Rates at the Cove Eco-Industrial and Business Park in Tobago have been reduced in an attempt to woo local tenants, Trinidadian investors and foreign direct investments.

THA Deputy Chief Secretary and Secretary of Finance and the Economy Joel Jack announced the move on Wednesday at the post-Executive Council news conference, saying the aim was to make doing business there more economically attractive.

Jack said the board of directors of the Eco-Industrial Development Company of Tobago (E-IDCOT) were mandated to review the rates and prices at the park and submit a proposal to revise them downwards. He said their proposal was tabled, approved and confirmed by the Executive Council.

The rates have been slashed by around 43 to 44 per cent and there will be additional incentive packages.

These reductions will also include access to specified acreages, project procurement and management services, and business and professional assistance.

Jack said the incentives will help businesses navigate the financial pressures caused by covid19.

“It is anticipated that this would not only provide support to our current tenants, but they would offer an opportunity at this time for them to recover from the impact of the covid19 pandemic.

“With this, we should see an increase in local and national tenancy, as well as international investors.”