago, the University of the West soaring price of oil in 2008 is a double- Indies at St Augustine. edged sword, he said, driving up prices In Trinidad and for goods and services, while increasing Tobago, the adage seems national revenue. In June, inflation apt. Some see Trinidad crossed from single to double digits for and Tobago simply as the first time in 2008, as the price of a booming, prosperous food and other crucial products kept country, the tiger of the increasing. Caribbean. For others, Internally, the issue of crime is caution is the name of still a primary concern, especially for the game; they question the business community. Ian Collier, the sustainability of president of the Trinidad and Tobago the current economic Chamber of Commerce, warned situation, given the in June that business leaders were volatile prices of oil migrating because of crime, despite the and gas and the the government’s determination to promote Ryder Scott audit the country as an international financial which puts proven gas centre. reserves at only 13 years It is against this backdrop that the at the present rate of 2008/9 issue of the Trinidad and Tobago extraction. Business Guide comes to you. Its The country is analysis of the state of the nation comes projecting an image of from contributors who are experts in wealth and economic success. In July, their fields. US president George W Bush removed This year, we have included overviews it from the Generalised System of of the film, media and maritime sectors, Preferences (GSP) programme on the which are developing into important grounds that Trinidad and Tobago is contributors to the economy. now a high-income country. The response to our inaugural A further indicator of economic and issue last year was phenomenal, and diplomatic strength is the hosting, in I would like to thank all the business 2009, of two significant conferences— organisations, embassies, trade the Summit of the Americas in April missions, conference organisers and and the Commonwealth Heads of advertisers who supported our efforts. Government in October. Your feedback on this second issue will On the other hand, there are a be warmly welcome. number of factors threatening to derail this success story. In an address to the Laura Dowrich-Phillips nation on April 2, Prime Minister Editor Patrick Manning acknowledged the international pressures caused by [email protected] 2008/9 1 CREDITS Table of Editorial, sales and production Editor: Laura Dowrich-Phillips Design & layout: Aisha Provoteaux Advertising sales: Helen Shair-Singh Contents Prepress and printing: Caribbean Paper and Printed Products (1993) Ltd. Contributors Asha Javeed Dr Bibi Ali Carla Herbert David Renwick eTecK James Fuller Jwala Rambarran Kristy Ramnarine Peter Campbell Dr Rae Furlonge Tracy Assing Photography and courtesy images Andrea De Silva Cara Suites Diefferent Style Films Earth TV Ltd HCL Jennifer Watson Mariamma Kambon Mirissa De Four 01 Welcome note National Flour Mills Petrotrin RBTT 04 Fast Facts Repsol YPF Tracy Assing 06 Economic Overview The Port of Port of Spain Trinidad and Tobago: An economic overview Urban Development Corporation of Trinidad and Tobago (Udecott) 10 Agriculture The Trinidad and Tobago Business Guide is published by Dealing with the food crisis Media and Editorial Projects (MEP) Ltd. 6 Prospect Avenue, Maraval, Port of Spain, Trinidad and Tobago 16 Trade and Manufacturing T (868) 622-3821 New deals for local products F (868) 628-0639 E [email protected], 22 Banking and Finance sales: [email protected] www.meppublishers.com RBC returns to Trinidad and Tobago Copyright © 2008 by Media and Editorial Projects Ltd. 28 Capital Markets All rights reserved. No part of this publication may be Stock market reproduced in any form whatsoever without the written consent of the publisher. 34 Maritime An industry under development 2 Table of 38 Transportation 72 Film Transportation governance in Trinidad and Tobago Creating local content 42 Energy 78 Telecom 100 years of oil production From cell wars to broadband battles 48 Environment 84 Tobago Environmental management in Trinidad and Tobago An island on the move 54 Tourism 92 Tobago Poised for growth Tourism: a proactive approach 62 Construction 96 Doing Business in Mega projects under scrutiny Trinidad and Tobago Trade and investment approvals and procedures 68 Media A growing industry 105 Directory 2008/9 3 TRINIDAD AND TOBAGO Fast Facts CURRENCY CAPITAL CITY TIME ZONE The currency of Trinidad and Tobago • Summer: EST (equivalent • Port of Spain, Trinidad, seat of the is the dollar (TT$) = 100 cents. Notes to GMT – 5 hours) national democratic government are in denominations of TT$100, • Winter: EST + 1 hour • Scarborough, Tobago, seat of 20, 10, 5 and 1. Coins are in (GMT – 4 hours) the