T&T can continue to boast of being the most cost effective investment destination in the Caribbean and Central American region.
This is according to the Caribbean and Central American Countries of the Future 2015/16 report, published by The Financial Times’ fDI Intelligence unit. T&T was also ranked as the country with the second best Foreign Direct Investment (FDI) strategy.
The study placed T&T within the top ten countries with the most business friendly environment and best connectivity. The country award was presented on September 10 at the Caribbean and Central American Countries of the Future Awards Ceremony held during the Caribbean Investment Summit in London. T&T’s Acting High Commissioner to London, Tedwin Herbert, was on hand to receive the award on both the country and the IPA’s behalf.
The study, which is conducted every two years, analysed data from a total of 29 locations. T&T has been the most Cost Effective country in the region since 2013. Cost effectiveness is calculated based on the country’s performance on the data points of cost of establishing a business; cost of registering a property; cost of construction permits; cost to export; cost to import; corporation tax rate and total tax rate.
“It comes as no surprise that we are once again confirmed as the most cost effective location. Trinidad and Tobago provides an excellent value for investment and reinvestment,” says InvesTT’s president Racquel Moses.
“Studies like this one help to highlight Trinidad and Tobago as a competitive investment destination. InvesTT has seen firsthand the benefits of these rankings within the last year with major investments closed in ICT, Maritime and Agribusiness. T&T was also one of only three English speaking countries to be listed as one of the Countries of the Future. This is a clear indication that investors looking for returns should consider Trinidad and Tobago first.”
This country award adds credence to the IPA’s growing list of internationally recognised achievements. Amongst them are Best To Invest Top Agencies Award received in May 2015 from Site Selection Magazine; UNCTAD’s 2014 Investment Promotion award for Excellence & Promoting FDI for Sustainable Development and being ranked within the top 20 per cent of IPAs in the World Bank’s Global Investment Promotion Benchmark Report 2013. Currently, Trinidad and Tobago is ranked by the World Bank among the top 10 improvers in the world with the most reforms, making it easier to do business.
fDI Intelligence is a division of the Financial Times and manages online specialists tools fDi Markets and fDi Benchmarks. The organisation is noted amongst the most reputable international authorities in foreign direct investment and is a major source of intelligence internationally for IPA’s and investors alike.