InvesTT Limited, the nation’s first-line investment promotion agency, hosted a business luncheon titled “Growth Opportunities between Trinidad & Tobago and India” on Tuesday 31st January, 2012 at the National Academy of Performing Arts (NAPA), with the aim of sharing investment opportunities for partnerships, trade and export with India as a result of the Prime Minister’s Sate visit to India earlier this month (January 4-17,2012). The Honourable Stephen Cadiz, Minister of Trade and Industry (MTI), delivered the feature address to over one hundred guests from the local business community. Minister Cadiz said that coming out of the Prime Minister’s trade delegation to India; he anticipates more tangible benefits for investment in Trinidad and Tobago. He stated that T&T offers a firm foundation to attract Indian businesses and the government of T&T wants to ensure that the country benefits from whatever investment comes from India. “T&T is not going to be able to compete globally for foreign direct investment by staying in the country. We have to go out and sell T&T as the place for investment” said Minister Cadiz. He said that there will be a more direct and strategic approach to investment promotion through InvesTT Limited, a subsidiary of Evolving Tecknologies and Enterprise Development Company Limited (e TecK), which is the front-line Investment Promotion Agency under the MTI.
Mr. Kelvin Mahabir, President, InvesTT Limited, presented information on the Indian Business culture and highlighted possible opportunities existing in the Indian market. He pointed out that India has the 2nd fasting growing economy in the world and 75% of Fortune 500 companies outsource IT work to Indian companies.“invesTT went to India not only to promote T&T as an excellent place to do business and as a gateway to the Latin American Market, we wanted to gain interest from Indian companies to invest in Trinidad and Tobago. The responses from the Indian companies have been positive and encouraging,” said Mr. Mahabir. He informed the audience, that most of the Indian companies are interested in learning about opportunities in T&T and prefer to enter the local market through partnerships. ”T&T offers a firm foundation for Indian businesses since we share similarities in religion, ethnicity, culture and our British law system. We can provide India with an extended market of over 700 million people through our Bi-lateral Trade Agreements with countries in Central and South America, inclusive of France and the USA,” explained Mr. Mahabir.
Mr. Mahabir said that company held 52 business meetings in Bangalore, Hyderabad, Mumbai, Dehli, Jaipur and Kolkata; signed 5 MOUs; and will be facilitating 6 reciprocal visits over the next two months in the select priority sectors of – ICT, Clean Technologies, Logistics /Merchant Marine, Light Manufacturing and Creative Industries. “Indian ICT companies are now looking to expand their operations outside of India, T&T is well positioned to provide this market, which means an increase in FDI and employment opportunities in the areas of IT Services, Business Process Outsourcing (BPO), Hardware and Engineering Design & Product Development,” Mr. Mahabir further stated. The company also met with 22 companies in other sectors namely: Medical Tourism, Distribution, Defense & Telecoms, Education, Agriculture, Infrastructure Development, Energy Purchaser, Consulting Services and Olefins.
Mr. Brian Frontin, Chairman, InvesTT Limited, assured that the company remains highly committed to seeing results for investments in the non-oil & gas sector.” Our team has worked assiduously in India, together with the Ministry of Trade and Industry, to forge links and source the opportunities for economic growth in T&T. Over the next few months, invesTT’s Facilitation team will be hosting business meetings and site visits for visiting Indian companies. invesTT is open for business and we are here to help you,” said Mr. Frontin.
Persons interested in receiving further information on the “T&T and India Investment Opportunities” can contact, the Investor Sourcing and Facilitation Division, InvesTT Limited at 675-1989 Ext.2108.
Please click here for photos of the business luncheon and more on InvesTT Limited.