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The Opportunities are enormous
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 Pundit Maniedeo Persad, PIO who’s ancestors migrated from eastern Uttar Pradesh to Trinidad and Tobago is into his fifth year as the High Commissioner of T and T in India. Never before have the twin island nations been showcased and hard-sold in India like the way it’s been done during Persad’s time in India, making him one of the most active high commissioner present in New Delhi. He also is accredited as High Commissioner of his country to Bangladesh, Indonesia, Sri Lanka, Singapore and Japan. Currently, he’s busy trying to make a success of the Trade and Investment Mission to T and T, slated to take place between June 2 and 7. Excerpts from and interview with India Empire Editor Sayantan
Chakravarty.
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Please tell use about the idea behind the Trade and Investment Mission to T and T…
Traditionally, the relation between India and Trinidad and Tobago has been very strong and cordial, and mutually beneficial. The focus in the past was more along the lines of recognizing cultural and historical linkages. In the last 4-5 years the focus from both sides has shifted and we are actively considering widening our economic linkages. Last year (March 2007), for the first time every our Ministry of Trade and Industry mounted a Trade Mission to India. It generated wide-spread interest when the largest delegation of over 70 persons visited India from T and T. During this visit, the Bilateral Investment and Promotion and Protection Act was signed by Minister Kenneth Valley and Minister Kamal Nath. That Mission had the active involvement of Indian industry. This year the High Commission under my tenure is arranging a return Mission to T and T as we seek to strengthen bilateral relations.
Which are the Government agencies that are supporting this Mission?
As a nodal agency, the Ministry of Trade and Industry, Trinidad and Tobago is fully in support of the Trade Mission. The Ministry of Foreign Affairs, Ministry of Tourism, Tourism Development Company, E-Teck are directly involved.
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Trinidad and Tobago
Mixing beauty with financial brawn
In the olden days, the mental connect of most Indians with Trinidad and Tobago was made over the radio waves, through the game of cricket. Who can forget Trinidad and Tobago, and the year 1971? Only 21 then, the legendary Sunil Gavaskar made on intoxicating debut at the Test level in March that year at Port of Spain, T and T’s capital, and went on to show us all heady stuff with the bat. The Queen’s Park Oval became Gavaskar’s favourite hunting ground, he always went back there to pile on Test hundreds, much to the delight of the large Indian diaspora present in that beautiful twin-island nation. And an African diaspora, stirred by his exploits, dedicated a Calypso song to him.
As an independent country, free from colonial clutches, T and T was only eight years old then, and its relationship with India was still very nascent. India had just set up a mission at Port of Spain (1969). There were cultural exchanges, and political visits. Students of Indian origin began to trickle into India for studies, for bonding with the land of their ancestors.
But it took the 21st Century and some one like the present High Commissioner, Pundit Maniedeo Persad to take relations between the two countries to the next higher level and strengthen them. Thanks to his efforts, T and T is now known in most business circles and industry in India, and not just for its cricket. Much investment has been made during the last four years by Indian firms in T and T. it includes the setting up of an USD1.8 billion steel facility by ESSAR Steel in this Caribbean nation, the award of an offshore gas block to the ONGC-Mittal combine, the opening up of a Bank of Baroda office. Apart from that Bollywood has made its presence felt there with the filming of Dulha Mil Gaya. Business travel has increased four times in the last four years, and that’s saying a lot because there are no direct flights, yet.
These are exciting times to be in Trinidad and Tobago. There is a boom in economic activity. On an average over 14,000 new jobs are created annually in this country of 1.3 million. Both public debt and unemployment have been halved, foreign exchange reserves have shot up, per capital income has gone up, total FDI has averaged USD 700 million annually, and the economy has been growing at a high rate. The energy sector remains the main driver of the economic expansion, but other areas are opening out, especially tourism, hospitality, and manufacturing targeted at markets in South and North America.
For Indians interested in the American market, the Trade and Investment Mission provides a great opportunity to be guided first hand on the possibilities that lie in store. |
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Please tell us about the role of Trinidad and Tobago in the CARICOM…
The role of Trinidad and Tobago in CARICOM (Caribbean Community and Common Market) is well known as we are the largest exporter in intra CARICOM trade, accounting for over 80 per cent of the exports within the community. In addition, CARICOM has established a large number of market access agreements with our Latin American neighbours such as Cuba, Costa Rica, Dominican Republic, Venezuela and Colombia. CARICOM has also negotiated an agreement with the EU to provide sustainability to our favourable access to Europe.
What kind of interactions can business delegates expect in T and T?
We want to ensure maximum exposure and direct business contact. As far as possible, the Mission is arranging one-on-one meetings focusing on the area of interest of each individual delegate. In addition, meetings are being arranged with various chambers of commerce, and special interactions with the Ministry of Trade and Industry, Trinidad and Tobago Manufacturers Association and other Government agencies as required.
Will there be any sight-seeing activities alongside the business meetings… after all T and T is renowned for its natural beauty and beaches…
T and T is a beehive of activity at all times. There are many activities that one can engage, in Tobago in particular. There will be time for delegates to visit many places. A number of programs will also be hosted for the delegates.
 Please tell us about some of the major business initiatives by you during your stay in India…
The high Commission under my tenure has been actively promoting trade an industry for the last four years. We felt a deep sense of satisfaction when Bank of Baroda established offices in T and T in 2007. Some of the other successes include ESSAR Steel’s USD 1.8 billion investment in T and T, the bagging of an off-shore gas block in T and T by ONGC Mittal, increase in business travel to T and T by over 400 per cent in the last 4 years, the shooting, the very first time ever, of a Bollywood film in our country in 2007.
What are the major economic areas in T and T that are opening up to business and investments?
The opportunities are many. There is enormous potential for investment in the tourism and hospitality sector. While the size of our country (1.3 million people) may not make for a huge export destination, what is important is our favourable market agreements with CARICOM, and with Latin American and North American nations. We are, of course, open to imports from India and its diaspora, but I’d like to cite the example of ESSAR Steel to illustrate what can be achieved. ESSAR Steel will pick up iron ore from Brazil, process it at its steel plant in Trinidad and Tobago, and then market end products in North America. Truly, that makes us a gateway to the America on both sides, and that is the kind of opportunity we present to the business and investment community.
How easy or difficult is it to buy land in T and T?
One can buy up to 1 acre of land for residential purpose and 5 acre for setting up plant / factory without requiring any Government approval. You can set up a 100 per cent foreign owned company. There are no restrictions on foreign exchange and on repatriation of funds.
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Tourism promotion investment opportunities
Business Promotion
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BACK...
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June 2008
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