Driving transformation: Budget blueprint for a resilient economy

As Trinidad and Tobago (TT) approaches fiscal year 2025/2026, the nation stands at a pivotal juncture. The TT Chamber of Industry and Commerce (TT Chamber) has unveiled a transformative budget blueprint titled ‘Unlocking TT’s Next-Generation Economy,’ aimed at addressing the vulnerabilities of an economy overly reliant on oil and gas. With hydrocarbons contributing 32% of GDP and 75% of export earnings while employing only 5% of the workforce, the Chamber emphasizes the urgent need for diversification and resilience. The blueprint outlines seven strategic pillars: Agriculture and Food Security, Economic Diversification, Government Efficiency, Human Capital Development, Health Sector Reform, Public Safety and Justice, and Digital Transformation. Agriculture, currently contributing less than 1% of GDP, is highlighted as a critical area for reducing the TT$7.3 billion food import bill and enhancing national security. The Chamber proposes a structured three-year plan to develop priority crops like breadfruit, hot peppers, and cassava, supported by Caricom’s 25 by 2025 initiative. The creative industries, including music, film, and fashion, are identified as high-growth sectors with significant export potential. To sustain this momentum, the Chamber calls for stronger intellectual property protection, targeted export promotion, and improved access to financing. Professional services, ICT, marine services, and niche tourism are also seen as key areas for growth. The Chamber advocates for government efficiency through digitized customs management, VAT refund fast-tracking, transparent foreign exchange policies, and a universal payment interface. Human capital development is prioritized with expanded youth employment tax incentives, increased tertiary education tax deductions, and a national STEM roadmap. Health and public safety reforms include diversifying NCD treatment procurement, introducing a sugar tax, and modernizing eHealth legislation. The Chamber’s digital transformation agenda includes a national e-ID system, updated data protection laws, and an AI policy framework, with the Start-Up T&T initiative modeled after Chile’s successful program. The Chamber’s message is clear: TT must embrace bold reforms and public-private collaboration to build a sustainable, competitive, and inclusive economy.