As the global Maritime and Logistics industries continue to feel the impact of the ongoing COVID-19 pandemic, businesses in the Trinidad and Tobago industry are beginning to see new opportunities open up.
A recent Virtual Investment Forum hosted by InvesTT Limited and titled, Maritime & Logistics: Distribution Dynamics and the Related Logistics Opportunities for Nearshoring in the Caribbean, opened the local industry’s eyes to exciting investment opportunities such as third-party logistics.
During his contribution to the discussion, Sean Patience, Managing Director of Cargo Consolidators, noted the exploding transportation cost of goods has increased the demand for third party logistic providers as an option for companies wanting to test the Latin America and Caribbean markets as well as the North American market before committing to enter. He further explained that shipping and logistics have shifted from the operational mode of delivery-on-time to logistics, warehousing and distribution.
Another major investment opportunity highlighted during the session included ship lay-ups, a big part of T&T’s maritime history, according to Ronald Alfred, Director of Maritime Services Division at the Ministry of Works and Transport.
“Trinidad and Tobago is one of the few areas in the Western Hemisphere where lay-ups occur,” Alfred told industry actors, noting that the state welcomes investments in lay-up and transhipment activities.
He also noted that there was a lack of marina facilities in Trinidad and pointed to the state’s interest in facilitating an investment of this nature.
And with the increased focus on the environment, investment criteria are expected to include and incorporate issues such as loyalty, environmental impact and sustainability.
The InvestTT panel discussion was held on Day 2 of the Trinidad & Tobago Virtual Investment Forum. Moderated by Craig Watkins, Senior Investment Officer at InvesTT, the panel comprised Ronald Alfred, Director of Maritime Services Division, Ministry of Works and Transport; Hayden Alleyne, President of The Shipping Association of Trinidad and Tobago; and Sean Patience, Managing Director of Cargo Consolidators Agency Limited.
To access event resources and other information, visit InvesTT’s corporate website www.investt.co.tt.