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Vol.19 No.4 – December 2019
The Voice of Business in Trinidad & ToBago
THE
NEXT
DECADE
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Vol.19 No.4 – December 2019
The Voice of Business in Trinidad & ToBago
Vol.19 No.4 – December 2019
Contents
Business profile: Jacqueline Francois extends
her father’s legacy 27
Jade Cumberbatch talks to Jacqueline Francois about
her career, her volunteer work and pharmaceutical giant
Oscar Francois’ 60-year milestone
The Chamber’s growth
and learning corner 31
Three business leaders tell CONTACT what they have been
reading as they seek to continually expand their horizons
Volunteers and staff of the Ministry of Planning and
Development clean up Chacachacare Island during the
2016 International Coastal Clean-up campaign (Courtesy
the Ministry of Planning and Development)
Editor’s note 7
Natalie Dookie introduces this issue of CONTACT
Special Section
2030: the next decade
Vision 2030: preparing for the five-year
milestone 8
Kay Baldeosingh-Arjune interviews the Minister of Planning
and Development, Camille Robinson-Regis, to assess Trinidad
and Tobago’s performance in the short-term
Lessons from Vision 2020 14
We look back at Vision 2020 with Kevin Baldeosingh, who
undertakes a personal assessment of what worked, what did
not, and why
Preparing for the world of 2030 16
Global mega-trends will dictate energy use, demographics,
technology and the environment. Natalie Dookie considers
the impact on Trinidad and Tobago
The value of corporate governance 34
Shelly Ann Mohammed, Head, ACCA Caribbean, analyses the
local corporate governance environment, and shares ACCA’s
latest research on the subject
Innovation in business: meet the food
innovators 37
Jeanette Awai takes us through the journey from idea
to concept of local food manufacturers Slimdown 360
and Del Mano Food
Top 5 facts about shipping in
Trinidad and Tobago 40
Logistics and transportation experts Ramps Logistics test our
knowledge about Trinidad and Tobago’s shipping industry
Economic outlook 43
The Chamber’s analyst examines the global, regional and
domestic economic landscape, and forecasts end of year
performance
Energy update 46
How is Trinidad and Tobago’s oil and gas sector performing?
The Chamber reviews recent data
Welcome to new members 48
The Chamber extends a warm greeting to members who
recently joined
The voice of business: investing in Trinidad
& Tobago 22
CONTACT talks to the Chamber’s president and other
business leaders about the local investment climate
On the cover:
2030: the next decade.
The rising cost of crime 24
Security & risk consultant Pauline Hamilton maps how
the increasing cost of crime is impacting the private sector
across the Caribbean and in Trinidad and Tobago
THE
NEXT
DECADE
4 DECEMBER 2019 chamber.org.tt
imacoconut/shutterstock.com
The voice of business in Trinidad & Tobago
Published by
The Trinidad and Tobago Chamber
of Industry and Commerce
Business profile
Columbus Circle, Westmoorings, Port of Spain, Trinidad and Tobago
PO Box 499, Port of Spain • Tel: (868) 637-6966 • Fax: (868) 622-4475
Email: chamber@chamber.org.tt • Website: www.chamber.org.tt
Tobago Division:
ANSA McAL Building, Milford Road, Scarborough, Tobago
Tel: (868) 639-2669 • Fax: (868) 639-2669
Email: tobagochamber@chamber.org.tt
Produced for the Chamber by
MEP Publishers (Media & Editorial Projects Ltd)
6 Prospect Avenue, Maraval, Port of Spain, Trinidad and Tobago
Tel: (868) 622-3821 • Fax: (868) 628-0639
Email: info@meppublishers.com • Website: www.meppublishers.com
Editor
Online editor
General manager
Page layout & design
Advertising
Production
Editorial assistants
Natalie Dookie
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Evelyn Chung, Tracy Farrag,
Joanne Pennie, Indra Ramcharan
Jacqueline Smith
Shelly-Ann Inniss,
Kristine De Abreu
DISCLAIMER
Opinions expressed in CONTACT are those of the authors, and
not necessarily of the Trinidad and Tobago Chamber of Industry
and Commerce or its partners or associates.
CONTACT is published quarterly by the Trinidad and Tobago
Chamber of Industry and Commerce (TTCIC). It is available online at
www.chamber.org.tt/media/the-contact-business-magazine
©2019 TTCIC. All rights reserved. No part of this magazine may
be reproduced in any form without the written permission of the publisher.
chamber.org.tt
Discover the
power of ethics
Ethics is having a more powerful impact
on business and society than ever
before. And consumer and government
focus on ethics and sustainability is
sharper than ever before.
ACCA members are trusted because
their ethical training is unsurpassed.
That makes them essential to business
success, today and tomorrow.
Find resources on the power of ethics at accaglobal.com/ethics
6 DECEMBER 2019 chamber.org.tt
Editor’s note
Editor’s note
In this issue of CONTACT,
we explore these issues and more
in 2030: the next decade. Firstly,
we examine Trinidad and Tobago’s
Vision 2030 plan as we prepare
for the first five-year milestone.
We look back at lessons learnt from
the 2020 plan, and anticipate
the mega-trends of tomorrow
and how these will impact
Trinidad and Tobago
From problem to plan – that’s the theme of South Africa’s 2030 national
development plan (NDP). It quite simply captures the basis of most NDPs,
which identify national challenges and propose corresponding solutions, thereby
transforming economies.
An August 2019 study on NDPs, authored by Admos O. Chimhowua, David
Hulmeb and Lauchlan T. Munroc, states that over 130 countries have produced
national development plans to show their priorities for achieving the UN’s 17
sustainable development goals. That’s more than double the number of global
plans in existence a decade ago. Many plans are a product of national consensus
processes, although some are produced mainly by technocratic elites. The fiveyear
(medium term) plan is the most popular, although some countries have
longer term vision documents. The majority of national plans lack financing
strategies, a factor that can affect implementation and achievement.
There are a number of reasons why development plans fail: lack of political
will and buy-in, inadequate data and planning capacity, and constrained
resources, mainly financial.
However, despite these challenges, the study states that we are in a new era
of national development planning, “in which plan documents are no longer
an end in themselves but are seen as part of a process of communicating and
negotiating national ideals with internal and external audiences.” Today’s plans
are also more closely linked to global ideals, increasing their chance of success.
In this issue of CONTACT, we explore these issues and more in “2030: The
Next Decade". Firstly, we examine Trinidad and Tobago’s Vision 2030 plan as
we review the first five years. We look back at lessons learnt from the 2020
plan, and anticipate the mega-trends of tomorrow and how these will impact
Trinidad and Tobago.
In “The Voice of Business” you will hear from the Chamber’s president and
other business leaders on investing in Trinidad and Tobago. We consider how
the rising cost of crime is impacting the business community; and Jacqueline
Francois tells the compelling story of the rise of Oscar Francois Limited in this
issue’s business profile.
“The Chamber’s Learning and Growth Corner” speaks to three business
leaders about what they are reading. ACCA analyses the corporate governance
environment in Trinidad and Tobago, and we meet two new food innovators –
Slimdown 360 and Del Mano Food. Read our “Top 5 Facts” about shipping in
Trinidad and Tobago.
The Chamber examines the economic outlook for Latin America and the
Caribbean, and analyses the local energy sector’s performance. We also welcome
the Chamber’s new members.
We look forward to your feedback on this issue: let us know your thoughts
on Trinidad and Tobago’s national development planning process.
Natalie Dookie, Editor
chamber.org.tt
DECEMBER 2019 7
Business profile
Courtesy the Ministry of Planning and Development
8 DECEMBER 2019 chamber.org.tt
2030: the next decade
Vision 2030: the first five years
The goal of Vision 2030
is to improve the quality
of life of the people
“A fundamental aspect of Trinidad
and Tobago achieving developed
nation status is the need to adopt
positive values, attitudes and
behaviours which can support
and catalyse our development. We
must, for example, place greater
emphasis on productivity and
improving our work ethos, respect
for the rule of law and increasing
our innovative capacity. The more
we adopt these values, the faster
we transform society and improve
our competitiveness ranking. We
have been making noted progress
in the areas of increased evidencedbased
decision-making through
the establishment of a national
monitoring and evaluation system,
encouraging innovation, promoting
citizen participation in tackling
development issues affecting them,
and advocating environmental care
and cultural harmony in diversity.”
The Hon. Camille Robinson-Regis
Minister of Planning and Development,
Trinidad and Tobago
Camille Robinson-Regis,
Minister of Planning and
Development, Trinidad and
Tobago
Trinidad and Tobago’s national development
strategy, Vision 2030, completes its first
five-year segment in 2020. What has been
achieved to date? The Minister of Planning and
Development, Camille Robinson-Regis, answers
CONTACT’s questions
by Kay Baldeosingh-Arjune
Freelance writer
What are the basic principles of Vision 2030?
Vision 2030, our national development strategy, lays the foundation for Trinidad
and Tobago to reach developed nation status by the year 2030. It is based
on five principles:
• Every citizen is valued and has equal opportunity to achieve
their fullest potential
• All citizens will enjoy a high quality of life, with healthcare
available to all
• All citizens are assured a sound, relevant education system
• The family is the foundation of the society
• The diversity and creativity of the people is valued and nurtured.
Five development themes are the pillars that support Vision 2030:
(1) Putting people first: nurturing our greatest assets
(2) Delivering good governance and service excellence
(3) Improving productivity through quality infrastructure and transport
(4) Building globally competitive businesses
(5) Placing the environment at the centre of social and economic
development.
Each thematic area has actionable and achievable goals, such as improved
health and poverty eradication; strong and independent democratic
institutions; superior infrastructure and transport systems; a globally
competitive economy; and a climate-smart environment.
chamber.org.tt
DECEMBER 2019 9
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10 DECEMBER 2019 chamber.org.tt
2030: the next decade
Vision 2030 successes to date
The biggest achievements at year-end
2019 in connection with Vision 2030
goals include:
1. Rehabilitation and refurbishment
of several existing health and
educational facilities across the
country.
2. Ongoing construction of new
homes and apartments, community
swimming pools and community
centres.
3. Development of a National Children’s
Policy.
4. The establishment of two new
Children’s Courts (Trinidad and Tobago
was the first Caricom country to open
such facilities, in 2018).
5. Development of a robust legislative
agenda including:
• The Administration of Justice
(Indictable Proceedings)
(Amendment) Bill, 2018
• The Miscellaneous Provisions
(Proceeds of Crime, Anti-
Terrorism and Financial
Intelligence Unit of Trinidad
and Tobago) Bill, 2018
• The Civil Asset Recovery and
Management and Unexplained
Wealth Bill, 2019.
6. Completion of the Trade Licence
Unit digitisation process which will
eliminate the use of paper-based
files and shorten waiting times. The
provision of e-government services
under the Single Electronic Window
(SEW), such as company registration,
goods declaration and import duty
concession, will reduce business
transaction time.
7. Trinidad and Tobago is the first
Caribbean country, and the second
small island developing state, to
submit its emissions target. This
stipulates a 15% reduction in
cumulative CO 2 emissions from
industry, transportation and power
generation by the year 2030.
8. Development of the legal framework
for a national monitoring, reporting
and verification system for tracking
greenhouse gas emissions and
mitigation actions. This will be
fully implemented following the
completion of a pilot testing phase in
2020.
Courtesy the Ministry of Planning and Development
By 2020 we expect to achieve a number of
key milestones which will address our main
national challenges, including low productivity,
weak institutions, crime, traffic congestion,
pollution and climate change
What key milestones does the government expect to achieve in
2020 that will affect the business sector?
By 2020 we expect to reach several key milestones which will address our
main national challenges, including low productivity, weak institutions, crime,
traffic congestion, pollution and climate change. These will positively impact
the business sector. They include:
• Addressing the skills gaps in the workforce
• Reducing the most problematic factors for doing business
• Increasing access to timely and accurate data to inform decisionmaking
• Improving connectivity and efficiency through improved transportation
networks and increased opportunities for new domestic business
development
• Increasing opportunities for higher value-added goods and services
• Greening of manufacturing processes to protect the environment.
Some of the actions involved are:
Minister Robinson-Regis
(right) helping volunteers
to replant mangroves at
Brickfield mudflats in
central Trinidad
• Development of a draft National Manpower Plan to bridge the gaps
between the labour market and the education system, and to grow the
sectors identified for diversification of the economy
chamber.org.tt
DECEMBER 2019 11
2030: the next decade
LONG-
TERM
GOALS
1-15 Years;
2016-2030
MEDIUM-
TERM
GOALS
1-10 Years;
2016-2025
SHORT-
TERM
GOALS
1-5 Years;
2016-2020
1. A globally
competitive
economy
Building Globally
Competitive Businesses
THEME IV
1. A premiere
investment location
1. Macroeconomic
stability will be
maintained
2. Businesses
are producers of
a wider range
of products and
services for the
global market
2. A business
environment that
is conducive to
entrepreneurship
and innovation
3. A more
attractive
destination
for investment
and trade
4. Firms are
producers of
high valueadded
products
and services
that can
compete in
export markets
Source: Vision 2030: The National Development Strategy of Trinidad and Tobago 2016-2030,
https://www.planning.gov.tt/content/vision-2030
• The National Crime Prevention
Programme, which is already
operationalised; its impact will be felt
in 2020
• Establishment of the National
Statistical Institute of Trinidad and
Tobago to provide quality data in a
timely manner to support evidencebased
decision-making
• Initiatives to enhance road
infrastructure, reduce traffic
congestion, and support productivity
• Construction of the Phoenix Park
Industrial Estate in Couva and the
Moruga Agro-Processing and Light
Industrial Park, which will help to
move the economy further up the
production value chain while earning
foreign exchange
• By 2020, government expects
polystyrene products, such as
styrofoam containers, will be illegal in
Trinidad and Tobago. This is in keeping
with international best practice and
has already been legislated by other
countries in the Caribbean.
