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| InvestTT | |
|---|---|
| Name | InvestTT |
| Type | Statutory Corporation |
| Founded | 2013 |
| Headquarters | Port of Spain, Trinidad and Tobago |
| Area served | Trinidad and Tobago |
| Key people | Pamela Chavez (Acting CEO) |
| Parent organization | Ministry of Trade and Industry |
InvestTT is the national investment promotion agency of Trinidad and Tobago, established to attract domestic and foreign direct investment, facilitate business development, and promote export diversification. It serves as a focal point for investors seeking information, incentives, and facilitation across sectors such as energy, manufacturing, tourism, agribusiness, and services. Operative within the policy environment shaped by regional institutions and global trade regimes, InvestTT interacts with multilateral agencies, sovereign investors, and private-sector firms to advance national economic priorities.
InvestTT was created in the aftermath of policy reforms inspired by frameworks from entities like the World Bank, International Monetary Fund, Caribbean Development Bank, Inter-American Development Bank, and examples set by national agencies such as Jamaica Promotions Corporation, Invest Barbados, Invest in Canada, and UK Trade & Investment. Early institutional design drew upon best practices from United Nations Conference on Trade and Development, Organisation for Economic Co-operation and Development, and models used by Singapore Economic Development Board and Malaysia Investment Development Authority. The agency’s formation occurred amid national debates involving the Parliament of Trinidad and Tobago, the Ministry of Finance, and the Ministry of Trade and Industry. Key milestones included stakeholder consultations with chambers of commerce like the Trinidad and Tobago Chamber of Industry and Commerce and business associations such as the American Chamber of Commerce Trinidad & Tobago and the Emerald Investment Group. Over time, InvestTT adjusted strategies in response to shocks linked to global events such as the 2014–2016 Global Oil Glut, the COVID-19 pandemic, and regional initiatives like the Caribbean Single Market and Economy.
The statutory mandate aligns with legislation enacted by the Parliament of Trinidad and Tobago and directives from ministers associated with portfolios held by figures like ministers previously appearing in the cabinets of Patrick Manning, Kamla Persad-Bissessar, and Keith Rowley. Objectives emphasize attracting foreign direct investment consistent with commitments under agreements such as the CARICOM Trade and Investment Affairs Committee accords and frameworks promoted by the World Trade Organization. Strategic aims include export diversification informed by comparative studies from Harvard Business School, investment facilitation strategies advised by McKinsey & Company, and competitiveness benchmarks used by the World Economic Forum. The mandate covers investor aftercare, incentives coordination with agencies like the Economic Development Board, and alignment with national industrial policy documents reviewed by academic institutions including the University of the West Indies, University of Trinidad and Tobago, and research centers like the Arthur Lok Jack Global School of Business.
Governance structures involve a statutory board appointed by ministers who engage with legal frameworks influenced by precedents from the Companies Act, banking oversight from the Central Bank of Trinidad and Tobago, and procurement norms reviewed by the Office of Procurement Regulation. Leadership has included executive officers whose roles often intersect with diplomats operating in missions like the Embassy of the United States, Port of Spain, delegations from the European Union, and trade envoys from countries such as China, Canada, United Kingdom, India, Brazil, Venezuela, and Argentina. Board composition and accountability mechanisms are informed by corporate governance codes referenced by organizations including the Institute of Chartered Accountants of Trinidad and Tobago and international standards from bodies like Transparency International.
InvestTT runs programs modeled on investor services from agencies such as Singapore Economic Development Board and Invest in Sweden Agency, offering services including site selection assistance, incentive navigation in coordination with the Inland Revenue Division, and permitting liaison with agencies such as the Environmental Management Authority and the Town and Country Planning Division. Business support includes export readiness programs delivered in partnership with the Caribbean Export Development Agency and capacity-building workshops co-hosted with institutions like the Caribbean Industrial Research Institute and the International Trade Centre. Project facilitation services mirror practices of the Asian Development Bank and the European Bank for Reconstruction and Development for project financing linkages, and investment promotion activities involve roadshows similar to those by the Confederation of British Industry.
Priority sectors promoted include energy transition projects aligned with players such as BP, Shell, ExxonMobil, and regional firms like Petrotrin successors; petrochemical and downstream manufacturing linked to firms like Atlantic LNG; tourism investments involving stakeholders such as the Trinidad and Tobago Tourism Agency; agribusiness ventures related to producers like Caribbean Natural Products Limited; and technology initiatives in collaboration with incubators like Massachusetts Institute of Technology spin-off programs and regional accelerators such as Startup Caribbean. Infrastructure and logistics projects engage port operators exemplified by the Port Authority of Trinidad and Tobago and airport authorities like Piarco International Airport management. InvestTT also promotes projects in renewable energy alongside companies and institutions including Solar Head of School, regional utilities, and multilateral climate funds managed by entities like the Green Climate Fund.
Strategic partnerships span local stakeholders including the Trinidad and Tobago Manufacturers' Association, National Entrepreneurship Development Company Limited, and educational partners like the University of the West Indies campuses and the University of Trinidad and Tobago. International collaborations include memoranda with development banks such as the Inter-American Development Bank, the Caribbean Development Bank, and bilateral cooperation with trade missions from China, Canada, United States, United Kingdom, Germany, Japan, and India. Relationships extend to professional networks like the World Association of Investment Promotion Agencies and regional groupings such as CARICOM institutions, as well as private-sector alliances with multinational firms operating in sectors tied to Chevron, Repsol, and global logistics providers.
Impact assessment uses metrics comparable to those produced by the World Bank and the Organisation for Economic Co-operation and Development, tracking indicators such as capital commitments, job creation, export earnings, and project pipeline value. Performance reporting interfaces with national statistical bodies like the Central Statistical Office of Trinidad and Tobago and financial regulators including the Central Bank of Trinidad and Tobago. Evaluations reference benchmarks from international indices such as the Global Competitiveness Report and the Ease of Doing Business studies, and are often cross-checked against outcomes reported by regional investors and multinationals, trade associations, and audit reviews from firms like the Big Four (auditing firm).