Bavina Sookdeo
In response to the economic challenges posed by the covid19 pandemic, the government allocated $50 million in 2021 to stimulate and strengthen economic growth through overseas market development and export promotion.
The Ministry of Trade and Industry (MTI), in collaboration with exporTT and the TT Manufacturers’ Association (TTMA) subsequently launched the Export Booster Initiative (EBI).
This initiative aims to double the value of manufactured goods exports from $2.7 billion in 2019 to $5.4 billion by 2025 through a series of 16 initiatives grouped under three strategic areas: export promotion, capacity building and institutional strengthening.
Since the inception of EBI, the ministry has conducted approximately 39 trade missions and trade shows across various regions, including the Caribbean, North America, Latin America and Africa. These missions have taken place in countries such as Panama, Cuba, Jamaica, Curacao and US, among others.
In 2024, TT participated in seven trade missions and two trade shows, benefiting over 100 companies by providing opportunities to showcase their products, engage in business-to-business meetings and explore new business relationships.
According to information from the trade ministry, the conduct of trade missions and trade shows are vitally important to TT’s economic growth strategy, particularly in the Government’s drive toward developing the non-energy manufacturing sector and economic diversification.
"Trade missions and trade shows are tools that are employed by the MTI to assist exporters in gaining additional customers and business partners and to gain access to overseas markets," said the ministry. This often translates into increased demand, production and jobs in the non-energy sector. For this reason, trade missions and trade shows are part of MTI's export growth strategy under the export promotion pillar of the EBI.
Ismahieel Ali, trade mission co-ordinator with the Trade Unit at TTMA, also emphasised the significance of trade missions for its member companies.
"These trade missions are important to us as they push our membership (which is made up of larger companies and represents between 60-70 per cent of the export-related companies for non-energy products), giving them that platform to be able to find new markets and generate foreign exchange so they can purchase raw materials," Ali explained.
He added that the missions target specific markets with existing trade agreements and partnering with Caricom nations is a priority.
When questioned on how the success of trade missions and trade shows is measured, information from the ministry explained that the primary objective is to boost non-energy exports.
Success is determined by increased exports or exporters to the visited countries, securing new or additional orders and the inclusion of first-time exporters or new market entries.
These outcomes not only increase export values but also aid in diversifying the economy and help to reduce the country’s reliance on a few export
