Carib Scope

分类： business

  • A ‘topsy-turvy’ year in Trinidad and Tobago’s energy sector

    A ‘topsy-turvy’ year in Trinidad and Tobago’s energy sector

    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.

  • The capabilities SMEs must build to compete globally

    The capabilities SMEs must build to compete globally

    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.

  • 5 critical pivots for Trinidad and Tobago in 2026

    5 critical pivots for Trinidad and Tobago in 2026

    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.

  • Tunapuna Chamber: Customs hike will squeeze SMEs, consumers

    Tunapuna Chamber: Customs hike will squeeze SMEs, consumers

    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.

  • Marina facility upgrades attract global yachting community

    Marina facility upgrades attract global yachting community

    Barbados has strategically positioned itself as a premier nautical tourism destination with the successful hosting of the Grand Large Yachting World Odyssey 2025 event. The recently completed expansion of Shallow Draught Marina welcomed 17 luxury yachts carrying 65 passengers and crew, marking a significant milestone in the island’s maritime infrastructure development.

    The $25 million redevelopment project, executed by Barbados Port Inc. (BPI) with support from Barbados Tourism Marketing Inc. (BTMI), has fundamentally transformed the marina’s capabilities. The facility now boasts double its previous berthing capacity alongside comprehensive amenity upgrades including new retail spaces, modernized restroom facilities, expanded storage areas, and a revitalized fresh fish market.

    Engineering resilience was prioritized through the installation of an advanced wave attenuation system designed to protect vessels during adverse swell conditions. Additional enhancements scheduled for 2026 completion include a new fuel dock, convenience store, restaurant, and coffee shop, creating a fully integrated maritime hospitality complex.

    BPI CEO David Jean-Marie emphasized the strategic significance: “We’ve created a facility that sets the stage for unforgettable journeys. This event signals our readiness with world-class infrastructure and services for international visitors seeking nautical adventures.” He highlighted the seamless clearance process achieved through collaboration with Customs and Immigration departments via the new national Maritime Single Window system.

    Event manager Victor Taburiaux noted Barbados’ geographical advantage: “As the first island crossing the Atlantic Ocean, Barbados naturally serves as the ideal stopping point. Our positive 2021 experience combined with these substantial improvements made returning an obvious choice.”

    The arrival celebration featured authentic Bajan hospitality with traditional tuk band music, cultural attire, rum punch, and sorrel beverages. Captain Pablo Ussia of yacht ‘Kairos’, the rally’s first arrival, described his emotional Atlantic crossing: “This journey fulfilled a lifelong dream. Our 12-day passage proved perfectly timed with ideal weather conditions.” Many participants plan extended stays, with Captain Ussia anticipating a month-long island exploration and family reunion during the holiday season.

    BTMI’s Sports Manager Kamal Springer confirmed the event validates Barbados’ capacity to host major nautical events: “This testing opportunity demonstrates we can target more premium sailing events to attract higher-value visitors.” The extended stays of World Odyssey participants are expected to generate substantial economic impact while showcasing Barbados’ transformed capabilities as a leading Caribbean yachting destination.

  • Winter wonder: Hotels near full as visitor numbers surge

    Winter wonder: Hotels near full as visitor numbers surge

    Barbados’ tourism industry is demonstrating unprecedented strength as it approaches 2026, with hospitality establishments throughout the island reporting exceptional occupancy levels and robust advance reservations for the upcoming winter period. This surge indicates revitalized confidence in one of the nation’s pivotal economic sectors.

    According to Javon Griffith, Chairman of the Barbados Hotel and Tourism Association (BHTA), numerous properties are already experiencing 90-100% occupancy rates for the 2025-26 season. “Our BHTA members are reporting occupancies in the high 90 percent range, with several properties at complete capacity and strong performance projected through early January,” Griffith stated during New Year celebrations.

    The tourism leader characterized this development as an extraordinary commencement to the season and a definitive indicator of enhanced commercial activity across the sector. Griffith noted that Barbados is witnessing remarkably vigorous beginnings to the winter season, with tangible energy evident throughout the island. Evidence of this surge includes consistently elevated hotel occupancies, restaurants operating at maximum capacity, and vehicle rental companies reporting fully depleted inventories.

