Narayan AmmachchiBarely months after being established, the special economic zone (SEZ) program in Trinidad & Tobago has already captured hundreds of millions of US dollars in investment.
Fifteen companies already landed in the newly dessignated SEZs, attracting over US$2000 million in investment, Sekou Alleyne, President of T&T’s investment promotion agency, InvesTT, told the local press. These companies belong to manufacturing, logistics and BPO sectors.
“We are starting with 15, but that is US$200 million in investment,” Mr. Alleyne said durint a recent seminar organized by T&T’s Chamber of Industry and Commerce.
One of the SEZ applicants is a BPO company serving multiple healthcare clients to establish an office in Port of Spain under the SEZ Act. This will mark the first BPO firm in the city to benefit from the incentives offered by the SEZ.
“Few years ago we had no jobs in the BPO industry but today we have thousands and there are more opportunities on the horizon,” Alleyne noted.
Existing BPO companies in Port of Spain are also expanding their operations to other regions, such as San Fernando and Chaguanas.
The SEZ Act, enacted in July of this year, offers incentives such as property tax and stamp duty exemptions, as well as a reduced corporate tax rate of just 15%. Companies looking to establish within the SEZs must invest a minimum of US$10,000 and employ at least five workers.
Several areas across T&T have already been designated as SEZs, with more announcements expected during the national budget presentation on September 30.
Add comment