分类： business

TRINIDAD AND TOBAGO – As the nation enters 2026, the Trinidad and Tobago Coalition of Services Industries (TTCSI) has issued a compelling mandate for transformative leadership and governance reform within the country’s crucial services sector. TTCSI President Dianne Joseph declared that the era of informal operations has conclusively ended, emphasizing that compliance must now be recognized as a competitive advantage rather than a regulatory burden.

The services industry, described as the ‘heartbeat’ of Trinidad and Tobago’s economy, faces a pivotal moment requiring rigorous recalibration rather than mere reflection. Joseph’s vision centers on establishing corporate governance excellence as the sector’s defining characteristic, moving beyond transactional relationships to build trust-based ecosystems.

Critical to this transformation is what Joseph terms ‘the new breed of leader’—executives who demonstrate visible commitment to excellence beyond titles or boardroom positions. This leadership paradigm requires courage to innovate while maintaining disciplined adherence to evolving regulatory frameworks, including recent legislative changes such as the Finance Bill 2025.

The TTCSI advocates for a fundamental rethinking of organizational structures, emphasizing clear separation of powers between boards, management, and staff. The board’s role must remain strictly strategic and fiduciary, while management focuses on tactical execution, and staff deliver technical and administrative functions. This clarity, Joseph argues, is essential to prevent organizational chaos and ensure accountability.

Continuous director development emerges as another cornerstone of the reform agenda. The coalition challenges the dangerous fallacy that board appointment marks the end of learning, insisting that directors must pursue ongoing education in emerging areas including ESG standards, financial oversight, and AI ethics. Static knowledge, in today’s rapidly evolving business landscape, renders directors liabilities rather than assets.

The TTCSI plans to spearhead this educational thrust through strategic partnerships with key institutions, providing members with tools to professionalize governance structures. The organization will encourage member firms to conduct internal audits ensuring their leadership teams actively add value rather than merely occupying positions.

Joseph’s vision positions Trinidad and Tobago’s services sector as an international benchmark for corporate governance, where members are sought not only for technical skills but for their reputation as ethical, well-governed partners. This transformation, she concludes, requires moving from ‘business as usual’ to ‘business at its best,’ honoring the trust of stakeholders through distinction, clarity, and unwavering commitment to excellence.

The year 2025 proved to be a period of significant volatility and unexpected developments within Trinidad and Tobago’s energy landscape, characterized by both promising advancements and substantial setbacks across upstream and downstream operations.

Upstream production metrics revealed crude oil and condensate averaging approximately 52,000 barrels per day during the first half of 2025, while natural gas production maintained 2.5 billion cubic feet per day. These figures represented a marginal oil production increase from 2024 levels alongside a slight gas production decline, according to Ministry of Energy consolidated bulletins.

Several medium-scale gas development projects achieved critical milestones, with BP, Shell, Perenco and EOG advancing initiatives including Cypre, Mento, Coconut, Ginger, Frangipani, Onyx, Kanikonna and Aphrodite. These developments are expected to mitigate production declines from mature fields. The landmark Manatee project is scheduled to commence drilling in 2026 with production anticipated by late 2027 or early 2028.

Conversely, all Venezuelan cross-border gas initiatives experienced complete stagnation. Both the Dragon and Manakin-Cocuina projects faced suspension due to geopolitical tensions between the United States and Venezuela, with concerns emerging that Manatee might similarly be affected. The critical Calypso project continued to languish without reaching Final Investment Decision, despite rumors of BP potentially assuming operatorship.

A surprising development emerged as ExxonMobil secured seven ultra-deepwater blocks through fast-tracked negotiations, theorizing that Guyana’s prolific petroleum system might extend into Trinidadian waters. Exploration activities are scheduled to commence during first-quarter 2026.

Downstream operations suffered a major blow with Nutrien’s complete shutdown of its ammonia and urea facilities, idling 600 employees amid contract disputes with National Energy, gas availability challenges, and global competitiveness pressures. Meanwhile, the new administration progressed with plans to reactivate the Petrotrin refinery through phased restart initiatives, though technical and economic feasibility questions persist.

The energy sector’s trajectory remains heavily influenced by geopolitical dynamics between the United States and Venezuela. Optimal outcomes would involve bilateral support for cross-border gas field development through Trinidadian infrastructure, potentially including utilization of flared gas from Venezuelan onshore operations. Such cooperation could unlock substantial opportunities for Trinidad’s energy services sector.

Renewable energy initiatives gained momentum with BP’s Brechin Castle solar farm achieving initial electricity generation capacity. The Ministry of Energy and National Energy received recognition for pioneering green hydrogen development, while wind resource assessment programs expanded to additional monitoring locations.

