Interview with Vashti Guyadeen, CEO & Kieran Maharaj, President, Trinidad and Tobago Chamber of Industry and Commerce

23 Feb Interview with Vashti Guyadeen, CEO & Kieran Maharaj, President, Trinidad and Tobago Chamber of Industry and Commerce

How does the Trinidad and Tobago Chamber of Industry and Commerce champion local business and what sets you apart from TTCSI, AmCham and other chambers?

MAHARAJ: The Trinidad and Tobago Chamber of Industry and Commerce is the country’s oldest and largest business organization, representing over 600 members across all economic sectors. Unlike specialized organizations, we cover everything—from manufacturers and energy companies to service providers, including firms with U.S. headquarters. Our primary role is advocacy, supported by 11 internal committees focused on areas like ESG, the orange economy, creative arts, labor relations and digitization. These committees, each comprising up to 14 members, serve as essential feedback mechanisms. Additionally, we participate in 43 external committees and working groups, influencing policy and decision-making at the national level—a reach unmatched by other business organizations in Trinidad and Tobago. We also maintain regional and international connections through partnerships with the Caribbean Chambers of Commerce and the International Chamber of Commerce. This network allows us to champion business interests effectively while staying attuned to the impact on lives and livelihoods daily. We recently launched our Trade and Business Development Alliance documents to streamline collaborations with other Chambers of Commerce. Instead of managing numerous individual MOUs, we created a standardized framework, enhancing our global reach. Our membership includes tiers for CARICOM and non-CARICOM members, attracting international businesses. We also have dedicated departments, including Trade and Business Development, Public Affairs, Events Management and Strategic Alliances and Operations, focusing on regional and international partnerships. Notable alliances include the Pan African Leadership Institute and the Caribbean Women in Trade Association. With a team of 24 staff members and support from voluntary committees, we manage trade events, public affairs and member-hosted activities. Expanding international membership remains a priority, supported by our new alliance agreements.

What benefits does the Chamber gain from the Caribbean Chambers of Commerce network? Is it mainly networking or joint advocacy for the region? Are you collaborating on initiatives like CARICOM’s goal to cut food imports by 25% by 2025?

GUYADEEN: It’s both. We are actively involved with the CARICOM Council for Economic and Trade Development (COTED), where Trade Ministers meet quarterly. Engaging with other Chambers is crucial for regional advocacy, as it helps build consensus on issues affecting businesses and secures support from regional partners. We have a dedicated Food and Security Committee actively addressing these issues and progress is going well.

Does the Chamber often conduct trade missions to other CARICOM nations?

GUYADEEN: Our collaboration with the CARICOM Private Sector Organization (CPSO) is focused on several key initiatives. We support the development of regional committees, including one on trade facilitation and another on nearshoring. The nearshoring committee emerged from a 2023 feasibility study, led by CPSO coalitions, positioning CARICOM as a nearshoring hub. I served as chief researcher for that project and helped draft the terms of reference for the committee. Another major initiative involves improving trade and services data collection across CARICOM. This includes developing new data collection instruments, working with CSOs and securing private sector input. These tools are pilot-tested by Chambers of Commerce before being rolled out to the broader business community.

Data in Trinidad is often outdated, with a six-month lag on imports, exports and inflation rates. How can the timeliness of this data be improved?

GUYADEEN: We have been tracking data for over six months. While data on goods is strong, services remain a challenge due to their intangible nature. Traditionally, surveys are paper-based, lengthy and sent to multiple departments, resulting in participation rates below 15%. At the CARICOM level, with UNDP support, efforts are underway to digitize and streamline surveys. The goal is to shift to online, focused surveys with 20–25 questions, improving efficiency and participation. Through our Trade and Business Development Unit, we conduct various surveys and plan to expand this using our Chamber master software in 2025. This service supports the business community and serves as a revenue stream for the Chamber.

The Chamber’s response to the budget highlighted constitutional and societal changes. Does the Chamber believe it’s time to move from talk to action?

MAHARAJ: That assessment is accurate. Diversification has been a long-discussed goal in Trinidad and Tobago, but the urgency has grown due to shifts in the oil and gas sector, which underpins our economy and budget projections. Post-pandemic external factors have highlighted the need for catalytic incentives and initiatives. This urgency shaped our recent recommendations, akin to a policy document, developed with input from a budget committee representing all economic sectors. The focus is on identifying opportunities for private-sector growth and public-private partnerships, which are essential for tackling future challenges. Strengthening regional integration is equally important. For instance, Trinidad has the highest food import bill in CARICOM, a legacy of oil and gas wealth and consumer habits. The pandemic exposed vulnerabilities in supply chains, underscoring the need for greater self-reliance and collaboration within the region to enhance economic sectors and resilience.

Trinidad’s economy relied on cocoa exports for centuries and agriculture could thrive here with abundant unused land and the ideal climate. Why has diversification been so challenging, given that oil and gas have dominated for over a century? What needs to happen from the private sector, government and incentives to grow industries like agriculture or BPO, and what would the Chamber advocate?

