MEDIA RELEASE
22/09/2025
The American Chamber of Commerce of Trinidad and Tobago (AMCHAM T&T) submitted its 2025/2026 National Budget Submission to the Honourable Davendranath Tancoo, Minister of Finance at the Ministry of Finance, outlining strategic recommendations designed to stimulate short-to-medium-term economic growth, enhance business competitiveness, and foster long-term national resilience.
“Trinidad and Tobago’s next phase of economic transformation hinges on creativity, collaboration, and urgency,” said Nirad Tewarie, CEO of AMCHAM T&T. “These short-to-medium-term recommendations are not just about policy, they’re about creating an environment where private capital is unleashed, infrastructure is modernized, and innovation becomes the engine of growth. By taking coordinated action now, we can dramatically boost business resilience, foster job creation, and position our nation for long-term prosperity.”
AMCHAM T&T emphasizes that amid shifting global markets, rising crime, foreign exchange challenges, and labour market transformations, Trinidad and Tobago must act decisively to re-establish confidence, attract investment, and build sustainable growth.
Key Recommendations for Short-to Medium-Term Growth
National Infrastructure Investment Fund (NIIF): Mobilize private capital between USD 500 million and USD 1 billion for critical projects such as ports, affordable housing, renewable energy, and digital infrastructure—supported by government partial risk guarantees and transparent governance.
Piarco Preclearance & Global Entry: Initiate negotiations with the U.S. to designate Piarco International Airport as a U.S. Preclearance Port and integrate T&T into the Global Entry Programme, allowing travellers to complete U.S. Immigration and Customs in Trinidad and Tobago prior to departure. This would enhance passenger experience, reduce delays, and position T&T as a more attractive travel and investment hub.
Digital Nomad Visas: As a means of attracting valuable tech entrepreneurs and workers, the Government should implement such visas to allow qualified non-nationals to live and work in Trinidad and Tobago for periods not exceeding two years.
Nearshoring Strategy: Collaborate with the Ministry of Public Administration and Artificial Intelligence (MPAAI) and the Ministry of Trade, Investment and Tourism (MTIT) to implement a national nearshoring plan that creates high-value jobs, facilitates brain circulation, and attracts foreign direct investment in IT-enabled services and advanced technologies.
Implement a Professional Standards Bureau in the Customs and Excise Division (CED). AMCHAM T&T underscores the urgent need to modernize operations at the Customs and Excise Division (CED), which continues to be a significant bottleneck for trade facilitation and business efficiency. The ongoing challenges around delays, transparency, and accountability continue to negatively impact competitiveness and investor confidence.
Therefore, AMCHAM T&T is recommending the establishment of an Internal Affairs & Professional Standards Bureau within the CED to address issues of integrity and efficiency. Similar units exist in countries such as South Africa, Jamaica, the USA, New Zealand, the UK, and Canada, and this approach is also endorsed by the World Customs Organisation in its Revised Arusha Declaration (2003), which calls for stronger monitoring, auditing, and internal control mechanisms within Customs operations.Widening the Tax Net: Leverage technology—including AI, GIS mapping, and FIU partnerships—to identify non-compliant businesses, with a one-year amnesty to bring them into the tax system without retrospective penalties.
Boosting Access to Venture Capital and Private Equity: Update regulations to allow institutional investors to direct capital into venture capital and private equity funds, supporting entrepreneurship and innovation.
Streamlined Approvals and Payments: Accelerate state land and permit approvals for investment-generating projects and ensure timely government payments to improve private sector liquidity.
Settle Government Debt to Private Companies: It is important that Government pays its obligations, as many companies are struggling to obtain positive cash flow, which reduces their tax contributions.
Operationalising the National Statistical Institute (NSI): Transition from the CSO to a robust, well-resourced NSI to provide accurate, timely economic data—improving both policy planning and investor confidence.
In conclusion, AMCHAM T&T reaffirms its commitment to work closely with the Government, development institutions, and the private sector to advance these measures. The Chamber believes that through bold and collaborative action, Trinidad and Tobago can diversify its economy, improve competitiveness, and build resilience for future generations.
END.
For further questions or comments, please contact:
Nirad Tewarie, CEO AMCHAM T&T at niradtewarie@amchamtt.com.