分类： business

As Trinidad and Tobago (TT) prepares for the 2025-2026 national budget presentation on October 13, the nation stands at a critical juncture. Finance Minister Davendranath Tancoo faces the daunting task of addressing deep-rooted economic challenges that have plagued the country for years. Persistent issues such as low national savings, fragile foreign exchange reserves, stagnant productivity, and institutional inefficiencies have hindered growth and competitiveness. The upcoming budget must transcend the incremental adjustments of the past and deliver a decisive policy reset to restore economic stability and resilience.

Global uncertainties, including energy market volatility, rising US interest rates, and geopolitical risks, compound TT’s domestic pressures. Chronic fiscal deficits, an unstable foreign exchange market, and eroding buffers have weakened confidence in the economy. On the real economy front, weak productivity growth, distorted wages, and sluggish non-energy investment further exacerbate the situation. Policy measures often clash rather than complement each other, creating a cycle of inefficiency and diminishing credibility.

Drawing lessons from successful economies like the Gulf states and the Asian tigers, TT must prioritize long-term strategies over short-term fixes. These nations leveraged energy windfalls and mobilized savings to build robust sovereign wealth funds, reduce dependency on rents, and drive efficiency. In contrast, TT has seen low savings, inefficient public projects, and hesitant private investment. The lack of institutional adaptability has further hindered coherent policy design.

The 2025-2026 budget must focus on four key priorities: external stability, national savings mobilization, capital efficiency, and institutional reinforcement. A transparent and credible foreign exchange regime, robust savings frameworks, smarter public investment, and strengthened institutions are essential for sustainable growth. The budget should balance short-term stabilization with long-term reforms, demonstrating a clear trajectory for citizens, investors, and international partners.

This budget is not just a fiscal exercise; it is a moment for leadership. TT must move beyond improvisation and chart a durable course anchored in savings, efficiency, and credibility. The government’s choice is clear: continue with patchwork measures and risk decline, or seize this opportunity to transform the economic model and secure a stable future.

In a bold move to bridge the gap between global technology demands and local talent, HRIZONS Caribbean has established a thriving hub in Trinidad and Tobago. Spearheaded by Cassandra Patrovani, Managing Director of HRIZONS Caribbean, the initiative began with a candid conversation at a 2023 tech conference. Patrovani challenged Jim Newman, founder of HRIZONS, on the lack of knowledge transfer to the Caribbean despite years of operations in the region. This frank exchange sparked a collaboration that has since transformed into a dynamic workspace at Albion Plaza, Port of Spain, where young professionals are delivering high-quality, billable work for international clients.

The initiative leverages Trinidad and Tobago’s existing frameworks, including the Special Economic Zone and the On-the-Job Training (OJT) programme, to nurture talent from institutions like the University of the West Indies (UWI) and the University of Trinidad and Tobago (UTT). By March 2024, HRIZONS had partnered with the Ministry of Labour and InvesTT, recognizing the region’s potential as a cost-effective alternative to traditional tech hubs like India and Colombia.

Starting with a rigorous selection process, 100 students were narrowed down to seven finalists, all UTT graduates, who began operations on January 6, 2024. Dubbed the ‘Magnificent Seven,’ these young professionals are now handling back-end technology and front-end client interfaces. By May, the team expanded to include a UWI graduate preparing to take over the IT leadership role. As of September, 12 employees, all under 25, are driving business development efforts.

The HRIZONS Caribbean model emphasizes flexibility, with core office days from Tuesday to Thursday and the ability to work across time zones. Patrovani highlights the importance of adaptability, noting that employees often adjust their schedules to meet the demands of global clients, such as those in Japan. The physical office space fosters collaboration, with teams currently working on projects for Yamaha and preparing for SAP certification exams.

SAP, a cornerstone of HRIZONS’ operations, is a challenging yet essential platform for international business. Patrovani underscores the need for mindset shifts and behavioral changes to effectively adopt such technologies. She also calls for a broader transformation in HR practices, urging professionals to integrate technology and finance into their strategic discussions.

Jim Newman views HRIZONS Caribbean as a pivotal step in the company’s growth, emphasizing its dual focus on client service and talent development. By offering opportunities to work on advanced platforms like SAP and Microsoft, HRIZONS is not only delivering innovative HR solutions but also cultivating the next generation of tech professionals in the region. The partnership with the OJT programme has been particularly rewarding, creating meaningful career pathways and contributing to Trinidad and Tobago’s economic development.

As HRIZONS Caribbean continues to expand, its impact on both the local tech ecosystem and the global business landscape is poised to grow, setting a new standard for talent development and innovation in the Caribbean.

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.

Caribbean Airlines Limited (CAL) has announced the discontinuation of its flights between Fort Lauderdale, Florida, and Montego Bay and Kingston, Jamaica, effective November 2. This decision is part of the airline’s broader network optimization strategy, aimed at enhancing sustainability and operational efficiency. The routes, which were resumed in December 2024 and March 2025 using a leased Boeing 737-800NG, failed to achieve breakeven load factors despite targeted promotions and discounted fares.