Trinidad & Tobago has had a chequered past with respect to the
implementation of policies, strategies and projects. What would you
say to the sceptic who believes that Vision 2030 looks good on paper
but will lack concrete, trickle-down effects?
The government has undertaken a number of initiatives to ensure that the benefits
of the plan do trickle down to citizens and the private sector. The business
community has already experienced quite a few benefits related to the ease of doing
business, increased facilitation of export competitiveness and productivity, and
measures to curb the negative impact of commercial activity on the environment.
The private sector
must lead the
diversification thrust
with Government
playing a facilitative
and supportive role
— Vision 2030
Other initiatives include:
• Movement away from manual applications for company
registration, towards electronic applications. This has reduced
the length of time it takes to start a business from ten days
to three.
• The Construction Permit System, DevelopTT, will automate, modernise,
and streamline the construction permit process to reduce the transaction
time, the number of processes and the cost of obtaining construction
permits. DevelopTT is expected to roll out in the fourth quarter
of 2019.
12 DECEMBER 2019 chamber.org.tt
Courtesy the Ministry of Planning and Development
• A secured Transactions and Collateral Registry System
is under development. This will facilitate the use of
movable property (intellectual property, agricultural
products, accounts receivable, machinery and
equipment) as collateral, and will provide small
and medium-sized enterprises with improved
access to finance.
• An Electronic Funds Transfer Framework
for government agencies is being
developed. It will be able to make and
receive electronic payments. Efforts
towards building capacity within the
Inland Revenue Division to improve
taxpayer services are under way. A unified
legislative framework that harmonises the
Bankruptcy and Insolvency Act with other
relevant legislation, including the Companies
Act, has also been created.
Minister Robinson-Regis
with delegates from
Connect America, Challenge:
You Learn and You Endeavour
• The EXIMBANK Forex Facility, in the amount
of US$100 million, was launched in May 2018 to
help manufacturers purchase the raw materials needed to
increase exports and improve forex earning capability. To date,
the EXIMBANK has assisted 38 manufacturers.
• Several policies were developed to help boost competitiveness, expand
market access, increase export capacity and improve the business and
trade-enabling environment.
• Government proposes to introduce an incremental foreign exchange
earnings tax credit for the manufacturing sector. This will particularly
affect agriculture and agro-processing, food and beverage, non-energy and
non-petrochemical products. Legislation will be introduced in parliament
during this fiscal year.
• The continued expansion and enhancement of the Single Electronic
Window (SEW).
• Improvements to port facilities are ongoing with the introduction of more
sophisticated container scanning equipment.
The business community has already
experienced quite a few benefits
related to improving the ease of
doing business, increased facilitation
of export competitiveness and
productivity, and implementation
of measures to curb the negative
impact of commercial activity on the
environment
• Implementation of international agreements under the World Trade
Organisation to expedite the movement, release and clearance of goods
at the border and improve infrastructural works at the ports of Port of
Spain and Scarborough.
We are building a new society in which every citizen and business becomes
involved in shaping the future of our nation; a place where everyone will have
an individual responsibility to keep our streets clean, our communities crimefree,
our roadways safe, and our economy stable.
chamber.org.tt
DECEMBER 2019 13
2030: the next decade
Lessons from Vision 2020
Trinidad & Tobago: selected
developmental indicators 2005
+ 2018
As the indicators in the table show,
Trinidad and Tobago has made little
substantive progress in the 15 years
since Vision 2020 was launched. Only
one indicator, GDP per capita, shows
improvement, with a 23% rise. However,
this measure only reflects an increase in
energy revenues rather than productivity
growth, and therefore is unlikely to be
sustainable.
More relevant indicators are the spike
in murders, the growing perception of
corruption, and the decline in democracy.
If we were on a developmental path,
these trends would be going the other
way. Similarly, infant mortality has been
shown to correlate with socio-economic
development, perhaps because of how
a society takes care of its babies often
indicates other progressive policies. But
the steepest decline is also the most
reliable indicator of our inability to
achieve Vision 2020: Trinidad and Tobago
has far less economic freedom now than
it did in 2005.
Table 1: Selected developmental indicators
2005 & 2018
Measure 2005 2018
GDP per capita US$12,413 US$15,300
Homicide rate 25 36¥
Infant mortality 15 Ω 15
Corruption 38 41*
Economic freedom 71.5 57.7*
Democracy 52 45 §
¥ per 100,000 persons Ω per 1,000 births
* highest score 100 § out of 112 countries
Source: various local and international entities
By 2020, according to the plan, Trinidad and Tobago
should have attained developed nation status. We
should have invested in sound infrastructure, created
an enabling environment for business and innovation,
and entrenched effective governance. In this personal
assessment, Kevin Baldeosingh considers the success of
Vision 2020
by Kevin Baldeosingh
Freelance writer
The Draft National Strategic Plan (DNSP) for Vision 2020 was published in
2005, and involved approximately 600 professionals, activists and experts
in various fields. The goal of the DNSP was to “build a developed nation together,
calling us to action and pointing the way ahead.” Fifteen years later, Vision 2020
has proved to be a near complete failure.
The original plan had the following goals:
• equal opportunities for all citizens
• quality healthcare for everyone, with peaceful
and environmentally healthy communities
• a modern education system
• respect for the rule of law, human rights, and democracy
• diversity and creativity valued and nurtured.
The Vision 2020 dilemma
In 2010, government published a progress report on Vision 2020 which claimed
“an implementation rate of approximately 70 per cent in four years”. However,
the report’s own statistics show that only 18% of objectives were actually
achieved, and 30% showed no significant progress. With respect to goals like
“effective government”, the achievement rate was a dismal 3%; for competitive
business, 17%; and for “developing innovative people”, 4%.
By publishing the new plan, Vision 2030, in 2017, the government implied
that Vision 2020, not yet completed, was not a success (see Table 1). This new
initiative identified negative cultural values as the core basis for the lack of
implementation of Vision 2020 and, concomitantly, posited that success would
be achieved by promulgating those norms and attitudes which research had
shown were necessary for economic and social progress.
“A main part of the answer resides in cultural factors or the values, attitudes
and behaviours that we, the people of Trinidad and Tobago, either possess or
lack,” says the 2030 Draft Plan. “They manifest negatively in our country in
many ways such as the persistence of corruption, rent seeking, low productivity
and poor work ethos.”
14 DECEMBER 2019 chamber.org.tt
2030: the next decade
If, therefore, the government were to concentrate on
improving Trinidad and Tobago’s economic freedom
measures, this would help unleash the potential of
the society as a whole
The Plan lists five key cultural shifts needed to make
Trinidad and Tobago a developed nation:
• More evidence-based decision making
• Citizens who are more independent and critical
thinkers, creative, innovative and entrepreneurial
• Positive work ethic
• Adherence to the rule of law and enforcement
against corrupt practices
• Greater environmental care and sensitivity.
Explaining failure
The role of culture in socio-economic progress became
important by the 1990s when it became clear that three
decades of aid from western nations to African and Latin
American countries had failed to bring about economic
development. Culture became the favoured variable to
explain this failure, drawing largely on research done
by anthropologists Geert Hofstede (who studied firms in
different countries) and Lawrence E. Harrison, who worked
for USAID for over 20 years in Latin America and later
created the Culture Matters project.
But in the early 21st century, an alternative explanation
based on economics became prevalent, which held that
using the free market rather than government was a more
effective way to attain development, since state-directed
initiatives provided no incentives for politicians or public
servants or even entrepreneurs to make productive decisions.
A key figure in this shift was former World Bank
economist William Easterly, who wrote several books on
aid and development in which he argued that aid and
government programmes failed to bring about economic
progress because “a society’s economic growth does not
always pay off at the individual level for government
officials, aid donors, and private businesses and households.
Incentives often lead them in other, unproductive ways.”
The evidence in favour of this perspective is powerful.
State-run corporations tend to be inefficient and wasteful,
as we well know here in Trinidad and Tobago, and the
apparent exceptions in East Asian nations such as South
Korea and China are outliers.
More importantly, the correlation between economic
freedom indicators and socio-economic development are
extremely robust. The Cato Institute, a free market thinktank,
notes that “the average income of the poorest 10
percent in the most economically free nations is almost
twice the average per capita income in the least free nations.
Life expectancy is 79.4 years in the top quartile compared
to 65.2 years in the bottom quartile, and political and
civil liberties are considerably higher in economically free
nations than in unfree nations.”
Culture or economics?
So which is the better analytical paradigm for Trinidad and
Tobago: culture or economics?
Both are applicable, but in different ways. It seems that
cultural factors better explain socio-economic success
between different cohorts within the society, whereas
economic principles account for our overall stasis as a
nation.
Thus, Trinidad and Tobago ranks poorly on Ease of Doing
Business (60 out of a high score of 100 and ranked 105 out
of 190 countries) and on economic freedom. And this lack
of economic freedom affects the less well-off most harshly.
One indicator of this problem is the Industrial Court,
which prevents any individual employee from bringing a
grievance to it (the Act mandates that only trade unions
can bring a case).
If, therefore, the government were to concentrate on
improving Trinidad and Tobago’s economic freedom
measures, this would help unleash the potential of the
society as a whole. Other benefits would naturally follow
from economic growth based on productivity rather than
resource rents. They would include more youth employment
(because employers would be less hampered by regulations
that exact costs for hiring unskilled workers), less crime
(because more youths would be employed in jobs where
they could acquire marketable skills rather than in URP
and CEPEP programmes), and reduced corruption (because
the state would be less involved in commercial activities).
Vision 2020 remains a worthwhile goal. But that first
attempt showed that the methodology for achieving
developed-country status was fundamentally wrongheaded.
It is now time to use the market-oriented approach,
which is already bearing fruit in most Latin American and
several African nations.
Fabrik Bilder/shutterstock.com
chamber.org.tt
DECEMBER 2019 15
Ionov Artem /shutterstock.com
Business profile
16 DECEMBER 2019 chamber.org.tt
2030: the next decade
Preparing for the
world of 2030
In the next decade the world’s
population will increase by another
billion, temperatures will rise by at
least 1.5 degrees, and global energy
consumption will increase by 1.7%
per year. What does this mean for
Trinidad and Tobago? Are we ready
for the world of 2030?
by Natalie Dookie
Freelance writer
In 2030 the world will be more connected yet
more fragmented. There will be shifts in energy use,
demographics, politics, technology and the environment.
How Trinidad and Tobago fares in the next decade will
depend on the decisions taken today. CONTACT considers
the impact of these mega-trends on Trinidad and Tobago.
Global mega-trends
Analysts state that the world will be more populated and
have more elderly people than at any other time in our
history. By 2030, China’s economy will be more than 2.5
times that of India and almost as large as those of the United
States (US) and the European Union (EU) combined.
As the world becomes more populous and interdependent,
population pressures and threats will increase and become
more complex. Chief amongst these will be mass migration,
human and narcotics trafficking, terrorism, global
pandemics, cyber-crime, urbanisation, resource scarcities
and environmental degradation as a result of climate
change.
ICT experts advise that technology will be ubiquitous
and ingrained in every sphere of human activity. It will
also be more disruptive. Globalisation and technological
advances will shift the engine of economic growth from
the advanced countries to the emerging economies of Asia,
and economic activities from the production of goods to
the creation of services.
Many countries will shift from heavy reliance on fossil
fuels to alternative energy sources, thus accelerating the
transition to a more secure climate future.
2030’s mega-trends
Mega-trends are the strategic forces that
shape our future. Akin to a slow-moving
glacier, they cannot easily be turned
around by humans. They are backed up by
verifiable data. Here are the likely megatrends
of 2030:
1. By 2030, the world will be at least
1.5 degrees warmer than during
pre-industrial times. This will
lead to the increased occurrence
of extreme heat, droughts and
wildfires.
2. The world’s population will grow
by another billion, taking us to 8.6
billion in 2030.
3. As a whole, the world will be older
than today: in 2030, 12% of the
world population will be over 65.
4. By 2030, two-thirds of the world
will live in cities. Where urban
growth occurs in an uncontrolled
fashion, it leads to urban sprawl,
low productivity, segregation,
congestion and crime.
5. Projections suggest that average
global economic growth will be
around 3% a year in the coming
decade. Most of this growth will
happen in developing economies,
whose growth will accelerate from
today’s 3.1% to 3.6%.
6. Energy consumption will rise
globally by 1.7% per year.
