Chamber of Commerce in Trinidad and Tobago: Fuelling Economic Advocacy in 2025
An Overview of Leadership and Vision
Sonji Pierre-Chase, President of the Trinidad and Tobago Chamber of Industry and Commerce, has articulated a clear vision for 2025, aligning with the chamber’s commitment to advocating for key business issues. In a recent interview, she emphasized the importance of engaging directly with policymakers to foster practical solutions that cater to the needs of the business community.
Collaborative Efforts for Economic Development
One of the cornerstone initiatives of the T&T Chamber has been its proactive engagement with government officials, particularly the Minister of Trade, Investment and Tourism as well as the Minister of Planning and Economic Affairs. Pierre-Chase detailed several high-level meetings that led to the development of a structured work program designed to enhance the private sector’s involvement in the country’s economic advancement. This collaborative approach aims to ensure that businesses are not just participants but stakeholders in the national development narrative.
Addressing Healthcare Challenges
Healthcare emerged as another significant focus for the T&T Chamber. In discussions with the Minister of Health, the chamber sought solutions to improve access to essential specialty drugs, particularly for patients undergoing cancer treatment. This advocacy highlights the intersection of health and business, showcasing how the chamber’s efforts extend beyond traditional economic issues.
Security Concerns for Businesses
Security is a critical concern for entrepreneurs and businesses in Trinidad and Tobago. Pierre-Chase noted meetings with the Minister of Homeland Security and the Commissioner of Police to address the pressing issue of crime. The chamber put forth a comprehensive security blueprint aimed at alleviating some of the anxiety surrounding safety for both business owners and consumers.
Improving Trade Facilitation and Border Security
The ease of doing business has also been a priority area for the T&T Chamber. Collaborative efforts with the Customs and Excise Division underscored the need to mitigate port disruptions while balancing trade facilitation with stringent border security measures. This dialogue is pivotal, as smooth operational logistics are essential for business growth.
Workforce Development Initiatives
Engagement with the Minister of Tertiary Education and Skills Training has aimed at fostering a workforce better aligned with industry requirements. The chamber expressed its willingness to collaborate on educational and vocational programs to ensure that the skills being developed in the workforce meet the evolving demands of various sectors.
Tackling Currency and Foreign Exchange Issues
With ongoing challenges in the foreign exchange arena, Pierre-Chase and the chamber have been active in lobbying for support for their members. By bolstering networks across Latin America and the Caribbean, they’re exploring new markets and enhancing trade and investment opportunities. This strategic outreach underscores the chamber’s commitment to mitigating financial constraints for local businesses.
Advocacy Against Illicit Trade
The chamber’s stance against illicit trade was further solidified when it became a signatory to the Anti-Counterfeiting and Piracy Charter. In partnership with other organizations and government agencies, this effort aims to tackle the pervasive issue of counterfeit goods that undermines legitimate businesses in Trinidad and Tobago.
Engaging with the Ministry of Finance
Another significant aspect of the chamber’s work has been its interactions with the Ministry of Finance. Notably, over half of the recommendations put forth by the chamber were adopted in the 2025/2026 National Budget. This includes initiatives aimed at enhancing food security, bolstering the agriculture sector, and fostering growth in the Creative Sector, otherwise known as the Orange Economy.
Navigating External Economic Pressures
However, Pierre-Chase highlighted headwinds that have challenged businesses throughout the year. From the implications of new U.S. tariffs on exports to changes in local governance and geopolitical factors, these developments have created a complex business landscape. This has resulted in both opportunities and hurdles for local entrepreneurs.
The Impact of Currency Constraints
The ongoing foreign exchange constraints have significantly affected businesses, especially SMEs. Many have experienced reduced credit limits, hindering operational capabilities and cash flow. The chamber’s survey sought to analyze these challenges and provide tailored support to its members navigating these turbulent waters.
Crime and its Impact on Consumer Confidence
The rise in crime has further exacerbated challenges for local businesses. Increased operational costs and diminished consumer confidence are significant issues affecting the economic landscape. The chamber acknowledges that addressing these safety concerns is vital for restoring faith in the marketplace.
Adjustments to International Travel Policies
Recent policy changes, such as the new visa requirements for T&T nationals traveling to the UK, have also presented additional challenges. This shift has forced the chamber to postpone planned trade missions, showcasing the interconnectedness of political decisions and business opportunities.
Achievements in Tax Reform
Despite the myriad challenges, there have been notable advancements, particularly regarding VAT refunds which have benefited cash-strapped SMEs. The chamber’s efforts in advocating for improvements in the business environment have yielded positive dialogues with key stakeholders, indicating a shift towards collaboration.
Ongoing Challenges and Current Climate
Current economic conditions remain strained, with many members reporting a slowdown in business activity. Increased taxation and new fiscal measures introduced by the government have added stress to an already delicate economic situation. The chamber’s surveys indicate that these pressures resonate deeply within the business community, emphasizing the need for continued advocacy and reform.
Future Outlook for Employment
Nonetheless, employment expectations show some signs of hope. The adjusted Business Outlook Index revealed that many businesses are gearing up for potential recovery and investment, maintaining a cautiously optimistic view for the upcoming year despite existing pressures.
Focus on SME Support and Operational Challenges
The emphasis on addressing forex access remains paramount among the chamber’s members, presenting ongoing challenges. The T&T Chamber has drafted a comprehensive working paper titled Addressing Forex Challenges—The Way Forward, intended to guide stakeholders in navigating these complexities.
Conferences and Initiatives for Growth
To reinforce its commitment to supporting SMEs, the chamber successfully hosted the SME conference Catalyst. This event showcased vital sectors, fostering discussions on the Creative/Orange Economy and Agriculture, further boosting the local entrepreneurial landscape.
Future Directions
Looking ahead, the T&T Chamber is set to recalibrate its strategic focus, concentrating on key pillars such as SME growth, digitization, and enhancing export readiness. The overarching aim is to foster a competitive environment that embraces economic diversification and strengthens international partnerships.
In summary, the Trinidad and Tobago Chamber of Industry and Commerce is poised to play an instrumental role in shaping the economic landscape of the country as it navigates the challenges of 2025 and beyond. The chamber’s multifaceted approach reflects a strong commitment to advocacy, collaboration, and sustainable growth amidst evolving demands and circumstances.