Interview with Sekou Alleyne, President, InvesTT

24 Feb Interview with Sekou Alleyne, President, InvesTT

Could you provide a brief background on InvesTT, your role in Trinidad and how you interact with the Ministry of Trade and other agencies within the country’s business landscape?

InvesTT, as Trinidad and Tobago’s investment promotion agency, is dedicated to attracting, facilitating and retaining direct operational investments that drive economic growth. We support both local and foreign businesses in establishing and expanding operations within Trinidad and Tobago. Globally, investment promotion agencies like ours play a crucial role in economic development; for instance, SelectUSA operates at a national level, while others, like Enterprise Florida, focus on specific states or cities. InvesTT is government-owned and funded, reports to the Ministry of Trade and Industry and is governed by a Board of Directors. We work closely with the private sector, both domestically and internationally, to raise awareness of Trinidad and Tobago as an investment destination, arrange site visits and provide end-to-end support for setting up operations — all free of charge.

Our efforts target sectors outside of oil and gas to drive diversification of the economy. Given the volatility in oil and gas prices, expanding other industries will be essential to managing economic risks and ensuring sustainable growth for Trinidad and Tobago.

Oil and gas comfortably remains the largest contributor to GDP and government finances, but are you noticing a trend toward non-oil and gas activities and is the government showing more interest in promoting sectors outside of oil and gas?

Absolutely. Creating the Trinidad and Tobago Trade and Investment Promotion Agency as a larger, more prominent and well-resourced body that combines trade and investment promotion was a significant policy step in recent years to boost trade and investment outside of the oil and gas sector. The decision to consolidate Export TT and Creative TT — two other agencies under the Ministry of Trade and Industry that also focus beyond oil and gas — reflects the government’s commitment to continuity and impact, building on the good work each agency has achieved.

This integration allows us to raise awareness of export-ready goods and services and attract foreign investment more effectively. Additionally, it positions us to compete with major regional trade and investment agencies, such as ProColombia, CINDE in Costa Rica and JAMPRO in Jamaica. This initiative is a core part of the government’s diversification strategy. The recently enacted Special Economic Zone (SEZ) legislation targets sectors outside of oil and gas offering duty-free, VAT-free and reduced corporate tax incentives for businesses within designated zones or wherever they operate. It supports MSMEs, SMEs and larger enterprises with tailored criteria, making it the most comprehensive non-oil incentive policy to date. Introduced alongside the agency merger, this legislation clearly demonstrates a commitment to expanding the non-oil sectors’ contribution to the economy. It has replaced the Free Zones Act with a modern, comprehensive SEZ legislation, allowing us to better tailor incentives and strategically locate businesses across the country. Existing Free Zone companies must reapply for SEZ status by December 31 to retain their incentives under the new framework.

Thinking of the Trinidad and Tobago Investment Promotion Agency, are the target industries similar to those of other Caribbean islands, like agro-processing and business process outsourcing, or are there other unique focuses?

Definitely our manufacturing sector, not just gas-related manufacturing. We are focused on expanding this critical area, as shown by the development of Phoenix Park Industrial Estate — a light industrial park designated as an SEZ in the recent budget. InvesTT has been tasked with filling this park, underscoring the commitment to diversify beyond oil & gas. Trinidad and Tobago’s location between North and South America and its relationship with the Caribbean Community (CARICOM) markets makes it an ideal logistics hub. The country serves as both an entry point for goods into the region and a staging area for CARICOM exports. Logistics, manufacturing, business process outsourcing and IT services are core sectors in the SEZs attracting international companies like iQor, Teleperformance, Bill Gosling and Ascensos, which have set up operations here over the past decade.

Agri-processing is a key focus as CARICOM aims to reduce the food import bill by 25 percent by 2025. Trinidad is contributing through the Moruga Agro-Industrial Estate, which provides infrastructure for SMEs to produce goods like jams, sauces and condiments, both for import substitution and export. Tourism investment is also expanding, with projects like the Marriott Hotel, the Buccoo Estate and the offering of the Magdalena Grand on Tobago, as announced in the recent budget.

