Despite escalating diplomatic tensions between Trinidad and Tobago (TT) and Venezuela due to TT’s support for US military actions against Venezuelan narco-terrorists and traffickers, Trade, Investment, and Tourism Minister Satyakama Maharaj has identified Venezuela as a potential ‘gold mine’ for trade and investment. Speaking at the Institute of Chartered Accountants’ (ICATT) annual international finance and accounting conference in Port of Spain, Maharaj emphasized that Venezuela represents a vast, untapped market for TT manufacturers, provided its socio-political and geopolitical challenges are resolved. He expressed confidence that TT could swiftly capitalize on this opportunity, potentially launching trade missions immediately. Maharaj also highlighted TT’s economic diversification efforts, aiming to increase non-energy exports from 30% to 50% within five years, citing the decline of the oil and gas boom as a driving factor. He acknowledged challenges in coordinating with the fragmented private sector but revealed plans to unify various chambers and organizations under a single private sector entity. Additionally, Maharaj praised Prime Minister Kamla Persad-Bissessar for her relentless lobbying efforts, which led to the US reversing a 15% tariff on TT’s ammonia, urea, and methanol exports. This reversal, achieved through high-level diplomatic engagements, has been hailed as a significant win for TT’s economy.
Trade Minister: Venezuela a potential gold mine once issues settled