local government body, the denominations of 50, 25, 10, five and Tobago House of Assembly (THA). • No daylight savings time. one cent. In June 2008, the TT dollar was worth US$6.32, according to the Central Bank. CLIMATE BUSINESS DRESS CODE • Trinidad and Tobago has two EMERGENCY SERVICES • Trinidad is more formal with seasons: the dry season, from lightweight suits January to May, and the wet • Police: 999 • In Tobago jackets are optional or rainy season, from June to • Fire: 990 except on formal occasions. December • Ambulance: 811 • In the rainy season, mornings are • A Hyperbaric Medical Facility usually sunny, followed by rainy (Dive Chamber) available in afternoons and fair nights Roxborough, Tobago. • During this time, general rainfall BUSINESS HOURS pattern is interrupted by days of brilliant sunshine, known as Offices: Petit Carême, between mid- Monday to Friday 8 am to September and mid-October. 4:30 pm Banks: Monday to Thursday 9 am to POPULATION 2 pm, Friday 9 am to noon and 3 pm to 5 pm • Trinidad and Tobago’s estimated population is 1.3 million. • 40.3 per cent East Indian descent Government: • 39.5 per cent African Monday to Friday 8 am to • 18.4 per cent Mixed 4:30 pm • 0.6 per cent European • Chinese and Other 1.2 per cent Retail: • The average life expectancy is 70.3 years, with 68 per cent of the population Monday to Friday 8 am to between 15 and 64 years. The labour force is estimated at 558,700 4:30 pm • The most recent unemployment data for 2007, according to the Central Bank, indicates an unemployment rate of 5.54 per cent. OFFICIAL LANGUAGE TELEPHONE • English (Spanish is being promoted as Trinidad and + 1 (868) + seven digit number. Tobago’s second language) 4 DRIVING DUTY FREE SHOPPING Available at the Cruise Ship Complex, Piarco and Crown Point Airports, and some Driving is on the left side of the road. downtown Port of Spain stores. ELECTRICITY FERRIES TAXES 115 volts/230 volts (+/- 6 per cent) and 60Hz. • The Trinidad and Tobago Port • Hotel Tax: 10 per cent Authority operates the domestic service charge and 10 ferry service providing transport per cent hotel room tax • Value Added Tax (VAT): for passengers, vehicles and BANKING cargo between Trinidad and 15 per cent on goods Tobago. Services include dining and services. • All banks have automatic banking and bars machines (ABMs), and major • Fast ferries: T&T Express and shopping malls contain either full T&T Spirit service branches or ABMs Duration: two hours. Fares: Adult • The ABM banking system $50 one-way; $100 return, features LINX which enables economy class clients to access accounts from • Conventional ferries: Panorama any ABM and Warrior Spirit • LINX can also be used to make Duration: five and a half hours. purchases at retail outlets Fares: (Economy) one-way TRAVELLER’S CHEQUES throughout the country • ABMs also offer access to $37.50; return $75. (Cabin) AND CREDIT CARDS one-way $80; return $160 advance cash withdrawals for VISA, MasterCard and VISA Plus Accepted in most establishments. clients. AIRLINES AIRPORTS International airlines: • Piarco International Airport is • Piarco is serviced by scheduled flights operated by American Airlines, Continental, 17miles (27km) from Port of British Airways, Liat, Caribbean Airlines, Surinam Airways, Aeropostal, Copa Spain. Airport code POS Airlines, Spirit Airlines and Delta Airlines, in addition to several charter operators • Crown Point International • Crown Point is serviced by scheduled flights operated by Liat, British Airways, Airport is 7miles (10km) from Virgin Atlantic out of London, Condor out of Germany, Excel Airways out of London Scarborough. Airport code TAB. and Delta Airlines out of Atlanta, USA. Domestic airbridge • Caribbean Airlines operates the domestic airbridge, flying daily from 5.45 am till 9 Sources: Central Bank of Trinidad and Tobago, pm. The domestic fare is TT$150 single and TT$300 return. Central Statistical Office (CSO), Crown Point International Airport and the Port Authority of Trinidad and Tobago. 2008/9 5 Trinidad and Tobago AN ECONOMIC OVERVIEW Over the past few years, Trinidad and energy sector activity has contributed to Tobago’s macroeconomic performance has a significant increase in job creation and a been remarkable, supported by several resultant sharp fall in the unemployment large energy-related investment projects, rate. At the end of December 2006, the and more recently, by record high unemployment rate fell to a historic low crude oil prices. The rapid expansion of of five per cent of the labour force. This the global economy, fuelled by strong was significantly lower than the previous demand in the United States and China, record low of 9.9 per cent registered in 1982 has also supported the domestic growth when the Trinidad and Tobago economy momentum.