    During the association’s fourth quarterly general meeting at Sandals Royal Barbados earlier this month, Griffith revealed that Barbados welcomed 582,710 stay-over visitors between January and October this year, representing a 5.4% increase from the 553,229 visitors recorded during the corresponding period in the previous year.

    Statistical data indicates that hotel occupancy averaged 66% from January to October, while the average daily rate increased by 12.5% and revenue per available room surged by 15.2% year-over-year.

    Griffith emphasized that improvements are visibly manifested in activities across Barbados. The palpable rhythm of the season is evident through bustling thoroughfares, dynamic dining establishments, and a rejuvenated sense of momentum that directly translates into employment opportunities, business operations, and confidence throughout various community sectors.

    The growth trajectory extends beyond returning visitors to include significant numbers of first-time travelers, particularly from the United States and continental Europe. This diversification reflects the effectiveness of expanded air transportation options and enhanced connectivity facilitated through strategic initiatives by Barbados Tourism Marketing Inc.

    The BHTA chairman emphasized that increased visitor interest and tourist arrivals demonstrate substantial industry expansion and fortified market partnerships. This augmented accessibility is broadening Barbados’ market reach, strengthening commercial alliances, and helping maintain destination demand.

    While celebrating these exceptional early-season results, Griffith stressed the imperative of sustaining quality connections with partners and maintaining elevated service standards. He highlighted the necessity of preserving the quality of the Barbados experience, ensuring seamless visitor journeys, and providing businesses with essential operational support during peak periods.

    Griffith concluded with optimistic projections: “This season is already proving to be a positive signal for the wider economy, and we are optimistic about what it can deliver for Barbados in the months ahead.”

  • Private sector urged to stay resilient in 2026

    Private sector urged to stay resilient in 2026

    In a comprehensive year-end address, Barbados Private Sector Association (BPSA) Chairman James Clarke delivered a dual message of cautious optimism and urgent preparedness for the coming year. The prominent business leader emphasized that Barbados’ economic stability during global uncertainties will depend heavily on the private sector’s adaptive capacity and collaborative spirit.

    Clarke reaffirmed the business community’s steadfast commitment to national development objectives outlined in the Mission Barbados framework. He highlighted ongoing cooperative efforts with government authorities to implement essential reforms, particularly through Business Barbados initiatives and operational enhancements at the Bridgetown Port. These structural improvements, he noted, are fundamental for increasing productivity, reducing operational expenses, and strengthening the international competitiveness of Barbadian enterprises.

    The BPSA chairman issued sobering warnings about multiple external threats, citing escalating geopolitical conflicts both regionally and internationally alongside increasing vulnerabilities to climate-related disruptions. Clarke stressed that business continuity planning must evolve beyond theoretical documents to regularly tested protocols, noting that organizational resilience has become critical for long-term viability in the face of potential crises.

    Regarding economic projections, Clarke revealed a significant discrepancy between official forecasts and current indicators. While the BERT 3.0 framework anticipates 5% growth for 2026, real-time data suggests expansion closer to 2.7%. Achieving the higher target, he cautioned, would require substantial effort and continued cultivation of a business-friendly environment that encourages cross-sector diversification.

    Although construction and tourism remain primary economic drivers, Clarke expressed optimism about growth potential in agriculture, manufacturing, renewable energy, and small business enterprises. He additionally addressed contemporary operational challenges, including adaptive responses to regulatory changes, escalating cybersecurity threats, and the transformative impact of artificial intelligence on business processes.

    The BPSA will meticulously monitor how minimum wage increases and persistent inflation affect business sustainability and living costs. Beyond economic matters, Clarke emphasized the private sector’s vital role in addressing social challenges, specifically identifying gun violence reduction, substance abuse prevention, non-communicable disease management, and mental health advocacy as priority areas for corporate social responsibility initiatives, particularly those focused on youth development.

  • New policy ‘would safeguard livelihoods, cover cost gaps’

    New policy ‘would safeguard livelihoods, cover cost gaps’

    Barbados’s fishing industry faces a critical insurance crisis as commercial operators navigate costly coverage gaps that leave vessels and livelihoods unprotected. Moonesh Dharampaul, leader of the Black Fin Fleet association formed after Hurricane Beryl, is urgently advocating for a national commercial fishing policy to establish proper insurance frameworks and vessel protections.

