Exporting guide to Trinidad and Tobago
Trade with the UK
Total UK exports to Trinidad and Tobago were £223 million at the end of Q1 2020. UK’s exports of goods increased by 43.3% in the 12 months to August 2020 compared to the same period the previous year (ONS, 2020). There is a growing demand for UK goods in Trinidad and Tobago, which UK businesses looking to export could benefit from.
Digitisation is a key theme for the government. This will affect all sectors and provide opportunities and demand for UK expertise associated with cyber security, business processes, digital marketplaces, among others.
Trinidad and Tobago: at a glance
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Opportunities for exporters
Around 400 multinational companies have physical offices in Trinidad and Tobago, including over 50 British companies such as GlaxoSmithKline, AstraZeneca, BP, Association of Business Executives, RioMed, Unilever and G4S Secure Solutions.
Life sciences and healthcare
Trinidad and Tobago presents significant opportunities for UK manufacturers of high-quality generic and branded pharmaceutical products. The government allocates approximately £60 million per year and relies heavily on imports to meet local demands.
The government is looking to provide modern state-of-the-art healthcare in its medical facilities. This will be achieved by furnishing the facilities with equipment to provide diagnostic services and treatment. It has allocated £5 million to buy medical devices, which will provide opportunities for UK businesses.
In keeping with the government’s priority of digital transformation, the Ministry of Health is looking to provide a more efficient delivery system of healthcare. This will be through the establishment of a technology-driven health information system.
Opportunities for UK companies
Trinidad and Tobago presents significant opportunities for UK capabilities in the security sector. This is due to the close historical ties between the countries and high government spending in areas including enhancing border security, strengthening military capability, aviation security, fire-fighting capability, prisoner rehabilitation and upgrading of prisoners’ facilities.
Memorandum of Understanding
There is currently a security memorandum of understanding between the governments of Trinidad and Tobago and the UK regarding a framework for security cooperation. There is a perception the UK has a reputation of producing high quality goods and a high standard of providing services.
A sophisticated sector
Upstream investment means there are export opportunities for UK companies. Due to COVID -19 there is interest in remote monitoring technologies needed for offshore operations. Indigenous service companies in the market provide high-quality prospects for local partnerships. Occasional bid rounds are issued by the government to encourage investment and procurement of products and services.
A shift to renewables
The government has set a target of 10% of energy to be generated from renewable sources by 2021, creating prospects for clean energy exports. Areas of opportunities include consultancy services to conducting feasibility studies and analyses, investment in solar projects, low carbon transport and wind energy.