Business comes calling

After three successful years, the first in Jamaica and two in the Dominican Republic, the 4th Annual Euromoney/Latin Finance Carib-bean Investment Forum will be held in Port-of-Spain, Trinidad from May 12th to 13th 2004. The Ministry of Trade and Industry in collaboration with the Tourism and Industrial Development Company of Trinidad and Tobago Limited (TIDCO) will host the event, which continues to grow in standing and importance on the annual list of “must do” conferences in the Caribbean.

The theme of this year’s Forum is “Investing in a Connected Future” which aims to:

*Build awareness of the Caribbean as a regional economic entity and to promote the image of the region as a sound destination for foreign capital.
* Demonstrate to a regional and international audience the opportunities available for profitable direct and portfolio investment.
* Define how political and economic trends at global, regional and national levels will affect development, government, finance, investment and trade in the Caribbean.
* Focus on the financing of development and investment and show the region’s governments, companies and financial institutions how to work with the international markets in a timely and efficient manner.
* Determine the strategic direction of the key economic sectors of the Caribbean — hydrocarbons, financial services, tourism, IT and infrastructure.
There is increasing economic cooperation in the hemisphere and this conference will provide a suitable platform to facilitate discussions and promote deeper integration among participating countries on several levels.
The Euromoney event organisers are well known internationally as leading facilitators for business, financial and investment discussions. Euromoney arranges over thirty (30) events annually, bringing together more than 10,000 senior international executives. This 4th Caribbean Investment Forum is targeting 400 executives, the majority of which will be drawn from outside the region.

The role of the forum:

The Forum is well established for its unique role in bringing together international business leaders, global investors and Caribbean leaders to focus on investment and generate discussions to facilitate economic development in an increasingly liberalised and global environment. Over the years, workshops and panel discussions have stimulated thought-provoking debates and generated outstanding viewpoints from experts and thought-leaders on the direction in which certain industries are heading, unfolding business trends and prompted dialogue on ways to enhance trade and investment. It also provides a setting for detailed debates on the investment opportunities available in the region, and affords leaders from the private and public sector an environment to set the agenda for investments in the following year. Several leading international monetary institutions have forecasted growth in the economies of the region in the next year; consequently, investment in the region is expected to increase. In recent years, Caribbean governments have encouraged investment by taking significant steps towards liberalisation and regulatory reform by recognising the benefits of foreign direct investment and the importance of creating a favourable environment for private investors.

There are many benefits to be derived from foreign direct investment (FDI). Foreign investors choose to establish themselves in particular locations for a variety of reasons. The primary reasons being: (i) access to raw materials and (ii) access to markets. The Caribbean has been successful in attracting FDI due to the resources available in the region as evidenced by investment in mining, petroleum and petrochemicals and tourism and its related activities. There has been less success in attracting FDI on the basis of market size, principally because of the relatively small size of the regional market. Nevertheless, Caricom countries have sought to encourage FDI to the region to take advantage of the preferential market access opportunities the region enjoys with the European Union, United States, Canada and the increasing number of bilateral free trade agreements which we have negotiated over the last decade.  The Caribbean Investment forum will highlight these benefits to potential investors. This year’s Forum will be attended by some of Europe’s top investors, including representatives from internationally renowned companies in information and communications technology, energy, tourism and finance. It is anticipated that the forum will further future endeavours between these investors and the Caribbean.

Significance to Trinidad and Tobago:

This conference is quite significant to the Government’s aim to establish TT as a major financial, manufacturing and investment hub in this hemisphere. It will bring together world leaders in these and other areas and give them the opportunity to network, explore investment opportunities and engage in key ventures in TT. The event will promote TT’s potential to hundreds of international delegates and officials who will get a first hand look at some of the major projects being developed.  These projects include: the Wallerfield Industrial Park development, specific tourism initiatives, downstream petro-chemical plants and natural products processing facilities. On May 11th, a gala reception will be hosted for delegates and will highlight various aspects of TT’s rich and diverse culture.  Arrangements are also in place to have delegates enjoy the pleasures of Tobago including golfing, water sports and eco-tourism. It is instructive to note that approximately 70% of Tobago’s international arrivals emanate from Europe. Also, in 2003 Tobago’s rainforest was selected as the world’s number one Eco-tourism destination by the world travel award body in New York (a group of industry specialists who obtain feedback from travellers internationally). This award was one of several honours bestowed on Tobago within the tourism industry. 

It is this type of information and exposure, which will attract investors of the calibre of the Euromoney participants, to invest in Trinidad and Tobago’s tourism. As an area of investment, tourism provided the biggest boost in 2003 to regional economies. And tourism for the region is expected to post even greater gains in 2004 and 2005 according to the global ratings group FitchRatings. The Honourable Prime Minister, Patrick Manning, will be a feature speaker at the opening session of the Forum. In keeping with this year’s theme, “Investing in a Connected Future” the Ministers of Trade from all FTAA member countries have been invited to attend since the Forum can act as a platform to help the countries collaborate in future trade talks as they move closer to participation in the FTAA. Conferences of this nature significantly enhance Trinidad and Tobago’s reputation as a leader in the region, and as a country on its way to becoming a developed nation in the international arena.

For information on the upcoming 4th Annual Euromoney Latin/Finance Caribbean Investment Forum please visit the Forum’s website at: www.euromoneyconferences.com or contact TIDCO’s Trade Division on 868.625.3981. This article is part of the public education by the Ministry of Trade and Industry. For further information please contact Dionne Ligoure, Communications Specialist, the Ministry of Trade and Industry at dligoure@tradeind.gov.tt or 868.623.2931-4 ext. 2028. Fax 868.627.0002