The Republic of Trinidad and Tobago, a twin island State, is located at the Southern-most point of the Caribbean archipelago, 10 kilometers off the coast of Venezuela. The capital is Port-of-Spain. Dubbed "The Caribbean Tiger" by international business publications, Trinidad and Tobago has marshalled its significant energy resources to become a regional economic powerhouse and a preferred venue for business in both the Energy and the Non-energy Sectors. Apart from having the most dynamic and industrialised economy in the English speaking Caribbean, Trinidad & Tobago has emerged as one of the major players in the multilateral trading system.
Trinidad and Tobago's economic policy over the last 20 years has been geared towards making the country an open, market driven economy fuelled by trade liberalisation, foreign investment and public sector divestment. Trinidad and Tobago possesses a stable exchange rate, educated and competent workforce, competitively priced energy, stable government, strong democratic traditions, commitment to free market principles, strategic geographic location and an expanding network of Trade and Investment Agreements. Trinidad and Tobago is the leading Caribbean producer of gas and oil which account for 40% of GDP and 80% of exports but only 5% of employment.
The country is a global leader in exports of methanol and ammonia, in fact, five of the world's largest methanol plants are located on the Point Lisas industrial estate in Central Trinidad. The government is encouraging industrial developments in downstream petrochemical industries such as polyethylene and propylene.
The Trinidad and Tobago economy was estimated to have grown by 12 per cent in 2006, sharply higher than the 8 per cent increase in the previous year. The occurrence of real value added was in the energy sector which surged by 20.6 per cent, and a moderate expansion of 6.5 per cent in the non-energy sector. Over the last five years, the economy grew at an average annual rate of 10.2 per cent, propelled by ongoing developments in the energy sector.
Development of the tourism sector is another focus of the government. Major resort chains have expressed significant interest in pursuing upscale developments in Tobago, primarily due to its unspoilt charm and natural environment. Trinidad and Tobago's government is firmly committed to maintaining its business-friendly environment. The country welcomes foreign investment and is intent on living up to its tagline - "Trinidad and Tobago - the place for Business".