7. By 2030, the number of devices
connected to the internet will have
reached 125 billion, up from 27
billion in 2017.
8. The power of states will be
determined by their relational
influence. In the future, no single
state will be able to tackle major
global challenges alone. As a result,
a state’s importance will depend on
its capacity to influence the policy
decisions of others.
Source: European Strategy & Policy Analysis System (ESPAS),
Global Trends to 2030, Challenges and Choices for Europe,
April 2019, https://ec.europa.eu/assets/epsc/pages/espas/
chapter1.html
chamber.org.tt
DECEMBER 2019 17
2030: the next decade
Globalisation and technological advances will shift
the engine of economic growth from the advanced
countries to the emerging economies of Asia, and
economic activities from the production of goods
to the creation of services
The Caribbean context
In addition to these global trends, the Caribbean must consider current events
such as Britain’s exit from the EU, the political-economic crisis in Venezuela,
the impact of Chinese investment, and the agenda of the US in terms of
immigration, trade, tourism and investment diversion.
The United Nations Economic Commission for Latin America and the Caribbean
(ECLAC), in its Caribbean Outlook 2018, noted that Caribbean economies have
experienced persistent low growth since the global financial crisis of 2008-2009.
This is associated with fiscal challenges, especially the region’s debt burden, which
remains among the highest in the world relative to the size of its economies.
Experts say that regional chronic current account imbalances are the result of
underlying problems, including lack of competitiveness and limited diversification
of markets and products. The skill level in the workforce is low, and there is
a mismatch between the output of the region’s educational system and the
requirements of the labour market. Compounding this situation, the Caribbean
has one of the world’s highest levels of emigration of tertiary-educated and
skilled individuals.
Adolescent pregnancies and youth unemployment in the region are among
the highest in the world. This, along with growing poverty, income inequality,
climate change, rising crime, gender-based violence and non-communicable
diseases, must be factored into regional development plans.
Experts say that regional chronic
current account imbalances are
the result of underlying problems,
including lack of competitiveness
and limited diversification of
markets and products
Trinidad & Tobago: getting ready
To cope with these mega-trends, citizens must possess
21st-century expertise and technological know-how,
and become multilingual and multi-skilled.
Technological advances are expected to lower
production costs, and there will be more
competition from imports. Local authorities
recommend that producers incorporate new
advanced technologies in the production of
goods and services.
Trinidad and Tobago will require a relevant,
flexible education system aligned to a world
where technology plays a major role. At the
same time, as the world shifts to alternative
energy and sustainable production, businesses
should focus on adding value.
Improvements in the criminal and civil justice
system will enhance social stability and positively
impact economic development. Public sector reform is
essential, as well as strengthening the system of national
WAYHOME Studio/shutterstock.com
18 DECEMBER 2019 chamber.org.tt
jaroslava V/shutterstock.com
statistics. By 2030, public institutions will need to be more capable, professional
and proactive.
Investment in infrastructure, with emphasis on transportation and public utilities
built to internationally accepted standards, is another important component.
Competitive businesses are important to a developed-nation thrust. As we move
towards 2030, firms should have advanced strategic and operational systems,
access to a capable, knowledge-based workforce, and high quality resources,
fuelled by a sophisticated consumer base.
As we look ahead, Trinidad and Tobago must become more productive, and
more competitive. We must work smarter, be more innovative, and create new
high-value products. As such, it is integral that research and development, as
well as innovation, be institutionalised at all levels of education.
Many countries will shift from
heavy reliance on fossil fuels to
alternative energy sources, thus
accelerating the transition to a
more secure climate future
National challenges
National development plans must be set against a backdrop of specific national
challenges:
1) The economy is highly dependent on oil and natural gas, with energy
exports accounting for 85% of total export earnings, 40% of government
revenue and over 35% of GDP.
2) Trinidad and Tobago has an ageing population; the median age is 32.6
years and 13% of the total population is 60 years and over.
3) Urban development is encroaching on agricultural and environmentally
zoned regions.
4) There are gender disparities in the education system, with female
enrolment and educational attainment exceeding that of males.
5) Trinidad and Tobago’s popularity as a migrant destination is placing
greater pressure on law enforcement, legislative and administrative
systems.
chamber.org.tt
DECEMBER 2019 19
2030: the next decade
sfam photo/shutterstock.com
6) We are vulnerable in the area of food security – partly
because of predatory pricing and the dumping of
harmful or sub-standard products.
7) Productivity is demonstrably low in both the public
and private sectors.
8) The output of the education system needs to be
aligned to human resource needs and economic
drivers.
9) Weaknesses in the public service have negatively
impacted immigration, customs, land management,
and planning approvals.
10) We have high rates of serious crime, particularly
homicides, coupled with inadequate responses by law
enforcement, the prison service and the justice system.
11) Climate change is a threat: the degradation of coastal and marine
ecosystems, and the negative impact of industrial effluents, have made
our ecosystems more vulnerable.
12) ICT adoption rates by government and private sector are low. There is
an absence of proper legal and regulatory frameworks for e-goods and
services.
Finding solutions
A thriving private sector is at the core of every successful economy, especially
when firms produce high-value products and services that can compete in export
markets. Development specialists advise that Trinidad and Tobago should take
steps to improve the competitiveness of the local private sector and build a
sustainable stable economy by broadening its enterprise base across a range
of sectors at key stages of the value chain, where capabilities match global
opportunities.
This entails venturing into more knowledge-intensive and complex economic
activities with an emphasis on export-oriented sectors where we can build a
competitive advantage.
To be competitive, our goods and services must conform to international
standards. Lower quality imports must be displaced through local production.
We must also accelerate transitioning from a fossil fuel-based economy to a
low-carbon one.
Advancing our development agenda will require the continuous review,
modernisation and strengthening of the legislative framework, the court system,
law enforcement and municipal policing. Modernising Trinidad and Tobago’s
public management systems is another prerequisite for developing a competitive
private sector. Government should forge strategic links with trading partners
to eliminate barriers that impede the private sector, and support international
efforts to tackle environmental challenges.
The extent to which Trinidad and Tobago is successful in achieving its Vision
2030 goals will depend on whether it can integrate budgetary and planning
systems, identify and formulate appropriate projects and programmes, and
execute them efficiently and effectively.
The extent to which Trinidad and
Tobago is successful in achieving
its Vision 2030 goals will depend on
its ability to integrate budgetary
and planning systems, identify
and formulate appropriate projects
and programmes, and execute them
efficiently and effectively
20 DECEMBER 2019 chamber.org.tt
2030: the next decade
Improving
productivity:
Generation Flex
According to a recent Global Workspace
Survey undertaken by the International
Workspace Group, two-fifths of working
people worldwide see commuting as the
worst part of their day (40%), and more
than half of the respondents believe it
could be obsolete by 2030.
Generation Flex is a concept which
leaves it up to employees to choose when
they work and where. Gone are the days
when workers sit behind a desk for 40
hours a week. If employees feel valued
and trusted, they are naturally more
motivated to put in the appropriate hours
to complete their tasks.
Working hours of Monday to Friday,
8am to 4 or 5pm, are still very prevalent
in Trinidad and Tobago. We may not be
quite ready for Generation Flex, but we
should begin preparing for it by allowing
employees to shape their typical work day.
Employees should be given the freedom to
decide what works best for them. Flexitime
and the option of working from home
have been shown to increase employees’
productivity. For example, working 60- to
90-minute periods and taking 15- to
20-minute breaks during the day may
improve results.
At Regus, we tap into several different
platforms and software that allow us to
run our centres effectively with a minimal
workforce. Our user-friendly systems make
employee tasks simpler, while lessening the
margin of error.
Working from home full-time has its
advantages, but it is not the ideal situation
for many. After one or two years, people
often need more human or business
interaction; they find there are too many
distractions at home, and may be unable
to participate in conference calls due to
unprofessional background noise.
Flexible work patterns can be tied
into the different workspace solutions
offered by Regus. All-inclusive private
office space, co-working, virtual offices
and lounge memberships promote a
modern, more effective way of doing
business.
Many lounge membership clients
are qualified, experienced professionals
and entrepreneurs who also have a
home office. Having unlimited access
to our professional lounges gives them
an alternative affordable professional
working environment.
It’s time for Trinidad and Tobago to
rethink its attitude to work, and for
employers to embrace Generation Flex.
At Regus, we are doing ou part to get
the balance right.
Stephanie Quesnel
General Manager, Trinidad & Tobago,
Regus Caribbean
chamber.org.tt
DECEMBER 2019 21
Voice of business
VOICE OF BUSINESS
Investing
in Trinidad
and Tobago
Why did your firm
recently invest in
Trinidad and Tobago?
What were the risks
and challenges
encountered?
The advantages of investing
in Trinidad and Tobago are a
stable economic and political
environment, a well-educated and
highly skilled workforce, proximity
to the Americas, access to regional
and global trade markets, and low
energy costs.
On the other hand, the main
obstacle to local and foreign direct
investment is the highly bureaucratic
nature of our public sector. In fact,
the World Bank’s 2019 Ease of Doing
Business index ranked Trinidad and
Tobago at 105 out of 190 countries.
Approval processes are disjointed,
scattered across many ministries and
state entities, making market entry
difficult, especially for newcomers.
There is an urgent need to improve the
quality and efficiency of government
services, making the customer a
priority.
We also rank low, 79 out of 141,
on the Global Competitiveness Index,
which investors consider to assess the
long-term growth and sustainability
of a country.
Of additional concern to the
business community is the rising
cost of crime, the need for improved
defences against natural disasters, and
the perception of corruption. In the
latest Corruption Perception Index,
we ranked 78 out of 180, with the
report citing issues such as bribery,
government’s inability to treat with
corruption and the unwillingness to
report on corruption by citizens.
The Chamber considers the current
economic downturn as cyclical in
nature. We expect 2020 to be flat, but
by 2021 we anticipate that the impact
of government policies will be felt,
and we will see a return to growth.
This is a good time for businesses to
look for new opportunities.
Courtesy Trinidad and Tobago Chamber of Commerce and Industry
Reyaz Ahamad
President, Trinidad and Tobago
Chamber of Industry and Commerce;
Executive Director, Southern Sales
and Service Company Limited
Changes to our oil and gas landscape
present opportunities for government
to diversify the economy. We would
also like to see positive movement in
the tourism sector, alongside a holistic
approach to development in Tobago. We
need to find new ways to inject capital
Southern Sales has played a
major role in the local automotive
business for over 55 years.
Currently we are improving our
customer experience by investing
about TT$50 million in our aftersales
department
and incentivise the growth of small and
medium-sized businesses.
Southern Sales has played a major
role in the local automotive business
for over 55 years. Currently we are
improving our customer experience
by investing about TT$50 million in
our after-sales department. Work on
one service centre will be completed
in 2019, and the other in 2020. We
believe in the future prosperity
of Trinidad and Tobago, and will
continue to invest in our operations
in this market.
22 DECEMBER 2019 chamber.org.tt
Courtesy HADCO Group
John Hadad
Co-Chief Executive Officer,
HADCO Group
May 2019 marked a year since
HADCO Group launched Creamery
Novelties Limited, its ice cream
manufacturing company. Being 100%
locally-owned, the Group decided to
examine the feasibility of expanding
within the local market. An assessment
showed that customers’ changing
demands, the economic slow-down
and the shortage of foreign exchange
VOICE OF BUSINESS
meant that the Group needed to adjust
its product offerings to include a local
value brand that suited every pocket.
Opportunities presented themselves
in the ice cream sector. Although
there were minor challenges in
the initial set-up, with delays in
approvals, construction, machinery
and equipment, the idea was
welcomed and facilitated by state
agencies and private entities. These
included InvesTT, the Environmental
Management Authority, the Town
and Country Planning Division, the
Customs and Excise Division, and
local banks for financing.
Over the course of the year,
Creamery Novelties thrived, notably
contributing to the foreign exchange
of the Group. The company employs
over 109 persons and offers consumers
ice cream and novelties in diverse
flavours at an affordable price.
Recently, we invested US$1.5 million
Voice of business
to procure equipment to expand the
range of novelties. The company
exports to Antigua and Barbuda,
Dominica, Guyana and Montserrat,
and products will be available in other
Caribbean countries before the end of
the year.
Creamery Novelties is not the first
strategic investment made by HADCO
Group on the local market. Imanex,
the manufacturers of Happy Time
ice cream cones; Ecoimpact, which
recycles waste vegetable oil for export;
and Land Ice and Fish, which exports
tuna to the US, are other examples.
HADCO Group continues to see
opportunities for investment in
the local market, especially in the
manufacturing sector, and believes that
future growth is in the diversification
of its products and services.
Trinidad and Tobago is one of the
stronger economies regionally,
with a superior per capita income.
The highly skilled labour base is a
key investment incentive, together
with Caricom’s free movement of
professional resources.
The country has a very open
environment for doing business. The
presence of a highly skilled labour
force, a reliable electricity supply,
easy access to essential utilities,
telecommunications and a strong legal
framework are significant enablers.
This is supported by a steady trade
route throughout Central, South and
North America and the Far East.
