trinidad & tobago s Industry Seafood Trinidad & Tobago s SEAFOOD INDUSTRY

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1 trinidad & tobago s Seafood Trinidad & Tobago s SEAFOOD INDUSTRY Industry

2 Trinidad and Tobago The most southerly islands of the Caribbean chain, Trinidad and Tobago (T&T) is one of the most prosperous, highly diversified and industrialized countries in the Caribbean, and has emerged as a dominant player in CARICOM. The twin-island nation s economy is primarily energy-based, with large exports of oil, gas and downstream energy products providing the bulk of the country s revenues. Along with its highly developed industrial base, the country also has a deeply entrenched manufacturing sector and a strong service sector, especially financial services. TOBAGO TRINIDAD With an ethnically diverse population of 1.3 million, T&T has a wide range of competitive advantages such as strategic geographic location; a highly educated, diverse work force; low fuel and energy rates; a highly developed industrial sector; a commitment to free market policies and strong democratic traditions. Dubbed the Caribbean Tiger by international business publications, Trinidad and Tobago derives most of its revenue from its well-established, world class energy industry. To maximize its revenue base, the T&T Government is aggressively pursuing economic diversification, particularly in non-energy manufacturing and services, and has targeted for strategic development Seven Sectors in which the country already has a significant resource base and competitive advantages. These are: Food and Beverages Fish and Fish Processing Film Music and Entertainment Merchant Marine Yachting Printing and Packaging 1

3 Strategic plans have been created for the development of each sector, and these provide a comprehensive overview of the specific industry, mechanisms for driving growth and investment, incentives for investors and strategic opportunities for business development. With this in mind, the Ministry of Trade and Industry invites investors to explore business opportunities in the Seafood Industry, enhance their earnings and to participate in one of the fastest growing and diverse economies in the Caribbean. Trinidad and Tobago s Seafood Industry Background The domestic seafood industry has been a contributor to the economy for over 200 years. Today the sector encompasses a diversified range of activities, from fish harvesting involving both large and small operators, targeting both near shore and offshore fishing zones, to an established, internationally recognized and expanding sport fishing sub-sector. Sector Profile The largest and most profitable onshore activity is the fish processing business,, which continues to export quality fish products to regional and international markets. The on-shore sector also comprises businesses which specialize in boat building and repair, and specialty supply shops. In December 2005, a strategic plan was developed for the local Seafood Industry, evolving out of the deliberations of the Fish and Fish Processing Industry Team. Implementation of this plan has already started through the creation of the Seafood Industry Development Company (SIDC), which has been charged with the responsibility of promoting the long term development and competitiveness of the domestic Seafood Industry. The 2

4 SIDC has stated that its mission is to develop A modern, profitable, sustainable and environmentally mindful fish and fish processing industry. Recent statistics indicate that the fishing industry generated over US$16.5 million dollars in sales revenue, directly employing over 6,000 persons. There are also over 17 plants in Trinidad and Tobago processing an average 7,000 MT of fish per annum. Seafood processing is a well developed industry in Trinidad and Tobago with a wide variety of species available in local waters, good fish processing infrastructure in place and the presence of the Fisheries Training Institute, which functions under the Ministry of Agriculture, Land and Marine Resources. As legislation is currently being implemented for better management of the fisheries resource, the industry will continue to expand to meet the growing demand for seafood products, particular in the context of our buoyant economic outlook, and a growing preference for more healthy food products on the part of consumers. The processing sector in particular, will continue to expand and feature increased opportunities as processors continue to target exports of quality fish products to many North American markets. Finally, given the increasing importance being placed on the aquaculture industry, with developments in farming tilapia and Investment Opportunities The outlook for the domestic Seafood Industry remains mostly positive. A recent competitiveness study commissioned by the Ministry of Trade and Industr, classified the fish industry as one of the most competitive sectors in the non-energy sector, and one of the sectors most likely to thrive in the face of an increasingly liberalized trading environment. 3

5 shrimp, investors are encouraged to establish viable fish farming facilitates to target both local and foreign markets. There are significant opportunities in the offshore harvesting sector, particularly among longliners and other industrial fishermen. With growing interest in sport and game fishing, new business opportunities will arise in this sector not merely in the charter of boats or equipment but also in the provision of supplies and various support services such as catering and vessel repair. The Foreign Investment Act allows for purchase of land up to one acre for residential purposes and five acres for commercial use; and the purchase of up to 30 per cent cumulative shareholding in a public company. Trinidad and Tobago Investment Advantages Steady Economic Growth - Trinidad and Tobago is one of the fastest growing nations and is developing into the business, commercial and Investment Incentives Some major industry development incentives include: The Fiscal Incentives Act, which provides a waiver of income tax on dividends or other distributions, other than interest, out of profits derived from manufacture of approved products Investors can also get full relief from Value Added Tax on imports for highly capital-intensive enterprises. The Customs and Excise Act provides for duty free importation of plant, machinery, equipment, components and raw materials, for industrial enterprises 4

