26
103.
Activities designed to promote and nurture the fashion industry will be undertaken
including research, stakeholder consultation and preparation of a strategic plan for development
of the sector. A successful fashion industry is expected to realise the potential for revenue
generation, foreign exchange earnings and employment.
104.
Another area of focus for the medium term is the Food and Beverage Industry. Food
safety training and participation in local, regional and international food and beverage trade
shows and exhibitions are key activities to be undertaken. An investment of $4.5 million is
expected in this industry during the three-year period.
105.
Government will continue to promote and strengthen the Services industry using the
expertise of the Trinidad and Tobago Coalition of Services Industries (TTCSI). The Coalition
will continue to undertake educational/promotional activities related to the services sector, build
capacity among its membership, host trade missions, encourage the adoption of international
operating standards within the services industry, and develop business for the sector with the
goal of increased exports generated by the industry. An estimated $7 million will be provided for
these initiatives.
106.
Another necessary aspect of the development thrust is the promotion of investment, for
which an allocation of $28 million is proposed for the 2014-2016 period. Promotional activities
will be undertaken by InvesTT to internationally publicise Trinidad and Tobago’s business
offering as a location for investment and as a source of high quality goods and services in the
non-energy sector. The objective is a consequent increase in foreign direct investment activity
specifically in the non-energy sector in Trinidad and Tobago.
107.
Support in the amount of $26.5 million is expected to be provided over the next three
years as part of the agreement between the Government of Trinidad and Tobago and the
European Commission under the 10
th
EDF to enable business to become more competitive in
Trinidad and Tobago. This support is expected to lead to the transition towards a modern and
sustainable economy that is less dependent on the oil and gas sector.
108.
Trade promotion activities will continue over the medium term with expected funding in
the amount of $13.5 million to conduct market surveys for identifying potential export markets,
supporting local industries in mounting trade missions/fairs and trade shows internationally,
strengthening the trade institutional infrastructure by removing technical barriers to trade, and
providing a line of credit to local manufacturers exporting to the Cuban market.
109.
An injection of $7.1 million is anticipated over the 2014-2016 period for the Research
and Development Facility, which is administered by ExporTT. ExporTT will continue to
disburse grants to companies for the purpose of engaging in research and development activities.
The grants are expected to:
•
stimulate innovative potential that would transform ideas into new commercially
viable products and services or add value to existing ones, leading to job creation as
the products are successfully marketed
•
position Trinidad and Tobago to achieve and sustain international competitiveness