Our investment in south Trinidad
contributed significantly to the
growth of our business footprint. In
2018, we established a premier facility
for Courts, Courts Optical and the
Ashley Furniture HomeStore at South
Park – a total investment of over
TT$25M, with 31,500 square feet of
retail space. During the construction
phase employment was generated for
approximately 100 people; sustained
employment is currently at 50.
Earlier this year we also expanded
our technological reach for sales
financing through the launch of our
digital technology app EMMA, which
enables easy access to credit facilities
for our customers.
The main risk to the business is the
impact of crime on our operations.
We continue to place a very high
value on the safety and security of
our people, and we have strengthened
our infrastructure accordingly.
Additionally, we have embarked
on building strategic relationships
that support the national process of
dialogue to find sustainable solutions
to crime. Through this advocacy
approach, we have established
partnerships with NGOs, private sector
entities and the Trinidad and Tobago
Police Service to conceptualise
progressive options aimed at the
reduction and prevention of aspects
of crime impacting the nation.
Courtesy Unicomer Ltd.
Clive Fletcher
Managing Director, Unicomer
(Trinidad) Limited
Our investment in south Trinidad
contributed significantly to the
growth of our business footprint.
In 2018, we established a premier
facility for Courts, Courts
Optical and the Ashley Furniture
HomeStore at South Park – a
total investment of over TT$25M,
with 31,500 square feet of retail
space
chamber.org.tt
DECEMBER 2019 23
Crime & justice
The rising cost of crime
Trinidad and Tobago has spent more money on crime than any other country in the
Caribbean and Latin America, according to an IDB study. The proportion of firms
paying for security ranges from 44% in Saint Lucia to 85% in Trinidad and Tobago.
How is the rising cost of crime affecting the private sector?
by Pauline Anne Hamilton
Security & risk consultant
Crime is ubiquitous; it has adverse effects on all spheres of society. Even
with constrained economic resources, government must therefore continue to
invest heavily in control measures, which are traded off against spending on other
critical public services such as healthcare, education, utilities, infrastructure,
social services and public sanitation. Criminality distresses citizens as well as
the private sector, which reports that there is scarcely any business which has
not been impacted by crime.
Criminal actions are commonly divided into five main categories: property,
inchoate (such as solicitation and conspiracy), statutory, personal, and financial.
Every crime produces undesirable consequences for the victim, whether
psychological, physical, financial, or a mix of these; and they can be short- or
long-term.
Courtesy Trinidad Express
Beyond the costs of being victimised,
70% of regional firms reported
spending money on security, including
equipment, insurance, personnel,
and professional security services.
On average these expenses accounted
for 2.4% of annual sales
Mapping the cost of crime
The financial impact of crime is felt strongly by the business community,
since it increases the cost of doing business.
There are two aspects of the economic impact of crime. At the
primary level there are costs expended in the anticipation of crime,
especially measures to circumvent it: locks, monitored alarm
systems, CCTV surveillance, security officers, etc. There are
also costs incurred as a consequence of crime, such as loss of
property, medical expenses, and victim support. There is a cost to
responding to crime too, involving the police, fire and ambulance
services, prosecution, court proceedings, and legal fees.
The secondary financial impact of crime takes into acccount the
national economy, where it can discourage domestic and foreign
direct investment, tourism, and economic growth. It can also reduce
the quality of life and property values. The fear of crime often deters
businesses from wanting to expand or continuing to operate in certain
geographic areas. Even businesses operating in relatively crime-free zones
may experience a decline in patronage as citizens are reluctant to venture out,
especially after dark.
The costs incurred by businesses when they put in place measures to mitigate
against crime can send the cost of goods and services to the customer spiralling
upwards, resulting in reduced sales. Or, if these costs are borne by the operator,
they reduce profitability and can eventually lead to smaller companies going
out of business.
24 DECEMBER 2019 chamber.org.tt
INTERNATIONAL US DOLLARS PER CAPITA
TRINIDAD + TOBAGO 1189.01
1176.70
BAHAMAS
688.56
ARGENTINA
637.07
CHILE
613.27
BRAZIL
600.74
EL SALVADOR
520.89
COSTA RICA
460.99
URUGUAY
438.18
BARBADOS
420.78
COLOMBIA
379.57
ECUADOR
354.09
JAMAICA
344.95
MEXICO
335.07
PERU
302.49
HONDURAS
284.86
PARAGUAY
229.52
GUATEMALA
Figure 1:
Business Crime-related profile
costs (US
dollars per
capita in Latin
America and
the Caribbean,
2014)
0 200 400 600 800 1000 1200
Source: The Costs of
Crime & Violence, New
Evidence and Insights in
Latin America and the
Caribbean, Inter-American
Development Bank, 2017.
Most of the data referenced
in the study relates to the
period 2010 to 2014.
Trends in the
Caribbean
The 2017 IDB report, The Costs of Crime
& Violence, New Evidence and Insights
in Latin America and the Caribbean,
states that nearly one in four Caribbean
businesses (23%) reported losses due to
theft, robbery, vandalism or arson. While
the percentage of businesses that suffer
losses is relatively high in the region, the
average amount lost (2.3% of annual
sales) is lower than the Latin American and
Caribbean regional average (3.6%) and the
international average (4.8%).
Beyond the costs of being victimised,
70% of regional firms reported spending
money on security, including equipment,
insurance, personnel, and professional
security services. This is substantially higher
than the world average in the World Bank
Enterprise Survey (55.6%). On average
these expenses accounted for 2.4% of
annual sales.
The portion of firms paying for security
in the Caribbean ranged from 44% in Saint
Lucia to 85% in Trinidad and Tobago, the
highest in the region. Most firms reported
spending on alarm systems, security
cameras, and gates. At the time of the
study the local detection rate was also
the lowest in the region, 13%, which was
extremely low and declining.
Public expenditure on crime per capita
was highest in Trinidad and Tobago at
US$460.60 per capita per annum, which
was more than double the regional average
of US$194.50.
Trinidad and Tobago also had the highest
crime-related costs in the entire Caribbean
and Latin American region at US$1,189 per
capita per annum, and the third highest as a
percentage of GDP at 3.52%.
Trinidad & Tobago’s crime epidemic
An increase in crime and violence in Trinidad and
Tobago, particularly since 2000, has intensified
perceptions of insecurity among citizens and
businesses. Table 1 shows fluctuations among key
offences, over a five-year period.
Between 2014 and 2018, robberies in Trinidad
and Tobago increased by 21%, and fraud offences
by 142%. There was a fall in burglaries and breakins,
general larceny and larceny of motor vehicles
(see Figure 2). There are no data available to better
understand the impact on the workforce/businesses
of crimes committed against employees.
Crime in Trinidad and Tobago takes a heavy toll
on the private sector in terms of costs. Often overlooked is the collateral damage
incurred by the victim, whether individual or business. In the case of a business
the internal business loss might be $20,000 from a safe, but the external or
true loss would include the cost of repairing or replacing the safe, replacing the
broken door or window through which entry was gained, replacing any destroyed
Table 1: Selected offence indicators which may impact the private sector, 2018-14
Offence 2018 2017 2016 2015 2014
Burglaries &
break-ins
2,017 2,176 2,187 2,111 2,592
Fraud offences 540 568 1,016 592 223
General larcency
2,054 2,153 1,952 1,870 2,364
Kidnapping for
ransom 20 6 3 4 3
Larcency of
motor vehicles 573 785 647 785 742
Robberies 3,239 2,913 2,595 2,469 2,672
Source: Trinidad & Tobago Police Service, http://ttps.gov.tt/
From 2014 to 2018, robberies in Trinidad
and Tobago increased by 21%, and fraud
offences by 142%. Conversely, there was
a fall in burglaries and break-ins, general
larceny and larceny of motor vehicles
chamber.org.tt
DECEMBER 2019 25
Crime & justice
electronic surveillance systems, and
the cost of further hardening the
target. On top of all that comes the
likelihood of an increase in insurance
premiums.
In Trinidad and Tobago, the local
corporate community invests heavily
to protect businesses, especially during
the hours of darkness: is it possible
that this could motivate criminals to
become more brazen and operate by
day, as the effort to reach the target
is too great at night? This seems to be
the trend, more and more businessrelated
crimes are taking place in
daylight during business hours, such
as the attempted robbery at Trincity
Mall which took place at 1pm on a
busy Saturday in October this year.
The fear created by daylight
crime can result in more consumers
shopping on international websites,
thereby decreasing the market share
of local businesses. Other trends in
Trinidad and Tobago are carjacking
and credit and debit card skimming:
both have been around for a while
but appear to be on the rise, and are
also contributing factors to growth in
online shopping which can be done
relatively safely at home. Last year’s
report from the Office of the Financial
Ombudsman showed an increase in
account and transaction complaints
from the banking public, referring
mainly to unauthorised transactions
such as card-skimming.
Private sector initiatives
Apart from the effects of crime on the
private sector, what causes crime? And
what can be done to deter potential
criminals?
The most readily accepted theories
cite parental neglect, alcohol and drug
abuse, lack of education, poverty, the
influence of gangs, unemployment,
and a dwindling middle class. All
these factors are clearly evident
in our society and are likely to be
contributing factors to crime.
But what should be done about
them, and by whom? Is the
3,500
3,000
2,500
2,000
1,500
1,000
500
0
Burglaries
& break-ins
Fraud offences
General larceny
Figure 2: Growth in selected offence indicators which may impact the private sector, 2018-14
government doing enough to curb
crime? The local justice system is
plagued by processing delays, long
backlogs, and low conviction rates.
Just as we harden targets to protect
them and deter criminals, why are
we not making crime itself more
unattractive to criminals by improving
their chances of arrest and conviction
and increasing the impact of
penalties?
Community outreach
is one way of
working with atrisk
youths. The
Trinidad and
Tobago Police
Service, in
collaboration
with corporate
leaders, has
established about
113 youth clubs
across the country. These
provide training, education
and recreation for young people,
many of whom are offered part-time
employment during school vacations
by businesses. A number of them have
even gone on to become permanent
employees.
Effective rehabilitation can change
the mind-set of prison inmates by
improving self-esteem and the ability
to fit into society after serving their
sentences. Without the skills and
knowledge to lead productive lives,
they often leave these institutions
Kidnapping for
ransom
Larceny of motor
vehicles
2018 2017 2016 2015 2014
Source: Trinidad & Tobago Police Service, http://ttps.gov.tt/
Courtesy Trinidad Express
Robberies
While 85% of Trinidad and
Tobago businesses spent money
on security, the highest in the
region, at the time of the study
the local detection rate was the
lowest in the region
even more committed to a life
of crime.
Over the years, the
Trinidad and Tobago
Chamber of Industry
and Commerce,
with the aid of the
private sector,
has established
over 500
neighbourhood
crime watch
groups across
the country;
this project is still
ongoing. Conspicuous
signs are erected in the
community, with residents monitoring
the neighbourhood and reporting back
any suspicious activity.
The general consensus of the
business community and the broader
populace is that there needs to be a
more concerted effort by government
to address crime which, if allowed
to continue unchecked, will damage
Trinidad and Tobago’s long-term
economic sustainability, FDI levels
and access to a skilled workforce.
26 DECEMBER 2019 chamber.org.tt
Business profile
Jacqueline Francois
extends her
father’s legacy
Courtesy Oscar Francois Ltd.
Last year Oscar Francois celebrated
60 years in business. As executive
chairman, Jacqueline Francois is paving
the way for the next generation.
While balancing business, family and
volunteer commitments has been
challenging, she has successfully left
her mark on all these areas
by Jade Cumberbatch
Freelance writer
chamber.org.tt
SEPT 2019 27
Business profile
Jacqueline Francois receiving
a long service award from
Oscar Francois Ltd
Courtesy Oscar Francois Ltd.
Jacqueline is now the executive
chairman of Oscar Francois and
managing director of the manufacturing
company Intersol Limited, which her
father co-founded
About Oscar Francois Ltd
• Founded in 1958 by Oscar H.
Francois
• Started as a prescription
medication distribution company
supplying doctors, hospitals, and
pharmacies
• The veterinary division for animal
pharmaceuticals was formalised
in 1965
• In 1967, Oscar Francois co-founded
the manufacturing and export
company Intersol Ltd.
• Also in 1967, the company
expanded into distribution of
personal care products, with
manufacturing and distribution of
the Fabergé line of fragrances
• Today, Intersol manufactures a
range of cosmetics and personal
care products, including the Diquez
and Day ‘n Nite brand. It exports
to several countries including
Barbados, Belize, Bermuda,
Dominica, Guyana, Jamaica, St
Lucia, St Kitts & Nevis, St Vincent
& the Grenadines, and Suriname
• Oscar Francois has locations in Port
of Spain, Arima, Chaguanas, and La
Romain
• It added surgical instruments,
professional haircare products,
fertilisers, insecticides, and
veterinary medicine and health
drugs to its product line
• Oscar Francois employs 180
persons, while Intersol employs 25
Jacqueline Francois does not dwell on challenges. She sees
what has to be done and does it.
As a woman in business, Jacqueline says she always
overcompensates by being extra prepared for everything.