The upcoming ANR Robinson Airport, set to open by March, will further boost tourist arrivals, aligning with policy goals to increase both hotel capacity and visitor numbers. Renewable energy is a key sector, led largely by National Energy. The 92 megawatt solar park at Brechin Castle and wind characterization studies to identify wind farm sites are major initiatives aimed at reducing reliance on natural gas for energy. The East Coast of Trinidad is ideal for offshore wind farms, with feasibility studies underway to pinpoint optimal locations. The policy goal is to generate 500 megawatts of renewable power by 2030, freeing up natural gas for other productive uses like methanol and urea production. Given the global climate challenge, renewable energy has become a critical industry for Trinidad and Tobago. One of Trinidad’s unique investment attractions is its very low cost of electricity and utilities, making it highly appealing for tech and other energy-intensive industries.

You were recently in Mumbai. What was your pitch to investors?

We are focusing on two main sectors in India, particularly highlighted by this year’s World Trade Expo in Mumbai. First, nearshore manufacturing: India is a manufacturing powerhouse, especially in pharmaceuticals and is expanding into Latin America. By leveraging Trinidad and Tobago’s trade agreements with the U.S., Canada, Colombia and Costa Rica, we offer manufacturers a closer market with faster shipping and duty-free access. Second, we are promoting nearshore IT services and BPO.

While we can’t compete with India’s vast pool of engineers, we can offer advantages in time zones and travel distances. We address executive fatigue by offering a nearshore location in the same time zone, with small project teams that share a strong cultural affinity with the U.S. and India. We’re not positioning ourselves as an alternative to India but as a complementary option for redundancy and access to engineering and technical support services for the U.S. market. In manufacturing, we are particularly interested in pharmaceuticals, as India supplies about 70 percent of the medications we import into Trinidad and Tobago. If we can attract one or two pharmaceutical firms to establish operations here, we can reduce our import bill and position Trinidad as a hub for redistributing medicines throughout CARICOM, duty-free.

While investing in IT for the private sector is beneficial, the government still requires everything on legal paper, which is inefficient. Will there be improvements at the public level?

Recently announced budget initiatives focus on digitization. InvesTT’s role is to ensure that the private sector can access the necessary infrastructure for digital business. We advocate for digitization from a regulatory perspective, acting as a liaison between investors and regulatory agencies to expedite approvals. As stakeholders and citizens, we look forward to the initiatives from the Ministry of Digital Transformation.

What is the occupancy rate and number of tenants at Phoenix Park and which industries are represented there?

About five percent of the space remains un-leased, with a total of 26 tenants primarily in manufacturing and logistics. One government tenant is developing a data center for the Ministry of Digital Transformation, highlighting alignment with government policies. Summit Luggage, a Chinese tenant, exports OEM suitcases, showcasing nearshore manufacturing opportunities. We have successfully filled most of the park and are now focusing on helping tenants get started. Only five factory shells were provided; the rest are land lots for construction. Additionally, energy services firms supporting the Guyanese and Surinamese markets, as well as food and beverage companies, are also located there.

Does the government guarantee forex repatriation? Can individuals withdraw their funds?

There are no restrictions on forex repatriation, but availability can vary based on demand, supply and exchange rate stability. The key factor is the company’s relationship with local and international banks and their ability to access the necessary funds. From InvesTT’s perspective, many of the foreign clients we work with are already generating sufficient revenue, so repatriation typically isn’t a challenge for them.

What is your final message?

ALLEYNE: We look forward to launching the new Trinidad and Tobago Trade and Investment Promotion Agency, a top priority for the ministry and our diversification efforts. Scheduled for December, this agency will help develop a country brand to enhance our global profile beyond oil & gas and carnival. This initiative will facilitate easier conversations with potential investors. Additionally, as the Special Economic Regime is implemented, we expect a significant boost in both foreign and local investment in Trinidad and Tobago.