In this edition of the TT Chamber’s business column, we spotlight a powerful address by President Sonji Pierre-Chase at the Business Outlook forum themed “Driving Caribbean Resilience”.
Good morning, and welcome to Business Outlook 2025. It is energising to stand before a room filled with individuals passionate about business and committed to driving meaningful change for our Caribbean community. We gather not merely to examine challenges but to chart bold alliances and decisive actions that will build the Caribbean’s resilience and economic strength in the years ahead.
We do so in a world marked by economic volatility, shifting geopolitical dynamics, and pressures on regional markets that test even the most resilient economies. These discussions are being held against the backdrop of shifting dynamics in global trade including the introduction of a ten per cent base tariff by the United States an important trading partner.
Yet amid this uncertainty lies immense promise, inviting us to craft visionary strategies to deepen regional ties, expand our businesses beyond national borders, and reduce reliance on extra-regional markets by scaling businesses and deepening regional trade. This gathering stands as a testament to our shared resolve to transform challenges into pathways for sustainable growth and collective prosperity.
The theme of the Caricom Heads of Government Conference held in Montego Bay, Jamaica last week, was People, Partnerships, and Prosperity, promoting a secure and sustainable future. To quote from Dr. the Honourable Andrew Holness, Prime Minister of Jamacia and the new Chair of Caricom, “the theme captures the essence of our regional purpose. People centered development and strategic partnerships are not merely aspirational, they are essential. As small states we are vulnerable, not just to global economic shocks and natural hazards but to being marginalized in a world where power and influence often outweigh genuine need, and that is why we must think strategically, act collaboratively and remain focused on the values that unite us”.
The new Chair of Caricom, Prime Minister Holness reported at the conclusion of the Conference, that several critical issues of urgent regional priority were identified and the Heads of Government reaffirmed their commitment to deliver tangible results for the people of the Community. In relation to the CSME, the Chair said that Heads agreed that the pace and scope of implementation were just too slow, and they committed to do everything in their power to speed up implementation. In that regard, the announcement was made that four Member States, Barbados, Belize, Dominica and St. Vincent and the Grenadines have reiterated their willingness to implement full free movement by October 1st, 2025.
May I remind you ladies and gentlemen, that it was at Caricom’s 50th anniversary and the 45th Meeting of the Conference of Heads of Government held right here in Trinidad and Tobago in July 2023, the then Chair of Caricom the Hon. Roosevelt Skerrit, Prime Minister of Dominica said these words
“We believe that this is a fundamental part of the integration architecture, and at 50, we could not leave Trinidad and Tobago and not speak about the core of the regional integration movement, that is, people’s ability to move freely within the Caribbean Community. I think we would have served, and we have served the Community well at this meeting by arriving at that decision and we hope to see that it is implemented by the 30th of March 2024.”
I wish to put on record, that the Trinidad and Tobago Chamber of Industry and Commerce is totally supportive of the implementation full free movement. In the private sector, we understand fully the importance of strategic deployment of capital and labour. The region must embrace the opportunities that full free movement will afford, in allowing the private sector to increase economies of scale, drive innovation and build resilient and sustainable businesses, with the ability to seamlessly resource the requisite talent throughout our fourteen member states.
In our own context here at home in Trinidad and Tobago, we find ourselves at a pivotal moment, balancing existing strengths with urgent challenges that require decisive action. From the performance of our energy sector to the drive for diversification in manufacturing, agriculture, and services, our business community is navigating complex circumstances. Inflationary pressures, shifts in consumer behaviour, and the need for digital transformation are immediate concerns.
These challenges equally open doors for innovation, new investment, and sustainable growth within our own economy. I am especially pleased that we are joined today by the Minister of Planning Economic Affairs and Development Dr Kennedy Swaratsingh, as well as the Parliamentary Secretary, Ministry of Trade Investment and Tourism, Dr. Colin Neil Gosine, whose insights and leadership will be vital as we navigate these times.
At the Chamber, our vision extends beyond advocacy, we have insightfully been building on the 2025 theme of the Caricom Heads of Government Conference of People, Partnerships, and Prosperity, promoting a secure and sustainable future. We have been to building bridges locally, regionally, and internationally, and advancing strategically engagement with our regional counterparts.
Let me highlight three key areas where we are actively shaping this vision.
