The U.S. Department of State’s Investment Climate Statements provide information on the business climates of more than 170 economies and are prepared by economic officers stationed in embassies and posts around the world. They analyze a variety of economies that are or could be markets for U.S. businesses.  The Investment Climate Statements are also references for working with partner governments to create enabling business environments that are not only economically sound, but address issues of labor, human rights, responsible business conduct, and steps taken to combat corruption.  The reports cover topics including Openness to Investment, Legal and Regulatory Systems, Protection of Real and Intellectual Property Rights, Financial Sector, State-Owned Enterprises, Responsible Business Conduct, and Corruption.

Trinidad and Tobago (TT) is a high-income developing island country that maintains an open, heavily trade dependent economy. The International Monetary Fund (IMF) projects that TT’s Gross Domestic Product (GDP) of $24.5 billion will rise by 3.5 percent in 2023. Upstream and downstream energy production drive the economy and this attracts the most foreign investment. Petrochemicals and steel are other sectors accounting for significant foreign investment. The energy sector usually accounts for approximately half of GDP and 80 percent of export earnings.

TT’s investment climate is generally open and the TT government (GoTT) continues to work to strengthen intellectual property protection, leverage new financial technologies to improve the delivery of services, streamline the tax structure, and facilitate better customs procedures. While most formal investment barriers have been eliminated, U.S. companies cite inefficient bureaucracy and opaque procedures as hurdles.

Over the past twelve months, foreign direct investment (FDI) in both energy and non-energy sectors has increased, with several companies expanding operations, reflecting a return to confidence combined with successful efforts by the investment promotion agency. The GoTT is also prioritizing the incorporation of digital technologies as a means of improving the business and investment climate.

TT is working towards implementing its nationally determined contributions to the Paris Agreement (15 percent reduction in emissions from power generation, public transportation, and industry by 2030) with the construction of a utility scale solar plant, the development of an e-mobility policy, enabling the conversion of conventional motor vehicles to run on cleaner compressed natural gas, and developing a policy on carbon capture and storage. The war in Ukraine has impacted food security through inflation which reached a high of 8.7 percent at the end of 2022.

To access the ICS, visit the U.S. Department of State Investment Climate Statements website.