标签： Trinidad and Tobago

Republic Bank, in partnership with the Caribbean Association of Banks (CAB), successfully hosted its third annual SME Workshop and Marketplace on October 28 at the Hyatt Regency in Port of Spain, Trinidad. The event, themed ‘Expanding from Local to Global: Turning Sustainability into an Export Differentiator,’ aimed to equip small and medium-sized enterprises (SMEs) from the manufacturing and agricultural sectors with actionable strategies to enhance their operations, embrace sustainability, and prepare for global export opportunities.

Richard Sammy, Vice President of Republic Bank, emphasized the bank’s commitment to supporting entrepreneurs beyond financial services. ‘Our entrepreneurs challenge us to listen, understand their realities, and provide more than just credit facilities. We are dedicated to offering resources, training, and tools that empower SMEs to thrive. At Republic Bank, we see it as our responsibility to be true partners in their growth,’ he stated.

The workshop featured interactive presentations and success stories from industry leaders, including Rachel Renie-Gonzales, founder and CEO of d’Market Movers; Tisha Marajh, Group Sustainability Officer at Republic Bank; Fedell Solomon, co-founder of Nabdell Enterprise Ltd; and export specialists from Global TT and the Caribbean Export Development Agency (CEDA). Attendees were encouraged to integrate sustainability practices into their business models to gain a competitive edge in global markets.

Republic Bank’s initiative underscores its dedication to fostering innovation, sustainability, and economic resilience within the region’s MSME sector. Through tailored financing, capacity-building programs, and strategic collaborations, the bank continues to champion entrepreneurship and sustainable development across the Caribbean.

The Caribbean’s creative industries, spanning music, fashion, film, animation, digital design, and performing arts, are not only cultural treasures but also significant economic assets with the potential to reshape the region’s growth trajectory. Globally, creative and cultural industries (CCIs) contribute over US$2.3 trillion annually, accounting for 3.1% of global GDP and supporting nearly 30 million jobs. However, in the Caribbean, where creativity is deeply ingrained in national identity, the economic potential of the Orange Economy remains largely untapped due to fragmented markets, inconsistent regulations, limited capital, and small domestic audiences. The Caribbean Single Market and Economy (CSME), a core initiative of Caricom, offers a promising solution by removing barriers and enabling seamless cross-regional operations for creatives. The CSME facilitates the free movement of goods, services, capital, and skilled labor, providing access to an estimated 18 million consumers and fostering collaboration and specialization across borders. By eliminating redundant customs procedures, work permit requirements, and inconsistent VAT regimes, the CSME reduces transaction costs and expands opportunities for creative enterprises. Research by the United Nations Trade and Development (UNCTAD) indicates that creative industries in emerging economies can double their export revenues when regional markets are effectively integrated—a lesson the Caribbean is well-positioned to apply. For instance, a Jamaican filmmaker could collaborate with Barbadian actors, utilize Trinidadian post-production facilities, and distribute across Caricom territories, creating high-quality products at competitive costs. Similarly, a Saint Lucian fashion designer could source sustainable textiles from Suriname, manufacture garments in Trinidad and Tobago, and ship them duty-free throughout the region. These cross-border value chains enhance efficiency, quality, and diversity, making the creative sector more resilient and globally competitive. To ensure the CSME’s continued growth, grant programs and cross-border market access should be tied to clear integration criteria, such as requiring at least 30% of a product’s value to be derived from within Caricom. Legal harmonization, including the Caricom Skilled Nationals Certificate and improved intellectual property (IP) protection, further strengthens the foundation for creatives to license and monetize their work. Realizing the full potential of the Orange Economy requires a deliberate strategy that connects regional integration with measurable economic outcomes, including recognizing the economic and cultural value of creative industries, expanding regional participation, protecting IP, investing in infrastructure, building entrepreneurial capacity, and measuring performance through reliable data. Policymakers and private sector leaders must recognize these as interdependent processes that reinforce each other. For example, investment in digital infrastructure facilitates regional collaboration, enhancing competitiveness and attracting international financing. A modern, regional digital platform could serve as both a marketplace and a knowledge hub, showcasing regional talent, streamlining licensing processes, and connecting creators with international buyers and investors. The Caribbean’s creative economy must balance cultural authenticity with economic pragmatism, integrating fragmented markets, reducing friction, fostering mobility, and enabling collaboration to create a foundation for sustainable growth. Regional governments must commit to enforcing and modernizing CSME provisions, while creative entrepreneurs must view the Caribbean as a unified platform to showcase and commercialize talent. By doing so, the region’s rich cultural heritage, combined with modern business practices and regional cooperation, can generate income, create jobs, and project Caribbean identity on the global stage.

In a landmark ruling, the Privy Council has dismissed an appeal by NH International (Caribbean) Ltd, affirming that Gordon Winter Company Ltd is entitled to payment for piling work completed at the Ministry of Education building site in 2006. The dispute, which has spanned over a decade, centered on unpaid work performed by Gordon Winter, a subcontractor hired for the ten-story project. The case highlights the complexities of construction contracts and the legal principles governing payment disputes. The piling work, which proved more challenging than anticipated due to adverse soil conditions, required variations from the original specifications. While Gordon Winter was compensated for some of its work, payments ceased after April 2006, prompting the company to halt operations in June of that year. Gordon Winter sought payment on a contractual quantum meruit basis, arguing that NH International had been unjustly enriched by its work. NH International, however, counterclaimed that Gordon Winter had breached the contract by abandoning the project. The Privy Council, led by Lord Burrows, rejected NH’s arguments, emphasizing that Gordon Winter’s claim for payment was valid under the contract. The ruling upheld the Court of Appeal’s decision, which had reduced NH’s damages for delay to $350,000 and referred Gordon Winter’s claims for additional costs to a master in chambers for assessment. The Privy Council’s decision underscores the importance of honoring contractual obligations and ensuring fair compensation for work performed, even in cases where procedural complexities arise. The judgment also reaffirms the principle that parties cannot be denied payment for work clearly executed under contract, regardless of technical legal arguments.