Strategic Alliances that Drive National Progress
Responding to today’s realities means looking outward to build partnerships that drive shared progress. Our commitment to strategic alliances remains steadfast, as we seek opportunities that extend Trinidad and Tobago’s business sector reach and influence. Our engagement with the Ghanaian High Commission has laid the groundwork for South-South collaboration across sectors such as energy, agriculture, and technology. Similarly, the Memoranda of Understanding signed between Trinidad and Tobago and India, prioritise private sector’s involvement and knowledge sharing, ensuring diplomatic efforts translate into tangible investment and meaningful job creation. In driving Caribbean resilience, the theme of our Business Outlook session today, it pleases me to announce that the Chamber has signed Trade and Business Development Alliance Agreements with several of our Caribbean counterparts and are in discussions to sign several more throughout the Pan-Caribbean region.
These alliances are not mere diplomatic gestures but deliberate instruments that serve as catalysts for knowledge exchange, talent development, and investment in critical sectors like healthcare, agriculture, and digital innovation. Such collaborations open new opportunities and competitive advantages for our Chamber members and the wider business community and underscore our belief that Trinidad and Tobago can be a significant player on the global stage while securing tangible benefits for our local economy.
Reimagining Research through Collaborative Tools
In today’s complex world, data is the cornerstone of sound business decisions. That is why, in partnership with the Arthur Lok Jack Global School of Business, we have relaunched the T&T Business Outlook Index. Building on the legacy of the former Corporate Confidence Index, this enhanced tool now captures real-time private sector insights, offering a clearer lens on economic trends and market sentiment.
This is far more than a collection of data. It is strategic intelligence that empowers businesses and policymakers alike to act decisively and plan with confidence. Whether in manufacturing, energy, services, or emerging industries, the Index equips us to anticipate shifts, allocate resources wisely, and shape strategies grounded in fact rather than conjecture.
Globally, collaborations between academia and industry have become essential for generating such insights, exemplified by partnerships between prestigious academic institutions and global firms to inform market analysis and business decisions. We intend to expand the reach and depth of this Index to ensure it reflects perspectives across all sectors and becomes an indispensable indicator for investment decisions, policy formulation, and sustainable growth.
Trade Missions that Connect Markets and People
Ladies and gentlemen, beyond charts and statistics, trade is fundamentally about people and about building relationships that bridge borders and create lasting prosperity. Embracing this idea, the Chamber has in recent weeks undertaken significant trade missions to Curaçao and Belize, facilitating over 80 business-to-business meetings. Far from ceremonial, these were dynamic sessions where companies worked together to build trust, deepen ties, and lay the groundwork for a stronger regional community.
Such collaboration underscores the critical role of trade missions in opening doors for Trinidad and Tobago’s businesses to thriving, accessible markets where shared culture and mutual interests create fertile ground for growth. They embody our belief that regional integration goes beyond policy rhetoric and serves as a powerful driver for expanding markets, fostering investment, and generating sustainable economic opportunities that enhance lives across our region.
Recognising that trade is fundamentally rooted in human relationships, today’s panel offers us a crucial opportunity to explore how such connections can drive regional integration, resilience, and prosperity.
Ladies and gentlemen, as we look toward the horizon of 2025 and beyond, the Chamber remains resolute in its mission to drive national progress. Whether through forging regional and international alliances, championing research-driven decision-making, or creating direct commercial linkages through trade missions. Our work is focused on one purpose, SECURING SUSTAINABLE. We are therefore willingly to take up the challenge set at the 49th CARICOM Heads of Government Meeting, founded on the theme, People, Partnerships, and Prosperity, promoting a secure and sustainable future. Let us therefore move forward with purpose and unity, determined to shape a Caribbean that not only endures but excels.
In closing, I wish to take the opportunity to once again quote from Prime Minister Holness: “As a community we must strengthen our internal cooperation. The resources in Caricom are sufficient for us to provide for the needs of our people. What has stopped us for these many years? We have been saying we really want to get it. Do we really want it? Prosperity must be inclusive; it can’t be for some; it must be for everyone in the region. It must be sustainable, and it must be resilient. Sustainability and resilience are the two new buzzwords that every government in the region must focus on.”
I thank you and look forward to meaningful discussions and collaborations.
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