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Trinidad and Tobago woos India for more investment
India's News.Net
Saturday 10th March, 2007 (IANS)
The twin islands of Trinidad and Tobago is seeking increased investment from India by forging deeper cooperation in trade and commerce.
'We have come here to entice your investors to Trinidad and Tobago,' Kenneth C. Valley, minister of trade and industry of Trinidad and Tobago, said here Saturday.
Valley is leading a business delegation of over 70 members to India.
'We want your manufacturers to locate their base in India, by which they can have access to other bigger markets of US and Latin America,' Valley told a conference organised by the Federation of Indian Export Organisations (FIEO).
The petroleum-based economy of Trinidad and Tobago, whose GDP (gross domestic product) is over 12 percent, wants India to invest in their energy sector, tourism, steel, food processing, information and communication technology (ICT) among others.
Adding that the current export to Trinidad and Tobago from India has crossed $67 million, Subhash Mittal, convener, committee on export promotion, FIEO, said: 'We need to take this figure to billions of dollars.'
Pundit Maniedeo Persad, Trinidad and Tobago's High Commissioner to India, said: 'We may not be a significant destination for exports but we can give access to other bigger markets of the US, Canada and Latin America.'
According to Persad, India's Essar Steel has entered into an agreement to invest $1.26 billion to set up a plant in the archipelagic nation. He also informed that the Bank of Baroda would be establishing its offices there.
'Indian investors can set up their establishments there on their own or they can also enter into joint-venture partnerships with companies there,' Persad said.
He also said 70 percent of LNG (liquefied natural gas) of the US comes from the Republic of Trinidad and Tobago which also exports 40 percent of the world's ammonia gas.
It is also one of the leading suppliers of ethanol, a toxic chemical compound.
According to the delegation, some of big global business conglomerates that have invested in Trinidad and Tobago are, Microsoft, IBM, British Airways, Hyundai, Digicel, Citigroup and Hyundai among others.
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