- NEWSDAY.CO.TT - A la Une - Aujourd'hui 08:39

TT Chamber president: ‘Moving from promise to potential’

In this edition of the TT Chamber’s business column, we feature chamber president Sonji Pierre-Chase as she delivered the opening remarks at the Tourism Investment Forum, an event in partnership with Tourism Trinidad Ltd held on August 22. "Tourism has the potential to be the new engine of growth – one that strengthens our economy while preserving our culture and environment." This statement was articulated over 20 years ago in a Vision 2020 policy document. We can conclude that the statement made over two decades ago remains just as factual today. For decades, we have recognised the benefits of tourism in TT and its viability in contributing to the economic development of our country. Recognition without action, however, has left us behind, and all our neighbours in the Caribbean have far surpassed TT in the tourism sector. Was our failure to take decisive action a result of our dependence on our natural resources in the energy sector or our failure to appreciate the transformative effects of a good tourism product in sustaining an economy? The time has come to make this potential real. Over the last three decades, TT has produced no fewer than eight tourism master plans, countless white papers and at least five national diversification strategies that all highlighted tourism as a priority. Yet, despite the studies, frameworks and committees, tourism today accounts for nine per cent of our GDP. The opportunity ahead We all know the volatility and declining revenues from the energy sector make diversification urgent. The tourism sector offers us more than leisure – it is a powerful catalyst for employment, foreign exchange earnings and sustainable national revenue generation. Look around the region: the Bahamas earns over US$1 billion a year from tourism. St Lucia generates over US$950 million, while Grenada has seen just under 250,000 tourist arrivals per annum and earns over US$400 million. Globally, tourism is a US$7 trillion industry. We must ask the question: How has Tobago, and by extension TT, compared to our Caricom neighbours? [caption id="attachment_1174747" align="alignnone" width="683"] Sonji Pierre-Chase, president of the TT Chamber. -[/caption] Tourism remains a cornerstone of Tobago’s economy, contributing 13 per cent of the island’s GDP in 2023 and generating US$215 million, as highlighted by the Chief Secretary in the budget address. Visitor arrivals were recorded at just under 28,000 in January 2024. Tobago, however, remains heavily reliant on domestic tourism from Trinidad, as it contributes over 70 per cent of arrivals to the island. I posit, therefore, do we look at mass numbers in international tourist arrivals as enjoyed by our Caricom neighbours and try to match that, or do we consider building a differentiated, value-driven model that maximises sustainability, uniqueness and quality, while ensuring that tourism strengthens our people and uplifts our communities? We must therefore consider carefully if the mass market is not our niche, then is authenticity our tourist product? And if we need proof of what works, just look at Carnival – our number one tourism product. Its success is built not on imitation or mass-market formulas, but on authenticity. It thrives because it is ours, rooted in culture, creativity and community. Carnival 2025 saw nearly 32,000 visitors to Trinidad, each spending over $14,110. Cluster approach: A lynchpin for success Sport tourism: An area earmarked by the government as an important tourism cluster. Sports tourism in TT is a natural extension of our rich athletic legacy and world-class facilities. From the Hasely Crawford Stadium and Brian Lara Cricket Academy to the National Cycling Velodrome and Aquatic Centre, our infrastructure rivals that of much larger nations. [caption id="attachment_1174748" align="alignnone" width="1024"] -[/caption] Coupled with our proud tradition of producing Olympic athletes and cricketing icons, these assets position us to host international tournaments, training camps and fan-based travel. More than just competition, sports in TT represent culture, pride and global connection, drawing visitors who not only attend events, but also stay in our hotels, dine in our restaurants and experience the vibrancy of our people. With deliberate positioning, sports tourism can become a cornerstone of diversification, creating jobs, boosting foreign exchange and strengthening our international brand. Sustainable tourism: The global eco-tourism industry is booming, valued at US$181 billion and growing at 14 per cent annually. Travellers crave authentic eco-experiences: walking our forests, eating our food and listening to our stories. In Couva-Talparo, small entrepreneurs are already creating exactly that, from community-led cocoa and spice tours to bird-watching trails and homestyle culinary experiences. Complementing these activities, the district now offers over 120 rooms on Airbnb, allowing visitors to fully immerse themselves in this unique eco-experience. Event tourism (MICE): Meetings, incentives, conferences and exhibitions are a trillion-dollar global industry. With Hyatt’s world-class meeting space, NAPA, Queen’s Hall and the Caribbean’s top-rated airport infrastructure, we are primed to grow. By positioning TT as the premier hub for regional business and cultural events, we can capture a greater share of this high-value market. Case for small indigenous hoteliers In preparation for this meeting, we engaged some of our members, including several small indigenous hoteliers, who shared the significant challenges they face in accessing funding for hotel development. They emphasised the urgent need for targeted government support, particularly to assist owners of older, locally established hotels that are struggling to remain viable. Our members further highlighted the importance of having clear, consistent policies and streamlined procedures for fiscal incentives, which would provide much-needed confidence to investors. Despite these challenges, small indigenous hoteliers remain committed to upgrading their facilities and enhancing infrastructure – demonstrating both resilience and a deep desire to contribute to the growth and competitiveness of the tourism sector. Investors – TT Chamber members We would like to acknowledge and congratulate our member, HADCO, for the work it has done and continues to do in the tourism sphere. HADCO has been a significant investor in local properties, most notably through its ownership of HADCO Experiences at the Asa Wright Nature Centre. When local businesses invest in tourism, they do more than build facilities; they anchor the tourism sector in our economy, create jobs, strengthen capacity and ensure the value of every visitor dollar remains within our communities. As John Hadad said, "I looked at it as a foreign exchange earner and one that is relevant to the local community." The call to action How do we move from promise to potential? 1. Define and brand our product: Craft a bold identity for TT tourism that sets us apart. 2. Invest in our clusters of strength: Sustainable, event and sport tourism – build quality, capacity and integration. 3. Strengthen public-private partnerships: Let’s give our small and indigenous hotels and entrepreneurs the backing they need to thrive. This is not about another plan on a shelf. This is about a new approach rooted in action, partnership and shared responsibility.   The post TT Chamber president: ‘Moving from promise to potential’ appeared first on Trinidad and Tobago Newsday.