Maroc - NEWSDAY.CO.TT - A la Une - 27/Nov 09:59

Priorities and Prospects: Driving Tobago’s economic development

CURTIS WILLIAMS THE Tobago Division of the TT Chamber of Industry and Commerce is looking forward to a revitalised economy in 2026, as prospects for the growth of the business sector in Tobago continue to improve with the coming together of policies and people. As the leading advocate for sustainable business growth and development on the island, the Tobago Division continues to promote projects that can generate real economic activity and investor confidence on the island. Driven by its mission to lobby authorities for policies that benefit the business community, the division has set its focus on helping members capitalise on new prospects for development and diversification emerging from ongoing calls by regional governments for the urgent realisation of the Caricom Single Market and Economy (CSME). The division believes that Tobago, with the help of central government, must address several key issues if the island must hold its own in a rapidly changing economic landscape. In this regard, the division has identified a need for public infrastructure that supports business growth, improvement to citizens’ quality of life, streamlining of government services to enhance efficiency and greater collaboration with the central government in addition to promoting economic diversification as some of the solutions to better equip the island to grasp any available opportunities. Tourism development Tourism is the lifeblood of Tobago’s economy. The sector contributes close to 14 per cent of the island’s gross domestic product (GDP) and employs roughly 16,000 people, according to the Tobago Tourism Agency Ltd. The island’s unique, indigenous heritage, picturesque beaches and eco-friendly and culturally enriched experiences makes it an ideal destination for visitors. While its natural attributes have long been the backbone of its allure, the chamber sees infrastructural upgrades, proper management and investment as means of enhancing the product and helping Tobago to remain competitive as a premium tourism destination. [caption id="attachment_1192788" align="alignnone" width="683"] Curtis Williams, president of the Tobago Division of the TT Chamber of Industry and Commerce. -[/caption] The island’s tourism sector looks even more promising with the completion of its airport’s expansion project that will bring additional airlift and guests. The new airport can handle up to three million passengers a year, three times more than the current one. This highlights the available hotel investments opportunities brought on by the imminent need for more high-end room stock, logistics and tourism services. Additionally, strategic investment in the development of a modern commercial port, inclusive of a cruise ship terminal and marina carry strong potential to boost Tobago’s capacity for international trade, tourism, and marine activity while creating long-term employment opportunities and attracting much needed foreign exchange. The chamber, however, advises that there must be careful planning, ensuring that any new projects align with Tobago’s sustainable tourism strategy and environmental goals. Diversification of export markets The Tobago Division believes that diversifying export destinations will help protect Tobago’s economy from trade disruptions and open new growth opportunities. As Tobago’s producers face an evolving trade landscape, there is hope for a drive to support local businesses in adapting to these changes by broadening their regional and international reach. The CSME opens such a portal for Tobago businesses to expand the markets for their products and services – introducing the region to the unique sweets and treats that have become synonymous with the island. This avenue can serve multiple purposes including attracting innovative ways to utilise the island’s many natural resources and raw materials; positioning Tobago as a business hub by driving business to the Cove Eco Industrial Estate & Business Park as well as help alleviate the foreign revenue shortage faced by the business sector. As it stands, Tobago businesses continue to reel from the difficulty in accessing foreign exchange. This ongoing problem has impacted businesses that are required to pay international subscription fees abroad for software licences, purchase materials and other activities requiring foreign exchange. A reduction in credit card limits has added to the difficulty with businesses resorting to opening accounts in multiple banks meet monthly commitments and pay important subscription fees. The Tobago Division remains open to working with the relevant parties to find much needed solutions to this burning issue. Opportunities Tobago has numerous opportunities for investment beyond tourism, particularly in areas such as agriculture and renewable energy. The chamber is also supporting local entrepreneurs in various other sectors, including manufacturing, the orange economy, technology and the green economy. Tobago is more than just a beautiful vacation destination. As the shift towards the digital economy deepens, unprecedented opportunities open for forward-thinking individuals and businesses to thrive. The island’s technological infrastructure also beckons digital nomads to relax and work simultaneously. It also facilitates the digital export of expertise, opening non-traditional avenues for revenue generation. The Chamber is optimistic about the island’s economic future and remains committed to fostering an environment that welcomes both local and international enterprises, ensuring that business grows in a manner that benefits all stakeholders. Curtis Williams is president of the Tobago Division of the TT Chamber of Industry and Commerce.   The post Priorities and Prospects: Driving Tobago’s economic development appeared first on Trinidad and Tobago Newsday.