THE Trade and Investment Convention (TIC) is expected to generate US$100 million in confirmed sales this year, signalling renewed momentum in regional and international deal-making, according to Trinidad and Tobago Manufacturers\u2019 Asso\u00adciation (TTMA) president Dale Parson.<\/p>\n
\u201cAnd that might be a little bit modest, judging from the number of booths and the amount of activity and interest on the floor,\u201d Parson told the Sunday Express Business while speaking from the trade floor at the Centre of Excellence, Macoya.<\/p>\n
The TIC, launched in 1999, is the flagship event of the TTMA.<\/p>\n
Parson noted that these sales would directly benefit the national economy by helping to boost the country\u2019s foreign exchange reserves.<\/p>\n
\u201cWhat we are seeing is that the non-energy manufac\u00adturing and export thrust is definitely going to reduce the pressure on the locals of T&T to access forex,\u201d he said.<\/p>\n
Attendance numbers also indicated strong interest. By the second day of TIC, Parson reported approximately 15,000 registrants.<\/p>\n
Looking ahead, he hinted at greater government collaboration.<\/p>\n
\u201cThe EximBank facility for manufacturers, especially to buy raw materials, is being renewed. And I think they have a big plan that they\u2019re going to roll out between now and September,\u201d Parson said.<\/p>\n
Parson also reiterated his call for 20 acres of State land to build a Caribbean Trade and Convention Centre. He envisions a 200,000-square-foot facility with expanded parking. Traffic congestion at the current venue, he said, has become a deterrent.<\/p>\n
\u201cIt\u2019s just becoming too much of a hindrance to come to TIC now,\u201d he said, des\u00adcribing the experience as \u201ca nightmare\u201d.<\/p>\n
While the Government has shown interest, he confirmed no definitive action has yet been taken.<\/p>\n
\u2018Better funding for<\/p>\n
SMEs needed\u2019<\/p>\n
Minister of Planning, Economic Affairs and Development Dr Kennedy Swarat\u00adsingh, who also attended TIC 2025, struck a more personal note.<\/p>\n
\u201cI think I\u2019m going to leave here ten pounds heavier and slightly intoxicated,\u201d he joked, after trying various samples of ponche de cr\u00e8me, chow, kurma and doughuts.<\/p>\n
However, beneath the hu\u00admour was a serious commitment to transformation through enterprise and innovation.<\/p>\n
Swaratsingh praised the innovation of small and medium-sized enterprises (SMEs), saying: \u201cI\u2019m so impressed with the level of entrepreneurship and innova\u00adtion. We need to have a part in our stores where it allows local persons to display their products. Some of these things ought not to be seasonal.\u201d<\/p>\n
He said locally made seasoning, snacks, and ready-to-cook meals as items deserve permanent supermarket shelf space. He suggested major retailers could help by creating designated local product sections.<\/p>\n
On the broader role of the State, Swaratsingh was candid and touched on funding for SMEs: \u201cWe need to create better funding for SMEs. We need better marketing opportunities. We\u2019ve talked about this as a society, but I\u2019m not sure we\u2019ve done enough to make it happen.\u201d<\/p>\n
He acknowledged many SMEs have succeeded \u201cin spite of the system, not because of it,\u201d and promised to bring the issue to Cabinet\u2019s economic development cluster.<\/p>\n
\u201cThe most important thing is not just the awareness that a space like TIC creates but whether we can convert that into real market opportunities. People have to be able to make a living all year round, not just at events like this.\u201d<\/p>\n
Swaratsingh also addressed forex reform and noted: \u201cOne of our challen\u00adges will be to bring what is an informal market into the formal market. There\u2019s forex in the country\u2014it\u2019s just not where it should be,\u201d he said.<\/p>\n
He called for confidence-\u00adbuilding in the banking system and confirmed that T&T is close to finalising an agreement with the International Finance Corporation (IFC), the private-sector arm of the World Bank.<\/p>\n
\u201cThe draft establishment agreement is now with the Attorney General and the Ministry of Finance for review before it goes to Cabinet,\u201d he revealed.<\/p>\n
The IFC and the Multila\u00adteral Investment Guarantee Agency (MIGA), he said, can unlock funding and technical support for private-sector growth.<\/p>\n