She gets her hands dirty and leads by example so no one
can question her knowledge, skill or authority.
Oscar Francois: a pioneer
“Overcompensating was my dad’s advice. He felt that the
best preparation he could do with his four daughters was to
give us a tertiary education outside of Trinidad and Tobago.
He wanted us to not just have a sound education but exposure
to other cultures.”
Jacqueline’s father, Oscar H. Francois, first started off by helping
to establish a pharmaceutical distribution department within a major
company, working there for 17 years before moving on to start up his own
business. She recounts how, when he met her mother, he wanted to get married.
He also wanted financial stability, so he took what he knew best and started
Oscar Francois Limited out of a personal desire for independence and independent
decision-making.
Jacqueline Francois is now the executive chairman of Oscar Francois and
managing director of the manufacturing company Intersol Limited, which her
father co-founded. She started working part-time with both companies at the age
of 17, and was employed at Oscar Francois after graduating from the University
of Western Ontario with a degree in computer science.
“After graduating I joined the family business so I could learn it from scratch,
because my father had a heart attack in my first year of university. He recovered
well, but it brought some reality that I’m the eldest and I more than likely had
to help my mum.
“There was no point in time that I did not want to be part of the business.
Making them proud and making my contribution to the family was definitely
central to my motivation. Having said that, my sister Jasmine and I have always
said we have been so fortunate that we love what we do.”
Building a business
In 1958 Oscar Francois started with the distribution of prescription drugs.
Over the years, the business expanded to include over-the-counter drugs and
veterinary drugs. Eventually it expanded further into distribution of personal
care products with the manufacture of the Fabergé line of fragrances at Intersol.
In the mid-90s, Jacqueline was personally responsible for the introduction and
growth of the agricultural side of the business, providing fertilisers and seeds as
well as organic solutions to farmers. She also launched a motor vehicle security
division in 1990, which was sold earlier this year.
Oscar Francois continued to expand the personal care line, moving beyond
shampoos, conditioners and styling products to introduce products and training
for professional hairdressers. The medical department also introduced surgical
instruments for public and private operating theatres. In addition, in 1998, when
Unilever purchased the Fabergé line, Intersol began manufacturing Alberto VO5,
TCB, and Motions hair products.
As she moved through the various departments of both companies, Jacqueline
had to learn fast, make quick decisions and adjust to new circumstances. She
learned about markets, export sales, technical information about vehicle security
and other subjects on-the-go through workshops, personal reading, private tutors,
28 DECEMBER 2019 chamber.org.tt
Business profile
and even returning to school to earn an MBA in Business
at the UWI-Arthur Lok Jack Global School of Business
(UWI-ALJGSB).
“This degree exposed me to human resource management
and organisational design and development, in which I
developed a keen interest. I immediately saw the benefits
of adopting some of these practices.”
As a result, upon assuming the role of CEO in 2000,
Jacqueline made the development of her team a primary
focus as she grew and re-shaped the business. “We invested
heavily in managerial and staff development by training
our leadership in change management techniques, and
sponsoring cross-functional teams who planned and
executed process improvement projects. We have been very
pleased with the results.
“I have grown as a businessperson, learning from
numerous mentors over the span of my career. Therefore I
also love to share my knowledge and experience, and have
gained a great deal of joy in leading the charge of investing
in the development of our team. I have received immense
satisfaction from seeing the growth of each team member.”
Achieving balance
Jacqueline’s fast-paced life of business and learning has
led to a lot of personal sacrifice, not just for the good
of the family’s businesses, but also to give back to the
country. She volunteered to represent the Trinidad and
Tobago Chamber of Industry and Commerce on several
Cabinet-appointed committees, including the HIV/AIDS
Coordinating Committee and the Drug Advisory Committee.
Jacqueline was also a mentor with the UWI-ALJGSB
BizBooster Incubator programme where she coached female
micro entrepreneurs. She also headed the Membership
Committee of the Powerful Ladies of Trinidad and Tobago
(PLOTT) for five years.
She continues to actively contribute to the Holy Name
Past Pupils Association through various committees,
and recently helped organise a career day for Form Four
students. For the past six years, she has been a volunteer
catechist at St Finbar’s Roman Catholic Church where she
teaches confirmation. And for the past year she has been the
coordinator of several programmes at the church – baptism,
first communion, confirmation, and the Rite of Christian
Initiation of Adults.
“God is at the centre of my life. God has graced me with
an extremely caring mother who has very high standards,
not just for me but for each of her children, grandchildren
and the people she comes into contact with. And a father
who was very open with his tutelage, particularly his
experiences.”
Jacqueline is very close to her siblings, thankful for her
wonderful brothers-in-law, and thoroughly enjoys her three
nieces and four nephews, who she admits that she spoils.
Her love of family also means that, while she may get
Who is Jacqueline Francois?
She is executive chairman of Oscar Francois Ltd and managing
director of Intersol Ltd. At the age of 17 she started working
part-time with both companies while still attending school.
In 1981 she graduated from the University of Western
Ontario with a degree in computer science and was
permanently employed at Oscar Francois. From then to
1983 she worked in the accounts, customs, and information
technology departments of both companies. In 1983 she
became the export sales representative for Intersol. In 1985
she took on the role of sales and marketing manager for the
personal sales division at Oscar Francois.
That year she also joined the Trinidad and Tobago Chamber
of Industry and Commerce’s (TTCIC) pharmaceutical committee.
She became vice-chairman of the committee in 2009 and
eventually became chairman before the committee was
disbanded.
In 1990 she became the pharmaceutical director at Oscar
Francois. She then completed her Executive MBA at the UWI-
ALJGSB, and became the deputy managing director at Intersol
in 1994.
In 2000 she became CEO of Oscar Francois, and held the position
for 17 years. That year she also became and remains managing
director of Intersol.
In 2013 she was elected a director of the TTCIC. Since 2017 she
has been the executive chairman of Oscar Francois.
tired and stressed at times, she has never regretted working
in the family business or wanted to go elsewhere.
The future
On the business side, things have been challenging as
a result of the local economic climate. Jacqueline says
demand is down in some areas, though growing in others.
There has been some growth in the export market however,
as Intersol recently launched Diquez Baby Lotion, which has
been well accepted locally and internationally.
In the area of chronic disease medicines, Jacqueline says,
business is becoming more costly because of delays created
by inefficiencies in the system, waiting for approvals, and
other time-related factors.
“Every transaction costs more money. Because of that,
we are constantly looking at becoming more and more
efficient so we could keep costs down and pass savings on
to the consumer.”
Despite these challenges, Jacqueline is looking forward
to the future. Oscar Francois already manages sales and
marketing efforts for a few international companies, and she
would like to see the business move beyond manufacturing
and distribution into added services.
“My role as executive chairman for the last two years has
really been about building that foundation for growth while
the rest of the executive team takes care of the day-to-day
operations. I am certainly looking forward to seeing the
fruits of my labour.”
chamber.org.tt
DECEMBER 2019 29
30 DECEMBER 2019 chamber.org.tt
Growth and learning corner
The Chamber's growth and learnING corner
What have you read, watched or listened to lately that has
contributed to your growth and development as a businessperson?
Lara Quentrall-Thomas
Chairman, Regency Recruitment and Resources Limited
Brené Brown, researcher and author, focuses on
shame, empathy and vulnerability and the effect
they have on the way we build relationships. I
particularly identified with her presentation at 99U,
an education platform, on “Why your critics aren’t
the ones who count”.
She discusses the idea that taking risks and moving
forward as a professional requires courage, and that
courage has consequences. If you are brave enough
to put yourself in the arena and take risks, you may
encounter failure or criticism.
Sometimes the harshest critic is yourself. You have
to learn not to compare yourself to others and to value
the work that you do. The video is also about which
critics you listen to, and how to weed out those who
may not have your best interest at heart. She says if
someone is sitting on the sidelines and has not done
the work, put in the effort or taken the risk, if they are
not in the arena or have not walked that journey, then
I should not be interested in their feedback.
When you put yourself out there you are vulnerable,
and with vulnerability comes fear, anxiety, and also a
pathway to creativity, love and joy.
It takes courage to show up, to be seen, to be heard.
Courage has consequences both good and bad, all of
which are learning experiences you grow from.
View the video here:
https://www.youtube.com/watch?v=8-JXOnFOXQk
Jillian Martin
Chief Executive Officer, Davyn Limited
Recently, I came across an article by Amy Morin, a psychotherapist, on developing mental strength:
“Mentally strong people: the 13 things they avoid”. This list of things which strong individuals should not
do really spoke to me as an entrepreneur:
1. Waste time feeling sorry for themselves
2. Give away their power
3. Shy away from change
4. Waste energy on things they can’t control
5. Worry about pleasing others
6. Fear taking calculated risks
7. Dwell on the past
8. Make the same mistakes over and over
9. Resent other people’s success
10. Give up after failure
11. Fear alone time
12. Feel the world owes them anything
13. Expect immediate results.
The point which particularly resonated with me was “not to give away my power”. This is critical because, as
business leaders, how we respond to situations in the workplace impacts everyone around us. We have to be
able to manage our actions and emotions in order to effect the right outcomes.
Rather than shy away from challenging workplace interactions, we should stay mentally strong, step
forward, and avoid giving others the power to make us feel inferior or bad. You can change the dynamic of
any situation by controlling your behaviour: your strength is your ability to manage the way you respond.
Read the article here: https://www.forbes.com/sites/cherylsnappconner/2013/11/18/mentally-strong-peoplethe-13-things-they-avoid/#6337b52a6d75
chamber.org.tt
DECEMBER 2019 31
Growth and learning corner
The Chamber's growth and learning corner
What have you read, watched or listened to lately that has
contributed to your growth and development as a businessperson?
Roanna Maraj
Managing Director, ShupHub.com
Dame Anna Wintour is a British-American journalist and editor who has been editor-inchief
of Vogue since 1988 and artistic director for Condé Nast, Vogue's publisher, since 2013. She is
one of my mentors – a businesswoman who has dominated the industry she works in.
In a podcast leading her first Master Class for leadership and creativity, she said: “You are driven by your
heart, by your talent, and you are driven by your instinct … and if you start to look at what people are doing
to the left of you or to the right of you, you are going to lose that clarity of thought! Own your decisions, and
own who you are, but without apology ...”
This quote resonates with me as I am learning that I need to work “twice as hard” as a female entrepreneur,
and to be focused, determined, creative in my thinking. There are lots of people out there who will say “no”;
I have to figure out how to get around that, believe in my gut feeling/instincts, and not be afraid to firmly
demand what I want – and make it happen!
Listen to the podcast here:
https://www.masterclass.com/classes/anna-wintour-teaches-creativity-and-leadership
32 DECEMBER 2019 chamber.org.tt
chamber.org.tt
DECEMBER 2019 33
How businesses operate
The value of corporate
governance
Corporate governance is improving globally, but not by enough.
Investors, shareholders and citizens are demanding greater
accountability and transparency. Spurred by legislative and financial
obligations, this should produce positive changes in the next decade
by Shelly Ann Mohammed
Head, ACCA Caribbean
Corporate governance continues to advance in global
importance and relevance. As the former Group Chief
Legal Officer of CL Financial, working with the government
on the restructuring of the company, I saw firsthand how
the collapse affected the Caribbean. The importance of good
corporate governance was never more apparent.
In response to a number of high-profile corporate failures
in the United States, rules affecting corporate governance
were overhauled. The introduction of the Sarbanes-Oxley
Act in 2002 established sweeping auditing and financial
regulations for public companies. Aspects of this overhaul
have found their way into the legislation of many other
jurisdictions.
Erosion of trust
Debates on corporate governance remain heavily focused
on public companies and regulated organisations, which
represent a small fraction of economic activity in most
countries. This is particularly true in Trinidad and Tobago,
where private and family-owned businesses dominate.
Corporate governance is the framework of rules and
practices that direct how businesses operate, and ensure
there is the highest possible accountability, transparency,
integrity and sustainable success.
ACCA (the Association of Chartered Certified Accountants)
has been conducting research on corporate governance
since 2012, under a global initiative called “Culture and
channelling corporate behaviour”. In the 2008 global
financial crash, many companies who were compliant with
rules and regulations were still caught in the crisis. This
demonstrated very clearly that regulation and corporate
governance mechanisms failed to prevent dysfunctional
behaviour from spreading and seemingly thriving businesses
from collapsing.
Business scandals, public inquiries and corporate
wrongdoing continue to make headlines in Trinidad and
Tobago, and underscore the need to strengthen the interface
between corporate governance and ethics. Trust has been
eroded across a range of sectors, from politics to the media
to business, and society now demands more accountability.
Impact of organisational culture
ACCA’s research shows that culture is often driven from
the top: our political as well as corporate leaders have
responsibility for ensuring that values are lived and
breathed throughout society and in every organisation.
A number of institutions such as the Organisation for
Economic Co-operation and Development (OECD), and
locally the Corporate Governance Institute, are promoting
greater transparency, enhanced board effectiveness,
greater protection of shareholder rights and improved
stakeholder accountability.
It is imperative that state-owned agencies, private
family-operated businesses and publicly traded companies
understand that corporate governance has positive effects
on trust, confidence, credibility and reputation, which can
lead to long-term value creation and investor confidence.
