- NEWSDAY.CO.TT - A la Une - 11/07/2024 20:30

TIC celebrates 25th anniversary

The Trade and Investment Convention (TIC) this year celebrates its 25th anniversary with the theme: Global Horizons. Since opening its doors in 1999, TIC has generated over US$900 million in trade. TT Manufacturer’s Association (TTMA) president Roger Roach challenged this year’s TIC participants to cross the US$1 billion mark in overall revenue. The three-day convention held at the Centre of Excellence, Macoya, from July 11-13, will connect buyers and sellers to create new business partnerships. The multi-sectoral trade show brings together local, regional and international businesses. Former TTMA president Anthony Rahael, reflecting on TIC's beginnings, said it began as an idea in 1996 under the stewardship of former president Amjad Ali, seeking to bring together businesses and entrepreneurs under one roof. The first event at Queen’s Park Oval featured just 15 local booths and around 150 participants. In 2004, TIC moved to the Centre of Excellence in Macoya, then the Hyatt Regency, growing into an international event. "TIC quickly became TTMA’s flagship event," Rahael said. This year’s convention will see 320 booths from 293 organisations, representing 17 countries including St Vincent and the Grenadines which felt the brunt of Hurricane Beryl. Other countries exhibiting include Jamaica, Dominica, Costa Rica, Canada, Indonesia and 13 others. Sectors represented include food and beverage, construction, energy, medical and health services and more. "Over 2,700 buyers from 32 countries are registered, many of whom are here due to TTMA's trade missions," Roach said. Discussing future plans, Roach said TIC aims to expand regionally and internationally, leveraging its 25 years of experience. Additionally, TTMA hopes to establish its own convention centre. "We want to develop a virtual buyers' platform to complement our physical show, creating a seamless, accessible marketplace," he said. Trade Minister Paula Gopee-Scoon said the government will do its part to provide a facilitative environment for TIC’s adaptation and growth. "Regionally, the ministry has been collaborating with its Caricom colleagues to review the Common External Tariff (CET). "A decision has already been taken to maintain duties on regionally produced goods to ensure the continued competitiveness of regional manufacturers. "It was also agreed that flexibilities would be maintained to allow for zero or low duties to be applied on imports that are the main inputs into production," she said. Once completed, Gopee-Scoon said this exercise will provide additional policy space and predictability for local manufacturers to continue to invest in new products for exports. In March, with the support of the International Trade Centre (ITC), the ministry began the development of the National Trade Strategy 2024-2029. "The strategy will usher in significant advancements for trade in goods and services," she said. She also highlighted the proclamation of the Special Economic Zones Act where the private sector can apply for licences to operate a specially designated zone with tenants, or be an occupant of one. "It means that if you acquire such a licence, you pay only 15 per cent corporation tax and benefit from a series of strategic incentives that reduces your cost of doing business," she said. Additionally, the ministry is also moving towards the establishment of a new TT Trade and Investment Promotion Agency (TIPA). "The legal process to establish this new entity is expected to be completed later this week and will further ensure that this country’s trade promotion efforts are focused and more strategic to allow manufacturers to exploit market access opportunities," she said. The post TIC celebrates 25th anniversary appeared first on Trinidad and Tobago Newsday.