By Vernon Khelawan and Darcel Choy Thursday, February 4 2010

The Trade and Investment Convention (TIC) will this year move into a new home – the luxurious Hyatt Regency Hotel and Conference on the waterfront in Port-of-Spain.

TIC will run from May 19 to 22 at the Hyatt Regency Hotel, Port-of-Spain moving away from its original location at the Centre of Excellence, Macoya. This new location allows easier access to the event and it is also convenient for overseas visitors. This year marks the 11th edition of this annual showcase of thousands of products from national, regional and international businesses, which allow buyers and distributors wide and varied choices of high quality, competitively priced goods and services from many sectors.

Last year, TIC hosted participants from 35 countries and it is expected to at least maintain that level and possibly attract some new ones. Optimism surrounding this year’s production is fuelled by the fact that the convention is partnering with Panama-based COPA Airlines and the Hyatt in a new initiative to attract more participants from Central and South America.

The new partners will use the LAC networks to disseminate information about TIC 2010 and both partners will offer special travel and accommodation packages to all participants, making attendance at the convention, either as a buyer or exhibitor, a very cost effective business decision.

As Robert Peon, Chief Executive Officer of TSTT, one of the convention’s sponsors said at the launch: “The challenges of the past year with regard to the global economic events, have affected us all, but we progress knowing there is a greater need for strategic alliances and prudent decision-making as to the direction in which our business must go. TIC provides a forum which creates new opportunities for such business growth.”

Since TT is regarded as the crossroads of the Americas, this leverages our strengths as a geographic hub; the region’s financial capital and the largest economy in the Caribbean, thus providing a gateway to new business opportunities.

Although the world economy is moving towards positive growth, the global economic landscape has changed dramatically so that forward thinking companies are aware that long-term business growth depends on finding new, non-traditional business markets, which is the raison d’etre of TIC — showcasing new products and seeking new markets.

Although TIC enjoys significant participation from businesses across the Caribbean, there is increasing participation from Latin America.

This situation did not escape the attention of Greig Laughlin, president of the Trinidad and Tobago Manufacturers Association (TTMA) another sponsor of the convention.

Speaking at the launch, he said, “While the regional market remains quite feasible, there are also great opportunities outside the region, including markets which are not saturated and countries with which trade agreements have already been forged.

“Consideration of the Central American market as another alternative, must be researched due to the large market size and density and economic growth within recent years,” he added.

Laughlin pointed out that Costa Rica has been a highly favourable market for this country’s goods, being a top ten export destination for manufactured goods in 2008 and the only Central American country with which an agreement is in place.

“The Trade and Investment Convention is seen as a critical component in bridging the gap — Tic brings regional and international buyers to the doorsteps of our local manufacturers and service providers, providing opportunities to reach new markets and increase trade,” said Laughlin. Laughlin explained that as they prepare for the 11th annual TIC, they are seeing signs of recovery in the economy, which they hope will gain traction in the coming months. However, he said the manufacturing sector contracted by 5.6 percent in 2009.

“It is clear that proactive steps are necessary to reverse this trend and place manufacturing back on a growth path,” he said. He expressed confidence in the long-term vitality and job-creating potential of the manufacturing sector-embracing new technologies and a global economy full of challenges and opportunities.

Laughlin encouraged TTMA members to invest in a booth at the upcoming TIC as it will be an investment that will reap significant returns.

Larry Howai, CEO of First Citizens Bank touched on the same area in his address. He said, “A key element in the 2010 TIC will be more of a focus on extra regional trade with countries within the Central and South American region which will, if one tracks the success of TIC, translate into more significant business opportunities for participants.”

TIC is unique in that it facilitates immediate business transactions on the trade show floor. These can range from orders for containers of goods to new overseas distribution agreements. In the last ten years TIC has facilitated an estimated (US)$400 million in trade deals.

However Howai warned: “Our Caricom neighbours remain mired in their own downturn as a result of the reduction in tourism revenues, which has declined in almost every island, as well as the reduction in remittances which have fallen by approximately 27 percent.”

“It is expected that several islands will have to follow Jamaica’s lead later this year and turn to the IMF for assistance. These factors will certainly affect demand for our manufactured products in the region,” he predicted. Trade and Industry Minister Mariano Browne told launch attendees that his ministry’s responsibility was to develop policies and strategies to promote trade and investment and industrial development in Trinidad and Tobago, the work of business was to engage in commercial activities by taking advantage of the opportunities/situations created through policy initiatives.

“Trinidad and Tobago’s manufacturing strength owes much of its success to crises,” said the minister, “the most notable being the era of the 1980s when business rose to the challenge, expanded and the sector grew, factors which are acknowledged even in other Caribbean territories which complain about our success.”

This year some 200 exhibition booths in three size options will be available with exhibits from 300 companies (60 percent local and 40 percent international). There will also be Country pavilions from around the world and all of these will be visited by 2000 local private and public sector decision makers; 2000 consumers; more than 500 regional and international buyers as well as Country Missions and large regional distributors together with 800 small entrepreneurs.Minister Browne said: “There is much taking place at the policy level and we urge the business community to use the opportunity offered by TIC to increase investment and commercial activities.”

Greig Laughlin, President of the Trinidad and Tobago Manufacturers Association (TTMA) is encouraging his members to invest in a booth at the upcoming Trade and Investment Convention (TIC) as it will be an investment that will reap significant returns.

He was speaking at the launch of the Trade and Investment Convention 2010 at Jaffa Restaurant at the Queen’s Park Oval in Port-of-Spain last Tuesday Laughlin noted that while the regional market remains quite feasible, there are also great opportunities outside the region, including markets which are not saturated and countries with trade agreements have already been forged.

“Consideration of the Central American market as another alternative must be researched due to the large market size and density and economic growth within recent years,” he said.

He added that the TTMA will continue to seek to ensure that the manufacturers in TT are afforded expanded market access into new regions and trade facilitation mechanisms are enforced to create an investment and export friendly platform for trade to continue and flourish.

In a new thrust with Latin American, TIC has partnered with Copa Airlines and the Hyatt in a new initiative to bring more businesses from Central and South America to the convention, both Copa and Hyatt will offer special travel and accommodation packages to all TIC 2010 participants.