6 investment hub of the region; the country has experienced 12 consecutive years of economic growth, with 2005 GDP of 7 per cent. Strong Economic Base and Diverse Economy - Trinidad & Tobago's economy is energy based and also diversified enough into business and services to support any range of financial interests and industrial requirements. By the establishment of the Seafood Industry Development Company (SIDC), the Government has indicated its intention to make the film industry a sustainable long term option. Trinidad and Tobago s geographic location - Trinidad and Tobago is in close proximity to the resources of the Brazil- Guianas shelf, and also the important regional and international markets for processed seafood products. Highly developed air and sea transport Trinidad and Tobago has two of the largest and most well-developed ports in the Caribbean, at Port of Spain and Pt. Lisas, handling dry and general cargo, industrial bulk and containers. The two airports Piarco and Crown Point International, service some of the largest airlines in the world, e.g. American Airlines, British Airways, Virgin Atlantic, Continental, etc. Educated workforce Trinidad and Tobago has one of the highest literacy rates in the English speaking Caribbean, and the Government provides a range of educational benefits, in particular for tertiary level and technical education. Government commitment to the development of the industry 5

7 Commitment to free market policies Trinidad and Tobago has a long standing democratic tradition, epitomized by its Westminster model Parliament and continued Government support for business and investment and democratic principles. Lower cost of living Due to currency value and economies of scale, the cost of living in Trinidad and Tobago compares favourably with other Eastern Caribbean territories of several representatives from major European countries is testament to the long-standing, positive relationships which the international community has enjoyed with Trinidad and Tobago. In addition, visitors will have immediate contact to their home countries whenever necessary. Diverse range of social activities Trinidad and Tobago has more to offer than most other Caribbean islands in terms of nightlife, restaurants, cultural activities,, festivals, social events, etc; all of which provide a perfect environment for the visitor. Ethnically and culturally diverse Due its history, Trinidad and Tobago has become famous for its ethnic mix and tolerance of diversity, which ensure that all peoples are welcomed to live and work here. In fact, as part of the drive to integrate T&T s economy into that of Latin America, Government has embarked on a program to implement Spanish as the First Foreign Language. Highest concentration of foreign missions in the Caribbean Along with the United States, the UK and Canada, the presence 6

8 Contact information: The Business Development Company Limited (BDC) 151B Charlotte Street Port of Spain Tel: (868) Fax: (868) Ministry of Trade and Industry Investment Division Industry Specialist Film Level 14, Riverside Plaza Besson Street Port of Spain Tel: (868) Fax: (868) Evolving TecKnologies and Enterprise Development Limited (e-teck) The Atrium Don Miguel Road Extension El Socorro, San Juan Tel: (868) Fax: (868) Trinidad and Tobago Manufacturers Association (TTMA) TTMA Building #42 Tenth Avenue Barataria Tel: (868) Fax: (868) Website: 7

9 Trinidad and Tobago Chamber of Industry & Commerce Columbus Circle Westmoorings Tel: (868) Fax: (868) TRINIDAD AND TOBAGO CHAMBER OF INDUSTRY AND COMMERCE The Chamber means BUSINESS General Info:- COUNTRY NAME: Trinidad and Tobago, the Republic of Trinidad and Tobago. CAPITAL CITY: Port of Spain, (Trinidad), Scarborough (Tobago). POPULATION: 1.3 Million: 40% East Indian descent; 40% African descent; 20% Mixed descent; plus European, Mediterranean and Chinese. The country has become famous for its cosmopolitan, friendly society RELIGION: Roman Catholic 29%; Hindu 24%; Anglican 11%; Muslim 6%; Other 30% AREA: 5,128km2 (Trinidad 4,828 km2, Tobago 300 km2) LANGUAGE: English POLITICAL SYSTEM: Trinidad & Tobago is a democratic Republic within the Commonwealth, holding regular free elections. Parliament consists of an elected House of Representatives (36 members) and a Senate (31 members, including 9 independents). 8

10 The Prime Minister is the Head of the Government. The President is the Head of State. TIME ZONE: Eastern Standard Time + 1 (no time difference when North America is on Daylight saving Time during the Summer); GMT-4 (during British Summer Time 5) TRAVEL: BWIA, Trinidad & Tobago s national air carrier, flies to Port of Spain from North America, Europe and the Caribbean. Piarco, the international airport, is about 25 kilometres from Port of Spain. Other scheduled carriers include: American Airlines, Virgin Atlantic, Air Canada, British Airways, The Condor, Surinam Airways, Bahamas Air and LIAT. Tobago is serviced by Crowne Point International Airport, about 11 km from the capital, Scarborough. CLIMATE: The islands are warm all year round, with a mean air temperature ranging from 32C (90F) to 20C (73F). CURRENCY: The current exchange rate for the TT dollar is as follows: US$ TT$6.3 Euro TT$8.2 9