The Manufacturer Newsletter 2022
What are the benefits of trade missions? Trademissions can be very helpful as networking eventswith ‘match-making’ opportunities that can result inboth inward and outward increase in Foreign DirectInvestment (FDI). Further, there is also associatedbenefit of the recognition of export opportunitiesand the potential of finding partners that can help acompany operate in the target market.It is against this background; the Trinidad andTobago Manufacturers’ Association (TTMA) hasprioritized trade missions as one of the initiatives toincrease exports as outlined in the TTMA’s strategicplan to double exports by 2025. In 2020 and 2021,the travel restrictions created the avenue for virtualtrade missions that were successful. These virtualmissions were held in Curacao, Grenada, Jamaica,Barbados and others. In 2022, the Associationresumed physical trade missions with a physicaltrade mission to Guyana in March. A total of twentyseven(27) participants from different sectors partookin the trade mission including construction, apparel,food, shipping and logistics, chemicals and othernon-energy sectors.TTMA is keen on many markets for expansion bothin the region and external to the region. For example,the Association is to host a trade mission to Surinamein last week of June 2022 where we also expect toparticipate in Suriname 2022 Oil and Gas Summit.frozen cuts and edible offal of fowls, sodium cyanideand many other products.Suriname’s GDP per capita is $6,491 (2020) and hasundergone a gold rush in recent years, and in 2020,hydrocarbons were discovered offshore, signallingpotential for an emerging oil & gas industry. Recentexploratory success shows several discoverieshave been made in 2020, where it is envisionedthe country to become an oil production hot spotin the near to mid-term. Some noted events includethe country discovery of its first offshore discoveryof hydrocarbons in offshore Block 58 in 2020 andin January 2021, the Keskesi East-1 discovery wasannounced in Block 58. TT manufacturers shouldtake note of these discoveries and the potentialopportunities.As indicated above, TTMA is hosting a trade missionto Suriname in June 2022. Companies can meetbuyers and participate in the Oil and Gas Summit.It should be noted that local companies can alsoparticipate in the trade mission directory (magazine)that will be disseminated during the trade missionto various stakeholders such as Suriname businesspersons, regulators and also international officials.For more information about thetrade mission, you can contact TTMAat 675-8862 extensions 248 or 238.In terms of its overall country characteristics,Suriname is a coastal country and is located inSouth America. It borders on Guyana, French Guianaand Brazil. Suriname is a small commodity-basedeconomy that depends heavily on the revenues fromcrude oil and gold; rice, fish, timber, and bananasare also important exports. Some of Suriname’stop imported goods include liquefied propane,petroleum, portland cement, cane or beet sugar,10
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