A CABINET committee has chosen businesswoman and InvesTT chair Franka Costelloe to head the new TT Trade and Investment Promotion Agency – an amalgamation of exiting State-run trade organisations: ExporTT, InvesTT and CreativeTT.
The now-defunct ExporTT served as the national export promotion company. InvesTT was the national investment promotion company and CreativeTT was the creative industries development and promotion company.
The new agency will function at the offices of InvesTT and ExporTT in Port of Spain until a permanent home is found.
Costelloe and all but one board member received their instruments of appointment from Trade Minister Paula Gopee-Scoon at the ministry’s office in Nicholas Towers, Port of Spain, on August 14.
The board comprises of deputy chair Calvin Bijou, and members Bevan Narinesingh (attorney), Alicia Hackshaw (aviation), InvesTT director Gerard Noel (investments), VEMCO chief executive Christopher Alcazar (manufacturing); Angostura executive manager Rahim Mohammed (human resources); Amoi Romero (Tobago House of Assembly representative); Mahindra Ramesh Ramdeen (manufacturing), and Alicia Cabrera (marketing).
Gopee-Scoon said the board "will provide a pivotal role in steering the agency towards achieving its objectives.
"Each member was selected based on their skills, experience, and dedication to advancing TT’s economic interests."
The consolidation of agencies, she said, would save the State on operational and rental costs and provide greater collaboration between the government agencies.
It is designed to help make TT a leading hub for international trade and investment.
Along with goods, the agency will promote exports and investment in the services industry, including information and computer technology, maritime services and the creative industries.
"(The amalgamation) is a significant step forward in aligning the government’s efforts to create a conducive environment for increased exports and increased investments in various sectors.
"The establishment of the agency (resulted from) years of work, research and engagements behind the scenes," she said.
The ministry met with similar agencies in Colombia, Spain and Jamaica, and studied others in Switzerland, Nigeria, Qatar, Guyana and St Lucia.
"The development of this agency comes after a ministerial committee in 2022 considered the work of multiple agencies involved in the promotion of investment and export of TT’s goods and services," said Gopee-Scoon.
The Cabinet committee, she said, found existing overlaps between the three agencies and the TT Coalition of Services Industries.
"As such, the committee (found that) greater impact and results can be achieved (by consolidating) these activities into one organisation."
[caption id="attachment_1102517" align="alignnone" width="1024"] Franka Costelloe. FILE PHOTO -[/caption]
She said the agency was also necessary to strengthen and modernise the country’s export and investment promotion institutional arrangements to be on par with similar high-profi
