MEDIA RELEASE
20/09/2024
The American Chamber of Commerce of Trinidad and Tobago (AMCHAM T&T) is dedicated to enhancing trade and investment in Trinidad and Tobago by promoting greater business opportunities for local companies and working with partners to attract foreign direct investment.
AMCHAM T&T aims to capitalize on the interest generated by U.S. SMEs during a recent virtual webinar hosted by the U.S. Department of Commerce in collaboration with the U.S. Embassy in Port-of-Spain on September 19th. An upcoming webinar with U.S. EXIMBANK and AMCHAM T&T members, scheduled for September 26th, 2024, will focus on identifying key financing opportunities available to local companies and their foreign suppliers through the EXIMBANKs of T&T and the US.
This webinar will cover financing for large-scale projects as well as trade financing options. The financing solutions offered by the US EXIMBANK will also help businesses in Trinidad and Tobago secure better credit terms, boost imports and exports between the two countries and potentially address some foreign exchange challenges faced by local companies.
"We are optimistic about the potential outcomes from the offerings provided by EXIMBANK and the U.S.-based SMEs we connected with directly," stated Nirad Tewarie, CEO of AMCHAM T&T. "We will continue to seek out these opportunities on behalf of our members, helping them enhance their competitiveness in the global market and contributing to the long-term success of their businesses and our country."
During the recent webinar, Tewarie welcomed representatives from sixty-two (62) companies interested in entering the T&T market and highlighted key sectors for growth and investment. In the energy sector, he outlined where U.S. SMEs can supply essential tools, safety equipment, and services like maintenance, as well as explore subcontracting opportunities in infrastructure support, technology implementation, and consulting services. Additionally, Tewarie added that the push toward renewable energy, particularly solar projects, creates opportunities for small businesses to provide products and services related to clean energy solutions.
Meanwhile, Tewarie also highlighted opportunities in the digital economy as Trinidad and Tobago is currently undergoing a digital transformation. “For tech startups and small businesses, this is an opportunity to develop and export software solutions, mobile apps, and SaaS products that cater to the needs of local and international clients,” Tewarie said. “Exporters can capitalize on the rise of fintech by developing digital payment systems and online financial services, while the increasing demand for cybersecurity solutions offers opportunities for businesses to provide training, consulting, and security services.”
U.S. companies have long had a successful presence in the Trinidad and Tobago market, significantly contributing to various sectors, including energy, manufacturing, and financial services. AMCHAM T&T recognized the gains in advanced technologies, best practices, and strong management systems that continue to enhance Trinidad and Tobago's business environment. In return, U.S. firms benefit from T&T's rich natural resources, competitive operational costs, and access to regional markets through trade agreements like CARICOM.
“All of this shows that T&T continues to offer an attractive investment climate for foreign investors,” Tewarie stated. “AMCHAM T&T is proud to play a key role in fostering these connections and ensuring greater investment opportunities for both local businesses and foreign companies on behalf of our members and our nation.”
Join us for the "Unlock New Opportunities with EXIM" webinar, offered free to AMCHAM T&T members! Non-members can participate for a fee of $450TTD + VAT. The session will be held virtually on Thursday, September 26th, 2024, starting at 1:00 PM. Members can register on the AMCHAM T&T website.
For further questions or comments please contact: Nirad Tewarie, CEO AMCHAM T&T at niradtewarie@amchamtt.com.
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