Leadership transitions across state energy enterprises including NGC, Heritage Petroleum, and National Energy introduced organizational uncertainty following the April general election. Board restructuring and executive departures raised concerns about institutional stability within these critically important energy institutions.

Trinidad and Tobago’s persistent efforts to boost exports through trade missions and forums have yielded limited sustainable results, not due to lack of ambition among local firms but because of fundamental capability gaps in international market penetration. The Trinidad and Tobago Chamber of Industry and Commerce, through its Export Action Programme (EAP), is addressing these challenges by providing structured support to small and medium-sized enterprises (SMEs) seeking global expansion.

Funded by the EximBank of Trinidad and Tobago, the EAP currently supports 24 firms across diverse sectors including maritime services, fashion, film, IT, and accounting. The program emphasizes that exporting represents a fundamental capability rather than a one-time activity, requiring deliberate preparation, disciplined execution, and sustained commitment to competitiveness.

The program identifies five critical capabilities essential for export success: customer understanding, compliance readiness, strategic branding, structured planning, and relationship management. Rather than focusing solely on promotion, the EAP provides customized support including export diagnostics, tailored action plans, and technical assistance across market intelligence, compliance, branding, strategy, and aftercare services.

A key insight from the program reveals that export development must begin with comprehensive customer understanding. Firms must develop detailed customer profiles supported by focused market research that examines buying patterns, decision-making processes, and price sensitivity in target markets. The EAP assists SMEs in identifying ideal customers, accessing relevant market research through its Trade Desk, and developing export marketing plans grounded in actual market conditions.

Compliance requirements represent another significant barrier, with many SMEs discovering too late that they lack necessary certifications for target markets. The program helps firms identify market-specific compliance needs and sequence required documentation before market entry, transforming compliance from an administrative burden to a strategic enabler.

Digital presence and professional branding have emerged as critical factors in global competitiveness, as first impressions are increasingly made online through websites and digital catalogs. The EAP supports firms in strengthening their export-facing brand identity and digital platforms to signal reliability and readiness to international buyers.

The program also addresses the common absence of structured export plans, helping firms develop clear strategies for priority markets, entry approaches, and practical implementation steps. Finally, the EAP emphasizes that export development doesn’t end with initial shipments but requires ongoing relationship management, buyer feedback responsiveness, and adaptation to market evolution for sustainable growth.

As Trinidad and Tobago enters 2026, the nation confronts what analysts are calling a “decision year” rather than a fresh start. The global landscape has undergone fundamental shifts that disproportionately impact small nations, characterized by rapid technological displacement of jobs, mounting fiscal pressures on governments worldwide, and persistently rising living costs. These conditions represent permanent structural changes rather than temporary disruptions.

Leadership Paradigm Shift
Globally effective leadership models demonstrate that preparation for reality trumps political campaigning. Singapore’s Prime Minister Lawrence Wong exemplifies this approach through direct engagement with citizens about inflation, global conflicts, and economic restructuring. Similarly, Estonia’s former Prime Minister Kaja Kallas transformed her small nation into a digital governance powerhouse through transparent systems that reduced bureaucracy. Both leaders treated citizens as informed partners rather than passive spectators, establishing new benchmarks for effective governance.

Employment Transformation
Traditional employment models centered on job availability are collapsing as governments digitize and automate. The critical pivot requires shifting from job-seeking to value creation through problem-solving skills in design, accounting, marketing, education, technology, or operations. The emerging work paradigm emphasizes project-based collaboration where three solopreneurs can generate revenue without traditional corporate structures.

Foreign Exchange Imperative
Economic growth remains constrained when limited to domestic transactions within Trinidad and Tobago’s 1.4 million population. Every business concept must now be evaluated through a foreign exchange lens, as forex availability directly impacts food imports, fuel, medicine, and technology access. Service exports present the most viable path forward, enabling professionals to earn globally while residing locally through digital work, consulting, teaching, and creative services.

Strategic Mobility Framework
The mismatch between trained teachers and local opportunities illustrates the need to reframe mobility as career acceleration rather than failure. English-speaking educators enjoy strong demand across Asian markets including Japan, Vietnam, and Thailand. Comparative analysis reveals that lower nominal salaries in lower-cost countries often yield better savings and quality of life when accounting for living expenses.

Risk Reassessment
The conventional understanding of risk has inverted—inaction now represents the greatest danger. Remaining in stagnant industries or relying on single employers constitutes greater risk than pursuing calculated ventures in skill development, global market exploration, and income diversification. Adaptability has replaced comfort as the safest strategic approach in 2026’s economic landscape.

Success in this decisive year will favor those who adjust early, think beyond national borders, and take proactive responsibility for their economic security, rather than awaiting external rescue.