External corporate governance consists of mandatory and
voluntary codes, reports and frameworks such as company
law, stock market listing rules and accounting and auditing
standards. According to the World Economic Forum, Trinidad
and Tobago still has a lot of work to do in this area (see Table
1). Internal corporate governance is about how such external
governance is complied with and embedded within the culture
34 DECEMBER 2019 chamber.org.tt
How businesses operate
and values of the organisation, and how sound governance is
implemented and works in practice.
The corporate governance framework can play its part
in providing a structure for governing the behaviour of
companies and their officers. However, external rules,
regulations, and codes of practice are not effective unless
a climate of compliance is established within organisations.
Embedded within companies, there also needs to be a culture
recognising the responsibilities and duties of management
with regard to the legitimate rights of their stakeholders
and shareholders.
Effective corporate governance is about promoting a
climate of transparency, scepticism and objectivity, by
creating systems, procedures, and internal structures. The
aim is compliance with external requirements, but also preempting
and dissuading anti-stakeholder behaviour from
deep within the organisation.
Rebuilding trust
Trust matters, and in Trinidad and Tobago it is at an alltime
low. The Centre for Public Impact (CPI), a foundation
of the Boston Consulting Group, works to rethink how
governments around the world can increase the impact of
their corporate governance policies and programmes. In
CPI’s view, legitimacy is a central pillar in achieving policy
outcomes and producing impact.
Table 1: Trinidad and Tobago’s 2019 Economic
Profile – selected corporate governance indicators
Index component
Strength of auditing and accounting
standards
Rank/141
77
Conflict of interest regulation 27
Shareholder governance 84
Source: Global Competitiveness Report 2019,
Klaus Schwab, World Economic Forum, http://
www3.weforum.org/docs/WEF_TheGlobalCompetitivenessReport2019.pdf
Effective corporate governance is about
promoting a climate of transparency,
scepticism and objectivity, by creating
systems, procedures, and internal
structures
Figure 1: Number of governance factors (26 in total) disclosed in public companies’ 2017 annual reports
Compliance To International Quality Factors, Associated With Effective Governance
25
20
23
22
21 21 21
20
18
18
SCORE OUT OF 26
15
10
16
13
12
11
10
10
9
9
8
5
5
4
4
4
3
3
2
2
2
2
0
SAGICOR
NCB
FCB
GRACE
KENNEDY
JMMB
MASSY
CIBC
SCOTIABANK
GUARDIAN
HOLDINGS
AGOSTINI
PRESTIGE
HOLDINGS
NFM
ANGOSTURA
RBL
OCM
WITCO
TCL
ANSA MCAL
BERGER
L.J. WILLIAMS
NGL
ANSA MER-
CHANT BANK
NEL
GUARDIAN
MEDIA
PLIPDECO
READYMIX
UNILEVER
COMPANY
Source: https://newsday.co.tt/2018/12/13/tt-companies-get-failing-grade-on-corporate-governance-standards/
chamber.org.tt
DECEMBER 2019 35
2030: Corporate governance
Recommendations for stateowned
businesses
Recommendations for familyoperated
businesses
State boards should be held responsible and accountable for
ensuring the highest standards of corporate governance, and
should be expected to serve the interests of their stakeholders,
including the government as a shareholder, and the taxpayer.
The corporate governance of state-owned enterprises
(SOEs) should be a key priority for Trinidad and Tobago.
It can result in significant economic gains and increase
competitiveness.
When SOEs underperform, there is a high economic,
financial and opportunity cost for the wider economy.
It diverts scarce public sector resources and taxpayers’
money away from much needed social sectors which
can directly benefit the poor. In Trinidad and Tobago,
governance challenges include highly politicised state
boards, and lack of autonomy by management in dayto-day
operational decision-making.
A lack of corporate governance in state-owned entities
can be a source of corruption. Government should
develop a structured transparent process for board
nominations, to ensure that directors are appointed who
have the required experience and range of competencies
to perform corporate governance roles, to guide strategy
and oversee management.
Family-owned businesses underpin Trinidad and Tobago’s
economy, and face unique performance and governance
challenges as they grow from generation to generation. A
McKinsey study showed that around the world only 30%
of family businesses survive into the third generation of
ownership.
Among the factors that ensure success is strong
governance of the company. It is important to have
a board with independent external directors and a
separation between ownership and management. This
helps to complement the family’s knowledge with fresh
strategic perspectives from qualified outsiders. If these
challenges are managed, family-owned and -operated
businesses can endure and prosper for generations.
More than ever, therefore
it is the responsibility
of professionals such as
lawyers, corporate secretaries
and accountants to call out
unethical behaviour
CPI’s research shows that governments struggle to achieve desired outcomes
when the public does not trust state institutions. Publicly traded companies
and conglomerates have traditionally performed better at corporate governance.
For example, in 2019 Ethical Boardroom, a global governance magazine and
website, recognised the Massy Group from Trinidad and Tobago as having the
“best corporate governance” amongst Caribbean companies in the conglomerate
category.
In December 2018 the UWI-Arthur Lok Jack Global School of Business (UWI-
ALJGSB), in collaboration with the Clarkson Centre for Business Ethics and Board
Effectiveness at the Rotman School of Management, University of Toronto (CCBE),
released the results of a study on the status of corporate disclosure practices
among publicly listed companies on the Trinidad and Tobago Stock Exchange
(TTSE). Figure 1 shows that companies scoring well were predominantly financial
institutions, insurance companies and conglomerates.
Conversely, two groups which make up a significant portion of business in
Trinidad and Tobago but often lack good corporate governance are state-owned
agencies and family-owned businesses.
More than ever, therefore it is the responsibility of professionals such as
lawyers, corporate secretaries and accountants to call out unethical behaviour.
The fight against corruption must start at the top with a clear commitment
from our leaders. The principles of corporate governance and ethics need to be
embedded in our daily lives, as any perceived lack of trust negatively impacts
business performance and lowers investor confidence.
36 DECEMBER 2019 chamber.org.tt
Courtesy Slimdown 360
Jody White,
founder of Slimdown
360, participated in
2018’s Pitch@Palace,
a UK entrepreneurship
programme
Following similar US-based models,
Slimdown 360 delivers portioncontrolled,
nutrition coachrecommended
breakfast, lunch
and dinner (over 100 items) as well
as fitness coaching, lectures, and
access to an online community
that encourages members on their
path to a healthy lifestyle
Meet the food innovators
This time the spotlight falls on food manufacturers
Slimdown 360 and Del Mano Food. Both embrace local
ingredients, creating sustainability in their supply chains.
Here their founders reflect on how they changed careers
and found their passion in the world of agro-processing
by Jeanette G. Awai
Freelance writer
Courtesy Slimdown 360
A range of healthy,
meal delivery options by
Slimdown 360
Slimdown 360
Nine years ago, Jody White’s job as a pharmaceutical manager was being
made redundant. “I had two options: look for a job or open a business.” Thus
the concept of his company Slimdown 360 emerged. “I couldn’t find a job,
so I started Slimdown 360 as a low-calorie meal delivery weight loss
service.”
At the time, the dominant meal delivery service (MDS) was, and still
is, fast food, which has been linked to an increase in non-communicable
diseases (NCDs). According to the Ministry of Health’s National Strategic
Plan for the Prevention and Control of NCDs: Trinidad and Tobago: 2017-
2021, Trinidad and Tobago has one of the highest rates globally for NCDs.
Heart disease accounts for 25% of deaths annually, followed by diabetes
(14%), cancer (13%), and cerebrovascular disease (10%).
Slimdown 360’s meal delivery service helps provide a convenient healthy
alternative for customers. Following similar US-based models, Slimdown 360
chamber.org.tt
DECEMBER 2019 37
Innovation in business
About Slimdown 360
••
Started in 2010 as a low-calorie meal delivery
service
••
Headquarters are located in Balmain, Couva
••
Today, it has 10 permanent employees and
additional contract workers as needed
••
Slimdown 360 manufactures sweet potato
and cassava pastas, fries and instant mashed
powders; gluten-free flours in cassava, sweet
potato, breadfruit, rice; as well as dried fruit
••
In 2018, Slimdown 360 won the inaugural
Duke of York’s Pitch@Palace People’s Choice
award out of 42 participants
••
Its products can be found on local grocery
shelves, and worldwide including mainland
USA plus Hawaii and Puerto Rico,
France, Germany, Italy and the UK; also on
Amazon.com
••
You can sign up to get a free fitness
assessment, and purchase Slimdown’s tailored
MDS packages individually or as part of a
corporate programme, at www.slimdown360.
com. You can also purchase Slimdown 360
products at https://shopslimdown360.com/
••
Slimdown 360 posts recipes, weight loss
success stories and more on their Facebook
and Instagram pages and their YouTube
channel, @slimdown360
••
You can also start your fitness journey
by joining the “Trinbago Goes on a Diet”
drive, funded by Slimdown 360, at www.
trinbagogoesonadiet.com. Here they tally the
weight loss of all participants to provide an
official Trinidad and Tobago tally.
Del Mano Food is
nearing the end of
an expansion project
aimed at increasing
production capacity
and availability across
the country
delivers portion-controlled, nutrition coach-recommended
breakfast, lunch and dinner (over 100 items) as well as fitness
coaching, lectures, and access to an online community that
encourages members on their path to a healthy lifestyle.
Sustainable agro-processing
As founder and managing director of Slimdown 360,
White’s desire to change the food industry didn’t stop
there. “My goal was to enter retail manufacturing, but
I didn’t know what type of products I wanted to create.
However, I wanted to keep it sustainable.”
The answer to White’s search was grounded in indigenous
root crop staples, literally. “The concept of sweet potato
pasta was first tested for a number of years. Then in 2017 it
was finally launched along with cassava pasta and instant
mashed provisions.”
Slimdown 360’s innovative product line has since
expanded to include fries, gluten-free flours and dried fruit,
all made with local produce. According to White, “Our sweet
potato fries are of a better quality and 30% cheaper than
imported ones. Our pastas are a leading gluten-free option
on Amazon, and we supply roughly 95% of sweet potato
and cassava flour in Trinidad and Tobago.”
A strong presence in mass media and social media, along
with government incentives, have contributed to Slimdown
360’s growth. White’s desire to create healthy Caribbean
food options and revolutionise the local agricultural
industry remains unchanged.
“We exported Trinidad and Tobago’s first ever
container load of sweet potato and cassava
fries, having processed around 20,000
pounds in eight days. I can source raw
materials from abroad, but it’s nice to
know that if I buy from ten farmers
locally, that’s ten families impacted.
There are a lot of challenges in the
agro-processing sector that I know my products can help solve.”
Del Mano Food
Do you know what goes into your sausage? If you’re eating a Del
Mano artisanal sausage, you can rest assured that it’s made from
high-quality ingredients and 100% passion.
Founder Stefan Grosberg doesn’t hide what’s in his handmade local sausages or
what it took to create them. Prior to establishing Del Mano Food, Grosberg always
had an interest in the sector, but wasn’t able to pursue it right away, choosing
instead to follow his family’s business – engineering.
“I studied chemical engineering at the University of Bath and worked at Chevron
Texaco as part of a course, but I knew I wanted more. I wanted a ‘green’ job where
I would help to build a better society. I started Del Mano because I recognised the
value of high-quality, real food. It was founded entirely on passion.”
Through travel, Grosberg was exposed to artisanal markets, and so he embraced
the idea of starting small, using local ingredients to create superior products. From
its humble beginnings in 2013, Del Mano Food was not afraid to carve its own niche.
“Our sweet
potato fries
are of a better
quality and 30%
cheaper than
imported ones.
Our pastas are a
leading glutenfree
option on
Amazon, and we
supply roughly
95% of sweet
potato and
cassava flour
in Trinidad and
Tobago”
courtesy DEL MANO
Del Mano Food’s
chorizo sausages, made
with herbs and paprika
38 DECEMBER 2019 chamber.org.tt
Courtesy Del Mano
Innovation in business
Stefan Grosberg,
owner of Del Mano
Food, displays his
handcrafted artisan
sausages
Through travel, Grosberg was
exposed to artisanal markets,
and so he embraced the idea
of starting small, using local
ingredients to create superior
products
About Del Mano Food
Grosberg says: “When we first started making pesto, the local market was
used to ‘green seasoning’, but we wanted to experiment with different herbs
and pressed on. Similarly, we introduced premium, fresh sausages to the market
which differed greatly from what was readily available such as hot dogs.” Del
Mano was also the first to introduce local gourmet sausages such as Spicy
Chorizo and Geera Pork.
Positioned for growth
As a manufacturer, Grosberg sources local inputs where available. Ideally, he
would like to produce products made entirely of local ingredients grown to high
standards and levels of wholesomeness.
Going artisanal can come at a high cost. “The paprika we make costs 2.5 times
more to make than to import from Spain. That shows how far as a country we
still have to go in the agricultural sector. We are strong believers in integrating a
local supply chain and achieving food security, but there are enormous challenges
in working with Trinidad and Tobago’s food supply structure.”
