Phoenix Park opening positions TT as attractive investment, manufacturing hub says Trade Minister

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Phoenix Park opening positions TT as attractive investment, manufacturing hub says Trade Minister

Prime Minister Dr Keith Rowley officially opened the Phoenix Park Industrial Estate on Wednesday 10th January.

Situated on 144 acres in Point Lisas, Central Trinidad, this state-of-the-art economic park aims to boost the country’s socio-economic development and diversification. It positions Trinidad and Tobago as a major trade and investment hub in the region, catering to businesses in manufacturing and assembly, logistics and distribution, and ICT industries.

The park stands as a flagship project of the Government of Trinidad and Tobago and the People’s Republic of China’s Belt and Road initiative. The project materialised following the signing of a Memorandum of Understanding in 2018 between the Governments of both countries.

Minister of Trade and Industry, Paula Gopee-Scoon, delivering remarks, stated, “The opening of this world-class industrial estate will position Trinidad and Tobago as an attractive investment hub and manufacturing base within the Americas.” She emphasised the crucial role of investment as a catalyst for achieving economic transformation and diversification in a developing country.

During the feature address, Prime Minister Rowley acknowledged, “It is no secret that Trinidad and Tobago’s economy is largely buttressed by our reserves and expertise in energy. Although the demand for hydrocarbons will exist for decades to come, economic diversification is an absolute priority of this Government given the need for a more holistic, sustainable growth model.”

He said, “It is a delicate balance that requires us to portion our time and resources and focus on exploiting our existing assets effectively and sustainably while creating space and opportunities for new ideas and ventures; both in energy and non-energy.”

Dr Rowley encouraged firms operating at the Phoenix Park Industrial Estate to leverage available networks and opportunities, ensuring that their businesses thrive and prosper globally, thereby adding much-needed diversity to Trinidad and Tobago’s economy.