Trinidad & Tobago aiming to enhance economy by moving beyond natural resources

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PR Newswire | 09 Jun, 2010
PORT OF SPAIN (Trinidad): Although the Republic of Trinidad & Tobago is not the most familiar nation to Shanghai, where the country is exhibiting currently until October at the World Expo 2010, the roads that citizens are riding on in Shanghai more than likely were made from asphalt from the twin-island Caribbean nation.

"China has been the largest buyer of the country's asphalt for the past four years," said Wendy Fitzwilliam, Vice President of Investment Promotion at eTecK, one of the implementing agencies under the Ministry of Trade & Industry. "This was partially fuelled by the extensive developmental works within the People's Republic of China and was further accelerated by China's preparation for the hosting of the Beijing 2008 Olympics and the Shanghai 2010 World Exposition."

Exports from Lake Asphalt of Trinidad & Tobago (1978) Ltd to China in 2009 totaled more than TT $72 million (or 78 million Yuan). Trinidad Lake Asphalt (TLA), the name internationally known for the country's asphalt, improves performance of key roads, bridges, and tunnels around the world. In Shanghai, the TLA has been used to improve the surfaces of roads.

After more than 100 years of success in industries such as asphalt, petroleum and natural gas, Trinidad and Tobago is working to enhance and diversify its already stable economy by reaching out to a select number of ambitious nations and companies around the world seeking to make investments into its non-energy industries. Sectors such as ICT, high value manufacturing, financial services, merchant marine, leisure marine, arts, film & entertainment and food & beverage are being targeted for development and ultimately to spearhead the government's economic diversification plan.

This is why some of the country's economic development leaders are currently at the World Expo in Shanghai promoting the benefits of two of the Caribbean's largest and most sophisticated technology parks - Tamana InTech Park in Trinidad and the Cove-Eco Industrial and Business Park in Tobago.

Tamana InTech Park (Tamana) is an example of the country's ICT readiness. Tamana stands out for its cutting-edge technology tailor-made for cross-linked business opportunities and resource clustering. Situated among moriche palms on a natural reserve, supported by the on-site campus of University of Trinidad and Tobago (UTT), and outfitted with state-of-the-art telecom and security systems, the Park is both naturally relevant and technologically advanced. The Park's Tier III data centre is one of just a few in the region and offers a complete suite of basic data centre services for Tamana's tenants.

"There are a number of advantages in the country for global companies and site selectors, including a well educated, English-speaking population, a prime position at the crossroads of North and South America, one of the lowest energy rates in the world and plans already in progress for extensive transformation of the country's physical infrastructure," said Fitzwilliam.

For more information about investment opportunities in Trinidad and Tobago or about Tamana InTech Park, visit www.investtnt.com.