The Greater Tunapuna Chamber of Industry and Commerce (GTCIC) has issued a stark warning regarding the recently implemented doubling of customs fees, asserting that the measure will impose severe financial pressure on small and medium-sized enterprises (SMEs) and ultimately lead to increased consumer prices. The fee adjustments, formally gazetted on December 25, 2025, came into effect on January 1, 2026, significantly raising the cost of importing goods.

Under Legal Notice 472, the customs declaration fee per package has surged from $40 to $80. Concurrently, Legal Notice 473 mandates a substantial increase in container examination charges, which have jumped from $375 to $750 for standard containers and from $525 to $1,050 for larger units. Although these changes were initially outlined in the 2025/26 national budget, the GTCIC emphasizes that prior announcement does not equate to operational or financial preparedness for the business community.

In an official statement, Chamber President Ramon Gregorio highlighted the particular vulnerability of SMEs, which typically operate on narrow profit margins and possess limited cash flow flexibility. These businesses are already contending with a multitude of economic challenges, including freight volatility, foreign exchange shortages, elevated financing costs, and persistent inflation. The chamber cautions that the additional financial burden from customs fees threatens to decelerate business activity, postpone expansion initiatives, and undermine confidence among smaller operators.

The GTCIC further projects that a significant portion of these increased costs will be transferred to consumers, especially within the retail and distribution sectors. E-commerce enterprises and courier-dependent businesses are expected to face disproportionate impacts, as the revised fee structure imposes greater strain on digital business models and emerging entrepreneurs who rely on frequent, low-volume imports.

While acknowledging the government’s legitimate revenue requirements and the necessity of cost-recovery mechanisms in fiscal management, the chamber insists that such measures must be carefully balanced against the imperative of business sustainability and broader economic growth. The GTCIC advocates for tangible enhancements in customs operations—including accelerated processing times, fully digitized clearance procedures, and ongoing stakeholder engagement—rather than mere fee increases. The chamber also recommends implementing relief mechanisms or tiered fee structures specifically designed for SMEs and low-value shipments.

The Finance Ministry has estimated that the new customs fees, alongside other adjustments, will generate approximately $1 billion in additional state revenue. However, the GTCIC maintains that SMEs should not be expected to bear this fiscal burden without commensurate support and operational improvements. The chamber reaffirms its commitment to constructive dialogue with policymakers, aiming to collaborate on solutions that ensure efficient customs administration while protecting business viability and national economic development.

In its concluding monetary policy assessment for 2025, released on December 31, the Central Bank of Trinidad and Tobago has issued a cautious economic outlook for 2026. The institution emphasized the critical challenge of maintaining equilibrium between protecting the nation’s foreign reserves and cultivating conditions for sustainable economic expansion.

The bank identified significant factors that could disrupt this delicate balance, particularly wage adjustments and aggregate demand pressures. Notably referenced was the ten percent salary increase for public servants implemented by the United National Congress following their April 28 general election victory, with partial disbursements commencing in December. These fiscal measures are projected to boost household incomes in coming months, potentially stimulating consumer activity.

Against this backdrop, the Central Bank highlighted Trinidad and Tobago’s substantial import dependency, making the preservation of international reserves critically important. This warning comes alongside recent downward revisions of TT’s economic outlook by major rating agencies Moody’s and S&P, primarily citing declining foreign reserves.

While acknowledging a modest stabilization in reserves—climbing from US$4.6 billion in October to US$5.3 billion by mid-December—the bank cautioned that significant challenges persist. International reserve adequacy indicators continue to warrant close monitoring.

The report noted encouraging developments in the energy sector, with natural gas production witnessing an 11.7 percent year-on-year increase during Q2 2025. This resurgence was fueled by inaugural production from bpTT’s Cypre field and the bpTT/EOG Mento fields. Correspondingly, petrochemical outputs showed mixed results with ammonia and urea production expanding by 23.6 percent and 51.3 percent respectively, while methanol output declined by 12.7 percent.

However, these energy sector gains were partially offset by continued softening in non-energy sector performance. The distribution, construction, and manufacturing industries demonstrated weaker results, though improvements were observed in finance and utilities.

Financial conditions remain precisely balanced, with system liquidity constraints easing despite ongoing government borrowing and increased interbank activity. Commercial banks’ excess reserves at the Central Bank averaged $4.4 billion in November, rising to $5.3 billion by mid-December.

Conversely, private sector credit expansion has moderated, growing at 6.3 percent year-on-year in October compared to 8.6 percent in June. This deceleration was attributed to more restrained business credit growth and slowed consumer lending, particularly in credit cards, automotive, and bridging finance.

In response to these complex economic crosscurrents, the Monetary Policy Committee has maintained the repo rate at 3.5 percent. The Central Bank affirmed its readiness to implement necessary monetary policy measures to preserve the crucial balance between foreign reserve protection and fostering favorable funding conditions for domestic economic activity.