Trinidad and Tobago – Overview:
The twin-island nation of Trinidad and Tobago is located at the southernmost end of the Caribbean archipelago, just off the coast of Venezuela. The country has a population in the region of 1.3 million people and covers an area of approximately 5,128 square kilometres.
Trinidad is by far the larger of the two islands and is home to the country’s capital city, Port of Spain. Other major towns and cities in Trinidad include San Fernando, Arima, Point Fortin and Chaguanas; major towns in Tobago include Scarborough, Roxborough and Charlotteville.
The country achieved independence from Britain in 1962, having come under British control in the 19th century, and became a republic in 1976. English is the official language.
Trinidad and Tobago has become one of the most prosperous countries in the Caribbean, largely on the back of the petroleum and natural gas production and processing industries, and benefits from an open market-driven economy focused on promoting private enterprise and foreign investment. To date, the energy sector has attracted the majority of inward investment and is also responsible for over 70 per cent of the country's exports. Other important and developing industries include tourism, printing, IT, food and beverages, horticulture, metal processing and fertilizer production.
The countries main trading partners include the US, Caricom countries, Central and South America, the EU and Japan.
In 1993, the Tourism and Industrial Development Company of Trinidad and Tobago Ltd (TIDCO) was established, with the aim of developing and encouraging investment, trade and tourism. TIDCO will assist investors in applying for approval of investment incentives, which are numerous. They include concessions from import duty on materials, machinery, and equipment for approved industrial projects, tax holidays, loss write-off provisions, training subsidies and double taxation relief. Free Zone incentives have also been developed, particularly aimed at promoting the establishment of companies that will export the majority of their goods and services.
Since Independence, the government of Trinidad and Tobago has consistently focused on the importance of education with the result that the country benefits from a well-educated and skilled labour force.
There are numerous training agencies, education establishments, technical and vocational schools on the islands offering a wide range of programmes. These include the University of the West Indies (UWI), the UWI Institute of Business, the National Institute of Higher Education, Research, Science and Technology (NIHERST), the College of Science, Technology and Applied Arts of Trinidad and Tobago (COSTAATT), the John Donaldson Technical Institute and the San Fernando Technical Institute.
In total, the labour force stands at around half a million people and there is an adult literacy rate of approximately 85 per cent. There are also a high number of university graduates and postgraduates. About 70 per cent of 12 to 15 year olds attend secondary school, while the rest participate in one of the many governmental and non-governmental training programmes.
Trinidad and Tobago enjoys modern telecommunications links and excellent transportation connections with the rest of Caribbean and beyond. Piarco International Airport, located 27 kilometres from Port of Spain in Trinidad, and Crown Point International Airport, located just outside Scarborough in Tobago, serve several international airlines and charter companies that together provide scheduled services to and from the United States, Canada, Britain, Germany, Venezuela and the other islands of the Caribbean.
|