We are now at a historic juncture in our relations and while the past informs the present and can help us chart a course for the future, all interactions are intended to achieve the objective of our theme. Our focus is not on academic exploration of the past, but rather on evaluating the present with a view to assessing the opportunities. We must recognize the perceived challenges and determine strategies for future interaction especially in fostering trade and cultural connections. 

The intention of the Mission is to achieve our objective of greater people to people interaction and to encourage investment by way of joint ventures for example in Trinidad and Tobago, while at the same time deepening the cultural connect. 

With so many different opportunities available though, the question can be asked “Why Trinidad and Tobago? What is special ? What advantages are there?” 

In response to these questions I wish to submit for your consideration the fact that: 

• We are a diaspora country. As such there is significant cultural similarity. You will find names of places like, Faizabad, Agra Street, Calcutta, Golconda, Madras Settlement. Hindi music and songs are very popular. Over 5 radio stations are all Indian format. 
• We have a historical connect and similarity with India. A common colonial past, both democracies, a similar outlook on world affairs, a strong judicial system and English being the language of business and indeed our official language. Significant also is our similarity in having a multi ethnic, multi religious and multi cultural population.
• The love for cricket binds us, You have Sachin Tendulkar, We have Brian Lara. On this note, World Cup 2007 in the West Indies provides a tremendous opportunity, and we are in fact quite pleased that the Indian Team will be based in Trinidad and Tobago. 
• Trinidad and Tobago is the Gateway to CARICOM and Latin America. Our geographic position between North Central and South America has imbued us with the goal of becoming the hub for investment, finance, manufacturing and trans-shipment. 
• Trinidad and Tobago presents the investor with very attractive benefits for example the ability to repatriate profits, to purchase land for residence and business operations, to incorporate and own a company 100% and also free zones.

In pursuing our developmental agenda, the Prime Minister of Trinidad and Tobago, the Honorable Patrick Manning has outlined the three main pillars of our economic strategy. 

Firstly, maximizing returns from the energy sector through increasing participation in the value chain and raising Government’s tax take in a manner that is consistent with promoting a high level of investment in the sector. As you may be aware Trinidad and Tobago is an oil and natural gas producing nation. 

Secondly, our strategy is to diversify our economy to reduce dependency on the energy sector and to achieve self-sustaining growth. Our diversification strategy focuses on six main sectors:

• The traditional manufacturing sector 
• A new technologically based industrial sector 
• Tourism 
• Financial services 
• Agriculture 
• The small business sector 

The third pillar is to ensure that the benefits of economic growth and development are shared by all sections of the population. 

Based on these strategies, it is immediately apparent that opportunities for doing business with Trinidad and Tobago abound not only in the energy sector but also in the sectors targeted for investment. 

It may come as no surprise to you that Trinidad and Tobago has received the highest Foreign Direct Investment per capita in Caribbean and Latin America and the second highest in the western hemisphere.

While the emotional, cultural and historical linkages between India and Trinidad and Tobago are well established the trade, commerce and investment linkages need to be developed further.

The role of Trinidad and Tobago in CARICOM is well known as we are the largest exporter in intra Caricom Trade accounting for over eighty percent of the exports within the Community. In addition CARICOM has established a large number of market access agreements with our Latin American neighbors such as Cuba, Costa Rica, the Dominican Republic, Venezuela and Colombia. Caricom is also currently negotiating an agreement with the EU to provide sustainability to our favorable access to Europe. 

These favorable market access agreements coupled with Trinidad and Tobago’s other unique advantages, will assure the investor from India both in manufacturing and services sector, hassle free entry into Latin America, North America, Europe and Caribbean by setting up operations in Trinidad and Tobago. 

I have found many Indian businesses are only looking to export. But for such Companies, Trinidad and Tobago’s small market size will be a limiting factor. If however the Indian Companies are interested in establishing a base from which the entire region can be accessed via our preferential market access agreements, then Trinidad and Tobago is the ideal destination in that region.

To give an idea of our developmental works, over the next two years the Government plans a surge in activity in the downstream energy sector on an unprecedented scale. Information presented by the National Energy Corporation indicates that the eleven major projects under their purview represent some US$12 billion in investment are slated to begin. According to the plans, these projects will create 29,500 new construction jobs and 4,000 permanent jobs. All eleven projects are expected to begin from second quarter 2006 to fourth quarter 2007. These include

• ESSAR Steel of India with a capital cost of US$1.26 billion 
• MHTL AUM with a capital cost of US$1.5 billion 
• Alcoa Smelter - capital cost US $1.4 billion 
• West Lake Ethylene - capital cost US $ 1.5 billion 
• Polypropylene - capital cost US $1.6 billion. 
• Union Estate Fertiliser - capital cost US $1 billion. 

Outside the energy arena, tremendous opportunities are also to be found and you are invited to contact us for details. With respect to Indian Companies again, in addition to Essar, the Bank of Baroda is currently awaiting clearance from our Central Bank to begin operations there. In addition discussions are on for the Bollywood producer Viveck Vaswani to shoot a US $2 million Hindi movie in Trinidad and Tobago which is expected to include Brian Lara and Sachin Tendulkar. This movie is slated for release at the time of Cricket World Cup in the West Indies next year. 

In addition to all these large projects, opportunities for collaboration in smaller projects abound, and over the last three years we have seen business travel from India to Trinidad and Tobago more than triple. To the various private business groupings and individuals here today, we are equally keen to work with you to develop business relations that will benefit Trinidad and Tobago and India. 

It would be remiss of me if I did not add that many have remarked that the cultural diversity, the historical bonds, the friendliness of the people, the business climate, the adherence to the rule of law, stable democracy and the scenic beauty in addition to its strategic location makes Trinidad and Tobago an ideal investment destination where as your work, your quality of life is excellent. 

With Cricket World Cup next year, I invite you to visit Trinidad and Tobago and experience what the country has to offer first hand.

I Thank You. 

H.E. Pundit Maniedeo Persad 
High Commissioner

Trinidad & Tobago