标签： Trinidad and Tobago

The Greater Tunapuna Chamber of Industry and Commerce (GTCIC) has expressed its support for the government’s emphasis on ‘economic fairness’ and fiscal accountability in the 2026 national budget. However, the business lobby group has raised concerns about the persistent liquidity and competitiveness challenges faced by small and medium-sized enterprises (SMEs), calling for immediate and practical solutions. In a statement following Finance Minister Davendranath Tancoo’s budget presentation, GTCIC President Ramon Gregorio acknowledged the budget’s focus on tax modernization, institutional renewal, and digital transformation as steps toward reform. Yet, he emphasized the need for ‘concrete, time-bound measures’ to address foreign exchange shortages, improve SME financing, and bolster business confidence. Gregorio stated, ‘The business community seeks accountability matched by delivery – a Trinidad and Tobago where entrepreneurship thrives, forex flows freely, and SMEs drive inclusive growth.’ The chamber welcomed the reduction in super gasoline prices as a relief measure for transport and manufacturing sectors, potentially lowering logistics costs and inflation. It also praised initiatives in the energy sector, such as the Dragon Gas project and expanded exploration, as crucial for stabilizing foreign exchange inflows. Additionally, the GTCIC commended the creation of an employment fund and the replacement of CEPEP and URP with formal, productivity-driven jobs, viewing these as steps toward long-term economic restructuring. Gregorio highlighted the government’s digitization efforts, including the National Payment and Innovation Company of TT’s online payment system and the ‘Anansi’ virtual assistant, as tools to reduce bureaucracy and corruption. However, the chamber urged the government to ensure transparent and equitable forex distribution, especially for manufacturers reliant on imported raw materials. It also called for direct SME funding and credit guarantees, beyond recent reforms to the Export Academy and Eximbank. On tax reform, the GTCIC stressed the need for detailed consultation with small businesses to avoid disruptions in pricing and compliance systems. It also emphasized the importance of sustained crime reduction for investor and business confidence. The GTCIC expressed its willingness to collaborate with the Ministry of Finance, the Ministry of Trade and Industry, and the newly established Private Sector Organisation of TT (PSOTT) to translate policy intentions into measurable outcomes. ‘We stand ready to collaborate to ensure that policies translate into tangible results for business owners, workers, and consumers alike,’ the statement concluded.

Trinidad and Tobago’s Minister of Finance, Davendranath Tancoo, has justified the government’s decision to base its fiscal 2026 budget on an oil price of US$73.25 per barrel and natural gas at $4.25 per million British thermal units (MMBtu). The announcement was made during a post-budget forum organized by the TT Chamber of Industry and Commerce on October 14 in San Fernando. The event saw Tancoo addressing concerns raised by Nalini Ramkissoon, the business development manager at Heritage Petroleum Ltd, regarding the rationale behind the selected prices. Tancoo explained that the figures were derived from projections by the Ministry of Energy and Energy Industries, which utilized a ‘basket of prices’ methodology developed under the previous administration. The projections included optimistic, pessimistic, and moderate estimates, with the government opting for the middle figure to ensure realism. Tancoo acknowledged that this approach might differ from other metrics, such as the Brent crude oil price. He also emphasized that the budget incorporates various contingencies to account for potential fluctuations in oil and gas prices. The US Energy Information Administration (US EIA) has forecasted a decline in oil prices, with Brent crude expected to drop to US$52 per barrel by early 2026. Similarly, natural gas prices are projected to average US$3.90/MMBtu in 2026. Tancoo’s maiden budget, presented on October 13, outlined expenditures of $59.2 billion and revenues of $55.4 billion, resulting in a $3.9 billion deficit. Oil revenue is anticipated to contribute $11.254 billion, while non-oil revenue is forecasted at $43.402 billion, with capital revenue expected to reach $0.711 billion.

The Trinidad and Tobago agriculture sector is cautiously optimistic about the promises outlined in the 2025/2026 national budget, presented by Finance Minister Davendranath Tancoo on October 13. With a total expenditure of $59.232 billion, the agriculture sector is set to receive $1.13 billion, a slight decrease from the previous year’s allocation of $1.184 billion. However, stakeholders are urging the government to move beyond rhetoric and deliver tangible results. Darryl Rampersad, president of the Agriculture Society, expressed skepticism, noting that past government pledges often failed to materialize. He emphasized the need for agriculture to be prioritized and for existing incentive programs to be expanded, including the removal of VAT on essential agricultural items. Minister Tancoo announced several measures aimed at revitalizing the sector, including VAT exemptions on machinery and equipment for agricultural use, hydroponic and greenhouse farming components, and locally grown produce. Additionally, Customs Duty on feed for poultry, cattle, and pigs will be removed starting January 1, 2026. The government is also aligning with Caricom’s ’25 by 2025′ initiative, aiming to reduce food imports by 25% by 2030. Key strategies include a three-year priority commodities program, climate-resilient farming, crop insurance, and investments in agri-tech and smart agriculture. With $793.7 million allocated for infrastructure, irrigation, and fisheries, the government is targeting $1 billion in agricultural exports in the next fiscal year.