A delegation from AMCHAM T&T led by President, Toni Sirju-Ramnarine along with AMCHAM T&T CEO, Nirad Tewarie met with Honorable Minister Paula Gopee-Scoon, Permanent Secretary Frances Seignoret and a delegation from the Ministry of Trade and Industry on Friday, May 13, 2022, to present a policy paper “Nearshoring Framework & Rationale for The Government of Trinidad & Tobago” which was compiled by AMCHAM T&T’s Digital Transformation Committee. Other members of the AMCHAM T&T team were Deputy Chair of the Digital Transformation Committee, Anna Henderson (CEO, Amaranth Business Solutions), Digital Transformation Committee Member, Vitra Gopee (COO, Digital Era Group) and Tech Community and Projects Officer, Rey-Anne Paynter-Mendez.
The discussion centered around the recommendations contained in the paper, and how a nearshoring strategy could result in more investments into T&T. AMCHAM T&T reiterated its commitment to working with the Government to design and execute a Nearshoring Strategy to accelerate efforts to diversify the economy, find new and sustainable ways to increase GDP, and mitigate the negative impact of the pandemic on citizens and businesses.
“The paper outlines several factors that make Trinidad and Tobago highly favourable for investment and the attraction of new business activity through a nearshoring strategy that should warrant the Government’s consideration. AMCHAM T&T is committed to this strategy as we believe its execution will provide major economic opportunities for T&T. Working collaboratively with the Government, we are confident that we can build new pillars of economic growth in T&T,” said Toni Sirju-Ramnarine, AMCHAM T&T President.
Meanwhile, Minister Gopee-Scoon commended the private sector’s efforts to collaborate with the government on initiatives to boost investment into T&T. “Much can be achieved when the government and private sector collaborate,” Gopee-Scoon said. “I look forward to continuing the engagement with AMCHAM T&T and the wider private sector to continue to build on recent success to attract more investment and create more jobs through a deliberate nearshoring strategy.”
“We were very encouraged by the discussions with Minister Gopee-Scoon and the team from the MTI. The benefits of public-private partnerships can’t be overstated and AMCHAM T&T appreciates the open relationship we have with the Hon Minister. Coming out of the meeting we agreed to focus on leveraging nearshoring opportunities in IT-enabled Services, Logistics and Distribution, and specialized manufacturing. Immediately, we will begin work to enhance capacity building to support the growth of these sectors and to define the elements of the strategy,” explained AMCHAM T&T CEO, Nirad Tewarie.
AMCHAM T&T will collaborate with the MTI and other agencies of the government as well as the business community to work together on the development and execution of the strategy. AMCHAM T&T believes Trinidad & Tobago has a unique opportunity given the current global landscape to attract Nearshoring business as a viable export and therefore foreign exchange-earning opportunity. In this regard, AMCHAM T&T wishes to thank the Minister and the Ministry of Trade and Industry and her team for the collaboration and support for this initiative. We look forward to continued engagement to generate the mutually desired results.
Click the link to read the Policy Paper: "Nearshoring Framework & Rationale For Trinidad and Tobago"
For further questions or comments please contact Nirad Tewarie, CEO AMCHAM T&T at niradtewarie@amchamtt.com.