Bavina Sookdeo
As Trinidad and Tobago’s pursuit of economic independence continues, the services sector is emerging as a formidable engine driving growth, diversification and global engagement.
Newsday spoke with Vashti Guyadeen, CEO of the TT Coalition of Services Industries (TTCSI), who provided a comprehensive insight into the prospective potential the services sector has to transform the socio-economic landscape of the country.
Asked to highlight some of the major milestones of the service sector, Guyadeen pointed out a few examples.
“The services sector has played a pivotal role in supporting TT’s economy. Services support both the manufacturing and energy sectors. For instance, are you aware that 30 services are required to get a loaf of bread into a shopping basket, accounting for 72 per cent of the final price?
“While historically reliant on the energy sector, we have successfully extended into areas such as finance, information technology, and creative industries. This diversification, if done correctly with the best and the brightest at the forefront, has the capacity to ensure that TT is more resilient and less susceptible to the fluctuations of global energy markets.”
Expansion of financial services is another key area. As Guyadeen pointed out, “Our financial services industry has witnessed significant growth, with TT becoming a regional financial hub. We have developed a robust banking sector, a well-regulated insurance industry and a dynamic capital market.”
She pointed out that tourism could act as a catalyst if it is prioritised.
“Through our Doing Business with the World series, we have seen how countries such as Jamaica and Peru have transformed their economies by focusing on tourism development. TTCSI, in collaboration with the TTMA (TT Manufacturers Association), has put forward a proposal to the Trade and Industry Ministry to conduct a national study on the linkages between tourism and manufacturing.”
Guyadeen said information and communication technology (ICT) and business process outsourcing (BPO) sectors have also enjoyed success.
“At the TTCSI we are actively working to position TT as an international services hub.”
Creative industries – music, animation, film, fashion, and design – have escalated internationally, elevating local talent and nurturing cultural identity while boosting economic prosperity.
The services sector has supported the growth of local talent, enabling it to reach global audiences and contributing to TT's cultural identity and economic prosperity.
The TTCSI has also been working on its trade and export services.
“Through partnerships and negotiations, we are actively working towards building alliances for our service providers to access international markets, boosting revenue streams and promoting cross-border collaboration. This is something that we cannot do by ourselves,” she added.
So where does Guyadeen see the services sector going in the next ten years?
“In September 2021, the TTCSI launched an ambitious programme called GoGlobal
