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Trinidad and Tobago making it easier to do business

Trinidad and Tobago making it easier to do business

Posted by PanamericanWorld on March 05, 2014

Government intends to position Trinidad and Tobago as a global investment hub by improving the country’s “ease of doing business” rating and strengthening the private sector’s role in the economy.

Significant progress has already been made in reducing the 43 days it previously took to set up a business in T&T to just three, thanks to legislative reforms and the introduction of the TTBizlink system, which allows exporters and importers to apply for trade permits and licenses electronically. The country has also invested in scanners that will decrease the checking/assessment time for shipments through Port-of-Spain and Point Lisas. Economic activity will get an additional boost through the formation of seven new industrial parks in the Chaguanas area over the next 12 months, as well as the development of the Camden Airpark General Aviation Center Project.

The Minister of Trade, Industry and Investment, Vasant Bharath notes that T&T possesses a number of assets that are central to facilitating business, including low energy costs, strategic geographic location and solid macroeconomic indicators. Those advantages have not prevented a modest setback in the eyes of the International Finance Corporation (IFC), however. The IFC’s Doing Business 2014 ranks T&T 66th in the world in terms of ease of doing business, down three spots from 2013. The country has made strides over the past year in the Starting a Business category, improving from 71st to 67th, but drops were seen in Getting Credit (24th to 28th), Dealing with Construction Permits (74th to 77th) and Paying Taxes (94th to 97th). 

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