PORT OF SPAIN, Trinidad, CMC – The Phoenix Park Industrial Estate (PPIE) was launched here on Wednesday, with Prime Minister Dr. Keith Rowley saying it marks the inauguration of the most modern industrial Park in Trinidad and Tobago and the Caribbean and the creation of a new economic generator in our country.
Delivering the feature address under the theme “Securing our Future through Strategic Partnerships and Transformative Infrastructure,” Prime Minister Rowley said firms choosing to operate in this new economic space at point Lisas in Central Trinidad will have the advantage of being within proximity to available energy, raw materials, skilled personnel, and modern port facilities as they seek to contend with an increasingly competitive and unpredictable global market.
Rowley said that the global economy, according to the International Monetary Fund’s (IMF) latest World Economic Outlook, is expected to slow down from 3.5 percent in 2022 to three percent last year and 2.9 percent in 2024
He said advanced economies are expected to slow from 2.6 percent in 2022 to 1.4 percent in 2024 while emerging and developing economies are projected to have a modest decline in growth from 4.1 percent in 2022 to 4 percent in 2024.
Rowley said that last week, the Central Bank of Trinidad and Tobago reported steady economic recovery occurring during the first nine months of 2023, led by non-energy sector activities, saying this is in keeping with the outlook by major credit rating agencies.
He said a significant contributor to this stability is international trade and that Trinidad and Tobago’s trade surplus with the rest of the world increased by 145 percent from TT$19.5 billion (One TT dollar=US$0.16 cents) to TT$47.6 billion over the period 2021 to 2022.
He said total exports increased by 53 percent from TT$58.3 billion to TT$89.1 billion, with locally made goods sold in 143 markets worldwide.
“Again, this improvement was felt in both the energy and non-energy sectors, growing at 68 percent and 15 percent, respectively, over the period 2021 to 2022; however, we understand all too well that energy price volatility remains a threat to the economic outlook.
“For us to maintain this momentum and further grow, we must, among other things, form strong, lasting partnerships both regionally and internationally and continue to invest in transformative social and economic infrastructure that will benefit generations to come,” Rowley said.
He said that the Phoenix Park Industrial Estate is a “symbol of the strong and blossoming relationship” between his oil-rich twin island republic and China, noting that this year marks 50 years of diplomatic relations between the two countries.
“It is very fitting that this project be commissioned today. Ours is a relationship that has grown stronger and more profound and will continue to reap tangible benefits for the next 50 years and beyond.
“The walls you see around you today result from preparation and strategic action set in motion years ago. 2018, during my official visit to China, a Memorandum of Understanding was signed at the Great Hall of the People in Beijing, making Trinidad and Tobago the first Caribbean country to sign on to the Belt and Road Initiative officially.”
After years of hard work and commitment in the face of the pandemic and other setbacks, Rowley said, “We are witnesses to the tangible results of our efforts.
“This physical structure, however, is only part of a broader vision of this government that seeks to form enduring relationships where our partners not only share a common goal but also have a stake in the long-term success of the projects in which we engage. “
Prime Minister Rowley said that as part of the commitment by Beijing Construction Engineering Group to design and construct the Park, there is an agreement to bring at least ten investors to help drive the productive capacity of the Park and raise its international profile. He said this will create not only new jobs but also new foreign direct investment, which will bring with it new ideas, new business models, and new products and services.
“For example, I am pleased to report that high-quality, famously branded luggage is now being made right here in Trinidad and Tobago at the PPIE for markets in North America. Manufacturing new products such as these will satisfy new export markets and drive the demand for new skills, serving as a catalyst for added value and growth.”
Prime Minister Rowley said that it is no secret that its reserves and expertise in energy largely buttresses Trinidad and Tobago’s economy. Although the demand for hydrocarbons will exist for decades to come, economic diversification is an absolute priority of his administration.
“It is a delicate balance that requires us to portion our time and resources and focus on exploiting our existing assets effectively and sustainably while creating space and opportunities for new ideas and ventures, both in energy and non-energy.
“If we are to grow and prosper, particularly in the face of uncertainty, there must be an unflinching will to collaborate and create strategic partnerships that bear fruit, perhaps not immediately, but certainly in the medium-term and for generations to come,” Rowley said, adding “this has been the focus of this administration since 2015”.
He said a recent example of such a partnership is successfully negotiating a 30-year exploration and exploitation license with Venezuela to develop the Dragon field and export gas to Trinidad.
“This project is expected to produce 350 million cubic feet per day of natural gas for liquefied natural gas (LNG) and petrochemicals. This will provide a significant buffer to our economy and allow us to plan for the future based on a predictable natural gas supply.
“In simple language, this watershed pioneering agreement between two neighbors is, in effect, a welcome addition to available reserves with access across the border for Trinidad and Tobago as well as opening the doors to the international markets for Venezuela.”
Rowley said to commercialize the country’s energy resources. Further, the government recently secured a new unitized commercial structure for Atlantic LNG, which allows the National Gas Company of Trinidad and Tobago (NGC) to obtain a more significant share of the revenue derived from the sale of LNG on the global market.
He said this unprecedented agreement will provide for the long-term sustainability of Trinidad and Tobago’s gas sector and, as with the Dragon field deal, ensure greater certainty for future investment.
Prime Minister Rowley said that Trinidad and Tobago also participated in the inaugural Caribbean Community (CARICOM) -Saudi Arabia Summit, “where at both the bilateral and multilateral channels, we discussed areas of cooperation and investment in energy, as well as in agriculture and food security, renewable energy, climate change, finance, and tourism.
“On the other hand, the United States of America remains our largest trading partner and a significant ally in more ways than one. Our bilateral partners within CARICOM and extra-regionally are also critical as we seek to develop our economy and people further.”
Rowley said it is very fortunate that the Phoenix Park Industrial Estate is being opened on the eve of the Chinese lunar calendar, which commences the year of the Dragon.
“While the dragon and phoenix figures have different meanings in different cultural contexts, they are sometimes portrayed as a pair representing balance and harmony. In the face of an uncertain and unpredictable future where prices, policies, and people can change without warning, the Phoenix Park Industrial Estate represents what can be achieved through harmonious and committed relationships from inception to completion,” he told the audience.
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