\u201cWe must operate as a facilitator between what\u2019s here and what\u2019s available from an economic or market perspective,\u201d he said.<\/p>\n
Growing business<\/p>\n
confidence<\/p>\n
Minister of Trade, Investment and Tourism Satyakama Maharaj described TIC 2025 as a \u201cmind-boggling\u201d demonstration of the country\u2019s growing business confidence and global readiness.<\/p>\n
\u201cThis is something mind-\u00adboggling. I think it reflects the level of business confidence in the country. It has escala\u00adted,\u201d he said.<\/p>\n
With 350 exhibitors, TIC 2025 marks the largest turnout in the event\u2019s history. Maharaj suggested that the projected US$100 million in trade could be exceeded.<\/p>\n
\u201cFrom what I\u2019m seeing here, I think they\u2019ll do more. The quality I see now compared to when we first started coming to TIC\u2014it\u2019s a quantum leap,\u201d said Maharaj.<\/p>\n
He backed calls for a permanent convention centre and floated the idea of a separate TIC edition dedicated to SMEs.<\/p>\n
\u201cYou will get 1,000 booths in that alone. A lot of high-quality entrepreneurs in this country,\u201d he said.<\/p>\n
For US Virgin Islands-\u00adbased entrepreneur Tammy Isaac, TIC is a gateway to expansion.<\/p>\n
\u201cI\u2019m a farmer. So, I grow my fruits and then after that, I cultivate them into a value-\u00adadded product, which is the popsicles,\u201d she said.<\/p>\n
Isaac already exports to nearby islands but wants to enter the T&T market.<\/p>\n
\u201cIf I can find a way where they can come here in frozen form, I\u2019ll be able to do some business,\u201d she said, noting her products are already FDA (US Food and Drug Administration) approved.<\/p>\n
Her visit to TIC has alrea\u00addy generated potential leads.<\/p>\n
\u201cWe spoke to some people, got some business cards, and we\u2019ll be corresponding through e-mail,\u201d she said.<\/p>\n
Importantly, Isaac isn\u2019t seeking to displace local producers, but assured: \u201cIt\u2019s not to really compete with them, but to be in cooperation.\u201d<\/p>\n
Fellow Virgin Islands en\u00adtrepreneur Linda Bailey brought a different blend of island exports\u2014natural wellness products under her Harmony Bath and Body and Tea Time brand.<\/p>\n
Bailey, who farms herbs, vegetables and livestock, creates products such as shower therapy sprays using homegrown basil and lemongrass.<\/p>\n
\u201cYou go home, sprinkle this to the back of your shower, turn the water on, and the aroma helps you to sleep and forget about the day,\u201d she said.<\/p>\n
Her line includes sugar scrubs named for each Virgin Island\u2014St Thomas, St John, and St Croix\u2014each capturing the unique essence of those locations. She also sources raw materials like shea butter directly from Ghana.<\/p>\n
\u201cWe try to go there (Gha\u00adna), visit and learn more about what it is that we\u2019re put\u00adting on our skin,\u201d Bailey said.<\/p>\n
She attended TIC 2025 as part of an Economic Devel\u00adopment Commission-led dele\u00adgation of top Virgin Islands companies. \u201cWe are one of the 11 best companies out of the Virgin Islands,\u201d she said.<\/p>\n
Now she hopes to enter the T&T market. \u201cA lot of people came by, interested in it. They love the product, so we would like to get it into a store and then be able to forward them to that store,\u201d she said.<\/p>\n","protected":false},"excerpt":{"rendered":"THE Trade and Investment Convention (TIC) is expected to generate US$100 million in confirmed sales this year, signalling…\n","protected":false},"author":2,"featured_media":18395,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[45,49,48,137,1337],"class_list":{"0":"post-18394","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-entrepreneurship","8":"tag-business","9":"tag-ca","10":"tag-canada","11":"tag-entrepreneurship","12":"tag-local"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/18394","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=18394"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/18394\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/18395"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=18394"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=18394"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=18394"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}