Trinidad and Tobago has become known for its well-established, energy based economy, and the country derives most of its revenue from the energy sector. However, Government recognizes that energy resources are finite and in order to achieve long-term, sustainable growth and development, the country must aggressively diversify the economy, with special emphasis on the downstream from energy, manufacturing and the service sectors.
The objective of the development strategy of the Government of Trinidad and Tobago is to generate economic growth through diversification and the development of business in the non-energy sectors. These are crucial areas for the country to achieve its goal of developed nation status by the year 2020.
The priority is on industries for business development, expansion and job creation possibilities where these industries cover areas in which we enjoyed traditional advantages, where we held a substantial resource base or had the potential for competitive advantage in the international trading environment and are as follows:
- Downstream from energy
- Information Communications Technology
- Leisure Marine
- Fish and Fish Processing
- Merchant Marine
- Music and Entertainment
- Printing and Packaging
- Food and Beverage
To develop a Strategic Plan for each of the specified sectors to compete effectively in the highly competitive, global trading environment, there are new and established industry Teams comprising stakeholders from the private and public sectors working diligently to develop and in some cases, revise Strategic Plans. These Strategic Plans provide operators within the sectors, with a comprehensive overview of there specific industry, its challenges and opportunities and mechanisms for driving investment and growth. The Plans are being refined by industry stakeholders, so that they are relevant and timely to their concerns.
Implementation of the Strategic Plans will be the responsibility of the stakeholders, while Government will provide funding and generally facilitate the overall development process.