Still, Grosberg remains hopeful, thanks to the company’s loyal customers, many
of whom have supported the brand since it was launched at UpMarket, a food
and craft market. “Customers appreciate our high quality, and have ultimately
become our brand promoters, sharing it with family and friends.”
Del Mano Food is nearing the end of an expansion project aimed at increasing
production capacity and availability across the country. Look out for the redesigned
Del Mano brand and packaging, the opening of a factory, and continued growth
in retail spaces across Trinidad and Tobago.
••
Del Mano Food was started
in 2013 and is owned and
operated by Stefan Grosberg. It is
headquartered in Port of Spain
••
It sells 15 types of sausages made
from a variety of meats, including
pork, beef and lamb, as well as
limited specialty and custom
flavours. It also sells fresh pesto
which uses local ingredients
••
The sausages are all-natural; they
contain no additives, preservatives
or fillers
••
You can find Del Mano artisanal
sausages in the freezers of Adam’s
Bagels, Bloom’s Imports, Bodega
– Sips, Snax & Stuff, Fresh,
Massy Stores, Malabar Farms, RT
Morshead, Simple Choice Mart,
SuperPharm, Starlite Pharmacy,
The Happy Gourmet, and through
their website www.delmanofood.
com
••
Del Mano supplies many
restaurants and cafés: V & J
Brauhaus, Chaud Café & Wine
Bar, Cazabon Wine and Cocktail
Bar, Buzo Osteria Italiana, Pêche
Pâtisserie, Rizzoni’s Ristorante
Italiano, Dianne’s Tea Shop,
Five The Eatery, Drink Lounge &
Bistro, Taste, Amore Mio, Upicktt,
Woodford Café, Whipped, and
Island Beer Chill & Grill
You can also find them on Facebook
and Instagram pages: @DelManoFood.
chamber.org.tt
DECEMBER 2019 39
Top 5 facts
top 5 facts
Shipping in Trinidad
and Tobago
Courtesy Ramps Logistics
by Ramps Logistics Ltd.
1. Which sector accounts for the greatest tonnage to and from Trinidad
and Tobago?
According to the Ministry of Trade and Industry’s brochure on the maritime
sector, the energy sector accounts for the greatest tonnage to and from this
country.
The maritime sector is a major contributor to the economy of Trinidad and
Tobago and plays a key role in supporting both the energy and non-energy
sectors. Trinidad and Tobago’s connectivity to regional and global markets, its
healthy export base, vibrant energy sector, and low fuel rates are some of the
factors that make this country an attractive maritime location.
Trinidad and Tobago has two major cargo ports: the port of Port of Spain
and the port of Point Lisas. They are among the most highly developed in the
Caribbean. The country also has liquid, dry bulk and liquefied natural gas (LNG)
handling facilities.
2. How much did TEU cargo grow in 2018 at the key commercial ports
in Trinidad and Tobago?
In 2018 the port of Port of Spain
recorded an increase of 6% in the
throughput of containerised cargo.
TEUs (Twenty-Foot Equivalent
Units) increased from 252,159
in 2017 to 267,752 in 2018.
Figure 1 shows that at the port of
Point Lisas there was an increase of
5% in containerised cargo throughput
for 2018 when compared with 2017.
Table1: Container cargo movements in Trinidad,
2017-18
Port 2017 2018
Port of Spain 252,159 267,752
Point Lisas 162,498 170,951
In 2017, 162,498 TEUs were handled, compared with 170,951 in 2018.
This not only indicates growing volumes of exports and imports but, more
importantly, greater capacity and processing capability at local port facilities.
The collective processing of an extra 20,000+ TEUs in a year is commendable.
3. How does Trinidad and Tobago score on the World Bank Liner
Shipping Connectivity Index (LSCI)?
Ramps Logistics shipment in progress
Figure 1: Growth in TEUs at key commercial ports
in Trinidad & Tobago
300,000
250,000
200,000
150,000
1
00,000
The liner connectivity of ports has a large impact on the costs of container
transport in the Caribbean. The World Bank maintains an index called the
Liner Shipping Connectivity Index (LSCI) which tracks the level of connectivity
to global shipping networks. With an LSCI score of 12.36 in 2018, Trinidad
and Tobago is only outranked by The Bahamas and Jamaica among Englishspeaking
Caribbean markets.
50,000
0
Port of Spain
2017
Point Lisas
2018
40 DECEMBER 2019 chamber.org.tt
top 5 facts
Top 5 facts
According to a 2016 Caribbean
Development Bank report, Trinidad is
one of the best connected countries in
the region with 24 services.
4. What effect do delays have on
shipping costs and charges?
Demurrage is a fee assessed on cargo
that exceeds its allotted “free” time at
the terminal. The standard free time
is 4-5 days. Once that expires, a daily
storage fee (demurrage) is charged
until the cargo is removed from the
terminal.
Daily demurrage charges in Trinidad
and Tobago range from US$75 to
US$150 per container per day for the
first five days or so. Charges generally
increase the longer the cargo stays at
the terminal.
Delays in obtaining external agency
releases can result in a backlog of
imported containers, causing higher
demurrage charges which lead to
increased costs for importers of goods.
5. What is the proportion of domestic
to transhipment business in
Trinidad and Tobago?
The energy sector accounts for
the greatest tonnage to and from
this country
With an LSCI score of 12.36 in
2018, Trinidad and Tobago is only
outranked by The Bahamas and
Jamaica among English-speaking
Caribbean markets
According to a 2016 Caribbean
Development Bank report,
Trinidad is one of the best
connected countries in the region
with 24 services
Some of the largest transhipment
ports in the world are located in the
Caribbean basin, and transhipment is
an important aspect of the container transport industry in the region. Shipping
lines use the hub-and-spoke system to optimise supply chain cost and network
coverage.
Trinidad and Tobago, strategically located away from the hurricane belt and
between key trade routes connecting North and South America, is an ideal
transhipment point. It is also located 2,200 kilometres away from the Panama
Canal. The average proportion of domestic to transhipment business in Trinidad
is 60% and 40% respectively.
With the resurgence of oil in the Caribbean, drill ships are constantly being
moved through regional waters. Additionally, companies producing commodities
across South America experience great difficulty in getting products out of
Guyana and Venezuela, mainly due to old port infrastructure and inadequate
river draughts.
In fact, most exports from Guyana are currently transhipped through Trinidad.
Trinidad and Tobago’s naturally sheltered harbour in the Gulf of Paria, and its
advanced maritime capabilities and industry support, provide a good foundation
for the expansion of this sector.
chamber.org.tt
SEPT 2019 41
Advertorial
EXPORT
DEVELOPMENT
AGENCIES
There are several institutions (state enterprises/agencies) in Trinidad and Tobago that can assist exporters in
their endeavours. However, many businesses may not be aware of these export development agencies and
their roles and functions. Here’s a summary of three major institutions in Trinidad and Tobago that provide trade
support services:
1. Ministry of Trade and Industry (MTI)
This entity is responsible for growing trade, business and
investment. Here are some of the services they provide:
• Business Development Directorate
Responsible for:
a. Building and maintaining strategic alliances with traderelated
industries
b. Reviewing and monitoring systems for the integration of
business
c. Identifying areas for improvement with stakeholders.
• Policy and Strategic Directorate
Responsible for:
a. Collecting, analysing and disseminating data and information
regarding trade, business and investments
b. Giving advice on new and existing policies and trade
agreements.
• Trade Directorate
Responsible for:
a. Negotiating trade agreements
b. Implementing trade agreements
c. Developing National Export Strategy and policies.
UNITS
Trade Implementation Unit:
implements national obligations for all trade agreements and the
National Aid for Trade Strategy. They also serve as a national
contact for regional cooperation.
Fair Trading Unit:
provides protection to industries from incidents of unfair trade
practices which may range from under-pricing of goods to a
sudden increase in the volume of goods exported.
Trade Licensing Unit:
responsible for administering the import and export of goods;
their objectives are to facilitate investment and promote trade
through government policies. The import/export section conducts
investigations, submits reports and issues licences with respect to
goods subject to import/export control. When exporting goods on
the export negative list an export licence must be obtained prior to
shipment of the item from Trinidad and Tobago.
2. The National Export Facilitation
Organization of Trinidad and Tobago (EXPORTT)
EXPORTT is tasked with catering to the needs of exporters and
generating export growth and diversification in the non-energy
goods and services sectors. They provide a comprehensive
range of services to exporters to increase the number of
exporters and deliver value for money. The various services
available are:
a. Training Unit: this unit offers exporter training which
involves planning and coordinating the execution of training
programmes which build the capacity of exporters to increase
export competitiveness, develop new exporters and increase
access to new markets. It focuses on building the capacity
of the country’s exporters to master the essentials of an
export strategy. Whether it be new or existing exporters, all
initiatives are designed to equip exporters with skills to win
new business and/or generate export leads.
b. Capacity Building and Programme Financing: this unit
focuses on ensuring that companies have export-ready
products and services to enter international markets and
production processes which support export growth. The
capacity building activities include a range of exporter
training programmes, international standards certification
programmes and co-financing of export related costs.
c. Monitoring and Research: provides market intelligence on
virtually any market in the world.
d. Enabling Environment Certificate of Origin: this is where
you can obtain documents declaring that goods being
exported are of a certain origin and qualify for preferential
treatment or duty-free access in accordance with the
relevant Rules of Origin.
3. Ministry of Finance (MOF)
Here you can obtain information on how to export from and
import goods into Trinidad and Tobago. Examples of information
readily available are: documents required to export locally
manufactured products, how to export, and licensable exports.
Export-Import Bank of Trinidad
and Tobago Limited (Eximbank)
Exim House
#30 Queen’s Park West
Port of Spain
(868) 628-2762/1382
eximbank@eximbanktt.com
www.eximbanktt.com
Economic outlook
State of the nation
Globally, the impact of Brexit remains uncertain in the UK, and closer to home,
Latin America continues to experience slow growth. The Chamber also considers
the impact of Hurricane Dorian on the Caribbean, and forecasts Trinidad and
Tobago’s performance in the fourth quarter
by Kimberly Browne
Project Assistant, Trade and Business
Development Unit, Trinidad and Tobago
Chamber of Industry and Commerce
Latin America
1
According to the World Economic Forum, despite
Latin America’s attempt at poverty reduction and the
implementation of political reform initiatives, economies
within the region continue to experience slow growth.
Between 2000 and 2016, GDP has averaged 2.8% per year,
well below the average of 4.8% in 56 other emerging
economies of the world (excluding China).
2
In August 2019, the International Monetary Fund (IMF)
revised its 2019 economic growth forecast to 0.6% from
the 1.4% which was forecast in April 2019. As this growth
continues to be unevenly distributed
within the region, analysts suggest
that, for growth to become stabilised
and dynamic, inclusive economies
should incorporate and support
medium-sized firms in order to foster
competition and harness the spending
of middle-class consumers, which
could create much-needed demand.
This can be achieved by harnessing
the power of new digital technologies such as FinTech.
Easing of economic development will erode Latin
America’s rate premium over United States policy rates,
which is a key driver of foreign capital inflows into local
stocks and bonds. For example, Brazil is experiencing its
lowest rate on record; at the same time, Chile and Colombia
show the narrowest rate in over ten years.
The Caribbean
3
In the Caribbean, economic prospects are generally
improving, but with substantial variation across countries.
Growth is expected to strengthen to around 2% in
2019-2020, influenced by reconstruction from the 2017
hurricanes, and supported in tourism-dependent economies
by still strong growth in the US, the main market for tourism
in the region.
In September 2019, parts of The Bahamas – especially
the Abaco Islands and Grand Bahama – were devastated
According to the World Economic
Forum, despite Latin America’s
attempt at poverty reduction and
the implementation of political
reform initiatives, economies within
the region continue to experience
slow growth
by category 5 Hurricane Dorian. 4 According to Bloomberg,
analysts expect Dorian to have a substantial impact on the
insurance industry. Data from the 5 Insurance Information
Institute shows that the industry lost US$25 billion, which
would make Dorian the most expensive natural disaster
since 2017’s Hurricane Maria.
The government of The Bahamas has received the first
tranche of a cash payout of nearly US$11 million from
the Caribbean Catastrophe Risk Insurance Facility (CCRIF).
The Bahamas has three tropical cyclone policies with
CCRIF, each covering part of the 700-island archipelago
(northwest, southeast and central).
Additionally, The Bahamas has already
provided assurances that its foreign
currency reserves are not under threat
despite the negative impact of Hurricane
Dorian.
According to the governor of the
Central Bank of The Bahamas, John
Rolle, reserves may be impacted next
year, but will not be completely depleted
as the rebuilding on Grand Bahama and in the Abacos
begins. This is likely to be mitigated somewhat by the
reinsurance flows that will benefit The Bahamas in the wake
of the disaster, and by loan funds borrowed by the state.
In Guyana 6 ExxonMobil made a recent oil discovery in
the Stabroek Block offshore, at the Tripletail-1 well in the
Turbot area. This discovery adds to previous estimates of
more than 6 billion oil-equivalent barrels in the Stabroek
Block.