    Dharampaul revealed that despite negotiations with the General Insurance Association of Barbados achieving a 3% comprehensive rate arrangement, current insurance products remain fundamentally inadequate for commercial fishing operations. “The insurance sector in Barbados is not fit for purpose,” he stated. “Their policies do not cover commercial fishing activities, creating unacceptable risks for our fishers.”

    The coverage deficiencies are substantial: fishing gear worth thousands of dollars remains unprotected during operations, and vessels traveling beyond Barbados’s 200-mile economic zone into international waters lose all insurance protection. Approximately four insurance companies offer marine policies locally, but none at a commercially viable level for professional fishers.

    Dharampaul emphasized that developing proper insurance mechanisms represents essential evolution for the industry. Fisherfolk have presented their case to the World Bank, insurance representatives, and government officials, highlighting how a tailored commercial policy would account for seasonal variability and climate change impacts – critical considerations as fishermen increasingly experience entire seasons without catch income.

    Trust deficits complicate negotiations, with apprehension on both sides. Dharampaul expressed concern that without collective action, fishermen risk becoming “victims” of poorly implemented regulations. He appealed for reasonable implementation timelines alongside infrastructure improvements, noting that promised haul-out facilities and slipways should materialize by next May or March, coinciding with breakwater completion at fishing complexes.

    The push for specialized commercial fishing insurance reflects Barbados’s broader transition to republic status, which Dharampaul characterized as “new territory” requiring collaborative solutions between industry and insurers to ensure adequate coverage for those risking their livelihoods at sea.

  • New U.S. Remittance Tax to Hit Belizean Families Starting Friday

    New U.S. Remittance Tax to Hit Belizean Families Starting Friday

    A significant shift in U.S. fiscal policy is poised to directly impact thousands of Belizean families beginning January 1st, 2026. The controversial provision embedded within President Trump’s comprehensive legislative package, colloquially termed the ‘One Big Beautiful Bill,’ mandates a uniform 1% taxation on specific international money transfers originating from the United States.

    This regulatory change will apply to prevalent remittance channels including wire services like Western Union and traditional money orders. While the tax levy occurs at the source within U.S. jurisdiction, the economic repercussions will resonate profoundly within Belize, where remittances constitute an essential economic backbone for numerous households.

    Financial analysts project that the seemingly modest one percent deduction will accumulate substantially given the volume of transactions. These funds traditionally cover critical living expenses such as nutritional needs, housing costs, educational expenditures, and healthcare services for recipients.

    The macroeconomic implications extend beyond individual families, potentially affecting national economic stability. Current data from the Inter-American Development Bank reveals that Belize received approximately $173 million in remittances through November 2025, with an overwhelming 84% originating from U.S. sources. Transaction volumes typically surge during the holiday season, amplifying the potential aggregate impact of the new tax implementation.

    This policy transformation raises important questions about the intersection of domestic fiscal strategy and international economic relationships, particularly for nations like Belize where diaspora support mechanisms play a crucial role in socioeconomic sustainability.

  • BEL Warns of Financial Strain Despite Tariff Increase

    BEL Warns of Financial Strain Despite Tariff Increase

    Belize Electricity Limited (BEL) has received regulatory approval for increased electricity tariffs effective January 1st, yet company officials warn the approved rates fall significantly short of addressing their financial challenges. The Public Utilities Commission authorized a rate increase of 3 cents per kilowatt-hour to be implemented over a thirty-month period, substantially less than the nearly 5 cents over twenty-four months that BEL had requested.

    The discrepancy between requested and approved rates creates a projected $19 million shortfall for the utility company. BEL’s financial statements reveal mounting pressures including substantial debts to power producers, increasing local liabilities, and over $80 million in emergency expenditures for gas turbines deployed to prevent widespread blackouts.

    According to company statements, these emergency measures prevented potentially severe service interruptions that could have resulted in up to two hours of daily power outages across Belize. Meanwhile, delays in solar energy projects have cost consumers approximately $53 million in lost potential savings according to company estimates.

    While BEL has committed to enhanced operational controls and greater transparency, the utility reserves the right to pursue additional cost recovery mechanisms in the future. The situation presents an ongoing challenge for Belize: balancing reliable electricity service with affordability for consumers amid rising infrastructure costs and transition to renewable energy sources.