Trinidad and Tobago welcomes the prospects for closer collaboration with Spain, on trade and investment, particularly in the non-energy sector.
This comes from Minister of Trade and Industry, Paula Gopee-Scoon following a recent meeting with Ambassador of the Kingdom of Spain, Fernando Nogales to discuss strengthening trade and investment relations between both countries.
Minister Gopee-Scoon noted that Trinidad and Tobago’s exports to Spain are primarily dominated by energy products; as such any opportunity to boost exports of non-energy products would be strongly supported. She added that one such opportunity discussed, was the possibility of a Trinidad and Tobago Trade Mission to Spain. To this end, Ambassador Nogales noted that Spain is an open economy and expressed keen interest in the expansion of products traded between the two nations.
Trinidad and Tobago and Spain share a very important trading relationship, with Spain ranking among the top 10 export destinations and the top 25 import sources for the last five (5) years. Trinidad and Tobago has generally been a net exporter to Spain, with exports accounting for 3% of total exports to the world. In 2021, Trinidad and Tobago’s exports to Spain were valued at TT$1.25 Bn, which was 26% greater than exports for 2020 (TT$990 Mn) and were primarily dominated by products such as liquefied natural gas, methanol and urea. On the import side, trade has been fairly stable over the last five years, with products valued at TT$284 Mn in 20211. The top imported products included iron/steel equipment, medicaments, ceramic tiles and virgin olive oil.
As both countries aim to deepen their bilateral investment relationship, discussions also focused on Trinidad and Tobago’s wide range of sectors open for investment, including agriculture and agro-processing, manufacturing, tourism, maritime services – ship repair and dry docking, financial services, logistics and distribution as well as the creative industries.