THE TT Coalition of Services Industries (TTCSI) has launched a new initiative to promote the services sector and boost the export strategy of Trinidad and Tobago.
In a virtual launch on September 3, the TTCSI unveiled its national services campaign — Go Global TT Services which will be supported by A Gateway to Trade programme, to assist small and medium enterprises (SMEs) in four sectors. They are business and professionalism, information and communications technology (ICT), energy businesses, events tourism services, such as accommodation providers, restaurants, ground transportation, and tourism attractions and event organisers.
The programme includes capacity building for services, SMEs and business support organisations including training and SME coaching, market and sector research, export plan development, export promotion initiatives and sector strategy development.
It is geared towards providing export-readiness training to SMEs, delivering an export-focused trainers certification programme to support sustainability and knowledge transfer; provide coaching to SMEs to support the development of export plans and improve export marketing initiatives such as value proposition, website development, company profiles; building internal and external commercial opportunities; supporting development of strategic initiatives and supporting the growth of services exports and create employment.
The initiative is supported by the Ministry of Trade and Industry (MTI) which has provided most of the funding and ExportTT and will be rolled out in three phases.
Phase one, which starts next month will end in December, is focused on training and coaching; phase two takes places between January and March 2022 and involves advanced coaching and phase three which deals with market connections will take place after April 2022.
According to the TTCSI, the services sector is a significant contributor to the economy’s gross domestic product (GDP), having in 2017 contributed 72 per cent or $115 billion in GDP and employing over 85 per cent of the labour force.
It said, “In 2018, the sector contributed an estimated 58 per cent to GDP, followed by 53 per cent in 2019. Despite its success on home soil, the services sector accounts for less than 10 per cent of export earnings. Therefore, the sector has significant scope for growth in terms of export generation.”
MTI acting permanent secretary Ayleen Alleyne-Ovid said the initiative has the potential to make a significant impact on the services sector and promote efforts towards economic diversification.
“It is particularly encouraging to note that this initiative focuses on improving the export readiness of SMEs which are the backbone of our economy.
“During the period 2015-2019, the sector on average contributed to approximately 60 per cent of the country’s GDP. In 2019 alone, the sector’s contribution to GDP was approximately $93.5 million. In addition to this, with respect to employment, approximately 75 per cent of the national labour force is employed in the ser