MAHARAJ: We need better incentives and simpler processes to attract investment and promote knowledge transfer from external entities. The launch of the Special Economic Zone reflects the government’s recognition of this need. Simplifying the ease of doing business, especially for investors, could encourage joint ventures, public-private partnerships and knowledge sharing. I have faith in the zone as a catalytic approach. Regionally, however, there’s a lack of coordinated effort in agriculture and food security. For example, Trinidad could export its native products, Jamaica could focus on ackee and Guyana on cassava flour, yet these opportunities remain underdeveloped. A structured regional strategy could create a supply-demand system that enhances sustainability. Trinidad’s reliance on imported goods, fueled by oil and gas wealth, has made us accustomed to excessive choices. With changing realities, we must prioritize sustainable solutions to secure our future.

GUYADEEN: I’m continually impressed by the Chamber’s past initiatives. In 2008/2009, we launched a diversification roundtable, funding a study to identify the top three sectors for diversification, including agriculture, specifically cocoa, coffee and agri-processing. We created a blueprint and an action plan, which was presented to the Minister of Agriculture. However, there is a gap in utilizing data effectively. NAMDEVCO holds valuable data on pricing, supply and demand, but it’s not being applied. For instance, businesses aren’t using this information to adjust purchases when there’s an oversupply of products like tomatoes. There’s a great opportunity for investors and the Chamber is ready to discuss solutions and ideas.

What do you see as the quickest wins for Trinidad and Tobago in terms of diversification and opportunities?

MAHARAJ: The orange economy holds untapped potential, especially in film, music, fashion and technology. Trinidad excels in areas like set design, wardrobe and events management, which could make us a strong player in film production. Our expertise in steel pan music is gaining recognition internationally, yet we are not fully capitalizing on these creative assets. We also have talented individuals using technology in innovative ways, such as turning steel pan into a medical device. The challenge is securing the right investors, as financing is often difficult, especially post-oil and gas boom. While banks are starting to invest in agriculture, the creative sectors still lack sufficient funding. Our fashion designers show internationally, yet their success remains under the radar. Agri-processing is a key area with growing investment potential, especially in food security. If I had $10 million today, I would invest it in agri-processing and expand the orange economy. The yachting industry, especially as a hurricane season safe haven, is another promising area that we haven’t fully exploited. There is significant potential in these sectors to drive foreign earnings if we tap into them properly.

GUYADEEN: The yachting sector in Trinidad and Tobago earned $56 million annually from 2000 to 2002, with top-tier services in the Caribbean. However, the sector has stagnated as global trends moved to digital platforms, while we still require 13 forms for entry. In contrast, places like Antigua, Bermuda and Grenada have adopted SailClair, a digital platform for streamlining entry. We continue to advocate for similar improvements here.

The cultural aspect of Carnival seems to be less promoted, often with short notice. What other areas of cultural significance could be promoted to boost the country’s tourism sector?

MAHARAJ: Tourism in Trinidad and Tobago goes beyond Carnival, including medical, literary and sports tourism. We have unique attractions, like the President’s house where the author of Water Babies wrote part of his book or the location where Ian Fleming cracked the German warship code. Yet, we haven’t fully promoted these stories or places. We also have an impressive aquatic center, which surprises Caribbean visitors. It’s time to shift our focus, market what we have and make a more concerted effort to promote our tourism potential.

Since the Chamber’s meeting with the Customs Division earlier this year, what progress have you seen and what improvements do you hope to see going forward?

MAHARAJ: They need to improve digitization and revisit their KPIs related to operations. The issue isn’t a lack of knowledge, but the absence of proper processes and monitoring to ensure things are done correctly. There are best practices to learn from the Miami Customs District and digital solutions are essential. The government often hires people to redesign systems, but there are existing solutions available, so there’s no need to start from scratch.

Do you have any additional comments?

GUYADEEN: We haven’t explored the linkages between tourism and the orange economy. For example, the Vice President of the Yacht Services Association notes that yacht visitors often request around 50 to 60 tickets to shows at Queen’s Hall. As a country, we haven’t considered how improving tourism could benefit other sectors, like food and transportation, creating a multiplier effect, similar to what we have seen in Jamaica.

MAHARAJ: We lead trade missions based on member requests, identified through surveys. It’s not just about the missions; we support our members with follow-up and coordinate B2B meetings. We also host trade missions and provide access to conference halls or meeting rooms equipped with EV facilities for businesses outside of Trinidad and Tobago. A few years ago, we saw an opportunity to create a pipeline for reinvestment in the country, especially for startups. We started talking to angel investors and others informally. When the stock exchange launched its SME platform, similar to Jamaica’s junior stock exchange, we knew we had to get involved. We have strong connections with mentors and potential investors, and this MOU helps raise capital within a governance structure. The Chamber supports corporate governance and encourages businesses, especially family-owned ones, to think strategically as they grow, following the example of long-standing companies like SM Jaleel, KC Confectionery and Angostura.

What is your final message for the readers of the Miami Herald?

MAHARAJ: The Trinidad & Tobago Chamber of Industry and Commerce has a long history and will continue to support businesses. We welcome the opportunity to help companies from outside the region succeed by facilitating meetings, providing information and connecting them with opportunities for investment or collaboration. We are here as the voice of business.

GUYADEEN: The Chamber aims to develop a diaspora database to track skill sets, particularly in digitalization and agri-processing. By matching skills to diaspora expertise, we can drive meaningful projects moving forward.