7
2019 oil finds are expected to have a major impact on
the country’s socioeconomic development amidst ongoing
political uncertainty. To mitigate the chances of suffering
under the resource curse that has affected other oil-rich
countries, Owen Verwey, CEO of the Guyana Office for
Investment, notes that the country’s energy officials are
meeting regularly with officials from Scotland and the
Canadian province of Newfoundland and Labrador, to
discuss policy, regulation, enforcement and development.
chamber.org.tt
DECEMBER 2019 43
State of the nation
Growth in the Caribbean is expected to strengthen
to around 2% in 2019-2020, influenced by
reconstruction from the 2017 hurricanes, and
supported in tourism-dependent economies by still
strong US growth, which is the main market for
tourism in the region
8
Table 1: Latin America and the Caribbean — real GDP growth at
market prices (%)
Latin America &
the Caribbean
Projected
Source: International Monetary Fund (IMF)
Revised
2019 2020 2019 2020
0.8% 0.6% 0.6% 2.3%
The IMF’s revised GDP growth forecast for Latin America
and the Caribbean remains sluggish (see Table 1).
The figures reflect elevated domestic policy uncertainty in
some large economies, heightened US-China trade tensions,
and the region’s effect on lower global growth.
The domestic landscape: Trinidad and Tobago
9
Prior to the national budget reading on 7th October 2019,
the business community expressed concern regarding TT$6
billion owed in VAT refunds, the forex shortage, and the
need to improve the ease of doing business.
10
Trinidad and Tobago’s economic activity in 2019 was
slow-moving in the second quarter, following what analysts
expected to be a healthy turnover from Q1. In Q2, there
was a decline in LNG and natural gas production as well as
overall cement sales. In Q3, annual LNG output rebounded,
while private spending increased with a rise in local vehicle
sales. Moreover, Carifesta, a 10-day arts festival held in
August 2019, should have provided a one-time boost to
tourism.
Trinidad and Tobago should expect slower growth in
Q4 due to lower crude output and weaker global growth.
44 DECEMBER 2019 chamber.org.tt
State of the nation
Trinidad and Tobago should expect slower growth
in Q4 due to lower crude output and weaker global
growth. However, the Angelin project (offshore gas
production sanctioned by bpTT) and government
spending should help support the economy
However, the Angelin project (offshore gas production
sanctioned by bpTT) and government spending should
help support the economy. Strained commodity prices
along with the crisis in Venezuela continue to pose risks
to Trinidad and Tobago’s economic development. Focus
Economics panellists predicted growth of 1.4% in Q4 2019,
unchanged from the August 2019 forecast, and 1.6% in
2020 (see Table 2).
14
Table 3: United Kingdom: real GDP growth at market prices (%)
Projected
Revised
2019 2020 2021 2019 2020 2021
United Kingdom 1.3% 1.0% 1.2% 1.2% 0.8% 1.2%
Source: British Chambers of Commerce
GDP growth forecast for 2019 and 2020 reflect a weaker
outlook for investment, trade and productivity. This is also
affected by the lack of clarity over the outcome of Brexit
and deteriorating global economic conditions.
11
Table 2: Trinidad and Tobago: GDP Growth at market prices (%)
2019 2020
1.4% 1.6%
Source: Focus Economics
Global outlook
12
In September 2019, oil prices surged by nearly 20% after
two drone attacks on Saudi Arabian facilities shut out more
than 5% of the world’s supply. About 50% of Saudi Arabia’s
oil output was affected, or 5% of daily global oil production.
It could take weeks before the facilities are fully back on
line. Future impacts are still to be ascertained as the energy
minister, Prince Abdulaziz bin Salman, stated that some of
the fall in production would be made up by reserves.
Brent crude, the international benchmark used by oil
traders, increased to US$71.95 a barrel at one point. US oil
prices also spiked, but both trimmed gains as US president
Donald Trump authorised the release of US reserves.
13
In other trends, data from Germany and China showed
that the current trade wars seem to be problematic for
financial markets as manufacturing-dependent economies
face the challenges of future development, while the bond
market fears the possibility of an American recession.
Stocks and commodities tumbled in Europe and the US
as risk-averse investors raced to the safety of government
bonds, pushing bond prices sharply higher and yields to
low levels not seen in years.
The British Chambers of Commerce latest economic
forecast downgraded growth expectations for the United
Kingdom in 2019 to 1.2% (from 1.3%) and to 0.8% (from
1.0%) for 2020. Its GDP growth forecast of 1.2% remains
unchanged for 2021 (see Table 3).
While the leading business group expects that the UK
economy will avoid a technical recession and return to
modest growth in the third quarter, downgrades to its
References
1
Remes, Jaana, et al. “What Happened to Latin America's 'Missing Middle'.” World
Economic Forum, 23 Aug. 2019, www.weforum.org/agenda/2019/08/latin-americafill-missing-middle-economy-digital-tech/
2
McGeever, Jamie. “Latin America Lacks Ammunition to Fight Global Economic Slowdown.”
Reuters, Thomson Reuters, 20 Aug. 2019, www.reuters.com/article/U.S.-latameconomics-recession-analysis/latin-america-lacks-ammunition-to-fight-global-economic-slowdown-idU.S.KCN1VA1YH
3
Werner, Alejandro. “Outlook for Latin America and the Caribbean: A Stalling Recovery.”
IMF Blog, 29 July 2019, blogs.imf.org/2019/07/29/outlook-for-latin-america-andthe-caribbean-a-stalling-recovery/
4
Hadfield, Will. “Hurricane Dorian Likely to Cause $25 Billion of Losses, UBS Says.”
Bloomberg.com, Bloomberg, 2 Sept. 2019, 6:05 am, www.bloomberg.com/news/articles/2019-09-02/hurricane-dorian-likely-to-cause-25-billion-of-losses-ubs-says
5
“Facts + Statistics: Hurricanes.” Insurance Information Institute, Sept. 2019, www.iii.
org/fact-statistic/facts-statistics-hurricanes
6
“ExxonMobil Announces Oil Discovery Offshore Guyana at Tripletail.” Manchester
Times, 16 Sept. 2019, www.manchestertimes.com/news/bU.S.iness/exxonmobil-announces-oil-discovery-offshore-guyana-at-tripletail/article_ef8d0f04-61a3-510bb946-06efe3a25326.html
7
Guthrie, Craig. “Guyana Tipped for Another Find.” Petroleum Economist, 6 Sept. 2019,
www.petroleum-economist.com/articles/upstream/exploration-production/2019/
guyana-tipped-for-another-find
8
Alejandro. “Outlook for Latin America and the Caribbean: A Stalling Recovery.” IMF
Blog, 29 July 2019, blogs.imf.org/2019/07/29/outlook-for-latin-america-and-thecaribbean-a-stalling-recovery/
9
Kowlessar-Alonzo, Geisha. “New Measures Needed for Sustainable Economic Growth
– Trinidad Guardian.” Digital Publishing Software, Guardian Media, 10 Sept. 2019,
edition.pagesuite.com/popovers/dynamic_article_popover.aspx?artguid=f8dbadf4-
d97a-4c04-9a18-d4de524f11fc&appid=3352&fbclid=IwAR1mG1Pd52Kg9e3J0D8X
WNaWxpAC3qhIZzCDc5Zhqtx3pkxLvAKIuT-euF8
10
FocusEconomics. “Trinidad & Tobago Economy – GDP, Inflation, CPI and Interest
Rate.” FocusEconomics | Economic Forecasts from the World's Leading Economists, 10
Sept. 2019, www.focU.S.-economics.com/countries/trinidad-tobago
11
“BCC Forecast: Business Investment and Productivity Sinking amid Brexit Stalemate
and Global Slowdown.” British Chambers of Commerce, 16 Sept. 2019, www.britishchambers.org.uk/news/2019/09/bcc-forecast-bU.S.iness-investment-and-productivity-sinking-amid-brexit-stalemate-and-global-slowdown
12
“Oil Prices Soar after Attacks on Saudi Facilities.” BBC News, BBC, 16 Sept. 2019,
www.bbc.com/news/business-49710820
13
Phillips, Matt. “Stock Markets, Jolted by Economic Worry, Suffer 2nd Worst Drop
of 2019.” The New York Times, The New York Times, 14 Aug. 2019, www.nytimes.
com/2019/08/14/bU.S.iness/stock-market-today-bond-market.html
14
“BCC Forecast: Business Investment and Productivity Sinking amid Brexit Stalemate
and Global Slowdown.” British Chambers of Commerce, 16 Sept. 2019, www.britishchambers.org.uk/news/2019/09/bcc-forecast-business-investment-and-productivitysinking-amid-brexit-stalemate-and-global-slowdown
chamber.org.tt
DECEMBER 2019 45
Energy update
Energy update
by Reagan Stroude
Research Officer, Trade and Business Development Unit,
Trinidad and Tobago Chamber of Industry and Commerce
Local crude oil and natural gas production and usage
➤ As can be seen in Figure 1, when
comparing Q2 data from 2018 and 2019,
between the top three producers there
was an average decline in oil production of
approximately 17%. Over the same period
there was a modest decrease in natural gas
output of approximately -7.4% (Figure 4).
Figure 3 also shows that the LNG sector
continues to be the major user of natural
gas locally, utilising an average 56% of
total production
Fig. 1: Top oil producers (avg. bopd)
Q2
2018
18,773
HPCL (offshore)
12,553
HPCL (land)
11,524
Perenco
Q2
2019
15,713
HPCL (offshore)
10,071
HPCL (land)
9,605
Perenco
Fig. 2: Imports vs exports of crude oil (barrels)
7,992,239
2,242,026
N/A
5,584,365
Q2
2018
Q2
2019
Imports
Exports
Imports
Exports
➤ Comparing Q2 data of 2018 and
2019, it can be seen in Figure 1 that
HPCL (offshore) has remained the top
oil producer for this period, despite a
significant decrease in output compared
to 2018 figures. It is important to note
that during Q4 of 2018, the domestic
oil refinery was closed, leading to oil
imports being halted for that period;
this is shown in Figure 2.
Fig. 3: Natural gas utilisation by sector
Q2 2019 (avg. mmscf/d)
3,324
LNG
1855
Ammonia
564
Methanol
532
Power
262
Iron & Steel
44
Other
67
Fig. 4: Top local natural gas producers
Q2 2018 vs Q2 2019 (avg. mmscf/d)
2018
2019
2,103
BPTT
1,743
BPTT
538
Shell
684
Shell
507
EOG
489
EOG
Source: MEEI Consolidated Reports 2018 & 2019
46 DECEMBER 2019 chamber.org.tt
Energy update
Comparing Q2 data of 2018 and 2019’s production and export
levels for energy and downstream products
2018
2019
➤ A comparison between 2018 and
2019 shows that overall natural gas
production levels declined significantly
in the months of April and June of 2019,
when compared against 2018 date for
the same time period.
➤ Crude oil condensate production
over Q2 of 2019 remained deflated when
compared with 2018 figures.
➤ With the exception of urea,
downstream products generally showed
slight improvements over their 2018
values for the periods shown.
.
Thousands
Thousands
4.0
3.9
3.8
3.7
3.6
3.5
3.4
3.3
3.2
3.1
3
500
450
400
350
300
250
200
150
100
50
0
Natural gas production (mmscf/d)
April May June
Ammonia production (mega tonnes)
April May June
70
68
66
64
62
60
58
56
54
500
450
400
350
300
250
200
150
100
50
0
Crude oil condensate production (bopd)
April May June
Ammonia exports (mega tonnes)
April May June
Methanol production (mega tonnes)
Methanol exports (mega tonnes)
600
Thousands
520
500
480
460
500
400
300
440
420
400
200
100
380 0
April May June
April
May
June
Urea production (mega tonnes)
Urea exports (mega tonnes)
Thousands
64 70
63
62
60
61
50
60
40
59
58
30
57
20
56
55
10
54 0
April May June
April
May
June
Source: MEEI Consolidated Reports 2018 & 2019
chamber.org.tt
DECEMBER 2019 47
The Chamber and its members
Welcome, new members!
The Chamber extends a warm welcome to companies and individuals
who have become members in recent months
Constellation Development
Services Ltd.
Real estate services &
vacation rentals
234-2785
efil.edsrealestate@outlook.com
Ecotox Environmental
Services Ltd.
Environment and occupational
testing services
672-6620
md@ecotoxes.com
El Dorado Offshore
Trinidad Ltd.
Customs brokerage,
operational ground
support for international
companies, manpower supply
and associated services,
procurement and real estate
627-5664
dale.lutchman@rampslogistics.
com
The Customer Experience
Co. Ltd.
Design, develop and deliver
customer service strategies
290-2000
chelsea@excott.com
ASSOCIATE MEMBERS
Lyndi Jordan
aurorabitayson@gmail.com
Your choice in ICT solutions and
services across the Caribbean,
Central & South America.
Group PBS
Unit 23, Fernandes Industrial Centre,
Eastern Main Road, Laventille
Trinidad & Tobago
Tel: +1 (868) 624-4776 / 299-0070 Ext. 288
Cel: +1 (868) 763-5560
www.grouppbs.com
Facebook: Group PBS
48 DECEMBER 2019 chamber.org.tt