No. PR- 068
June 23, 2021
Trinidad and Tobago and the Dominican Republic in Caribbean Island offer Indian Industry a direct market access to South, Central & North America
The Dominican Republic and Trinidad & Tobago, are fastest developing economies of the Caribbean Islands. They are looking at India for business with optimism and confidence and need to work closely for in a targeted manner to foster economic relations. Both nations share a bilateral trade that has been steadily growing since the past decade. Trinidad and Tobago and the Dominican Republic offer Indian Industry a direct market access to South, Central and North America mentioned H.E. Mr. David E. Puig Buchel, Ambassador, Embassy of the Dominican Republic and H.E. Dr. Roger Gopaul, High Commissioner, High Commission of the Republic of Trinidad & Tobago in the Interactive Session on Global Trade and Investment Opportunities for Indian Industry in Caribbean Island: Trinidad & Tobago and Dominican Republic organized by PHD Chamber of Commerce and Industry (PHDCCI).
H.E. Mr. David E. Puig Buchel, Ambassador, Embassy of the Dominican Republic while talking about the future trade and joint investments needed to be undertaken by the Dominican Republic and India mentioned that there is a need to diversify exports to India and identify partners for cigars, rum, cocoa beans, and others. The Dominican Republic would like Indian companies to participate in public tenders for electric generation, new infrastructure projects. Indian companies can invest in the Dominican Republic in the future.
H.E. Dr. Roger Gopaul, High Commissioner, High Commission of the Republic of Trinidad & Tobago apprised about the relations shared between the two nations, also mentioned that India and the Republic of Trinidad & Tobago need to change their strategy of doing trade, business, and partnerships looking at the changing times.
Mr. Sekou Alleyne, President, InvestTT in his presentation discussed the investment opportunities in Trinidad & Tobago where he gave an in-depth overview of Trinidad & Tobago and its prioritized investment opportunities in the areas of electricity intense manufacturing; logistics; maritime services, and BPO. He also discussed the real estate opportunities in the areas of Phoenix Park and Tamana Intech Park.
Ms. Pramilla Ramdahani, Vice President, Investments, InvestTT presented the India and Trinidad & Tobago connection and other investment opportunities. She shared that both the nations share cultural, festival, sports, and travel linkages. She discussed in detail about the investment opportunities in the sectors like Electricity Intense Manufacturing, Logistics, Ship Layup/ Offshore Transshipment, and Voice Contact Centre.
Ms. Biviana Riveiro Disla, Executive Director, ProDominicana in her deliberation shared the demographic and geographic opportunities available in the Dominican Republic and the business opportunities available in energy, tourism, agriculture, commerce, mining, pharmaceuticals, public-private partnership, and many more.
Mr. Marcial Smester, Investment Director, ProDominicana in his presentation talked about investment opportunities in the Dominican Republic. He opined that the Dominican Republic is the best option for logistic distribution centers in the Caribbean region and captures nearly half of the foreign direct investment made in the Caribbean by sectors such as commerce, tourism, real estate, mining, energy, free zone, finance, telecommunication and transport for general benefits for promotion and protection. He also outlined strategic sectors such as renewable energy, tourism, film industry, free trade zone, real estate to optimize the attraction of investment and improve export presence in the international markets.
Mr. Sanjay Aggarwal, President, PHDCCI in his presidential address deliberated about the outbound investment of India which has witnessed a considerable change. While the pandemic has disrupted the flow of business and investment, India shares a cordial relationship with Trinidad & Tobago and the Dominican Republic.
He discussed the relationship shared between India and Caribbean Islands, its trade agreements, and growth prospects. He mentioned that Trinidad and Tobago provide good opportunities for exporters of India to expand in the Caribbean region and beyond. There is potential from India to access growth in the areas of textiles, pharmaceuticals, energy, machinery, petrochemicals, agriculture, ITC, and many more. He shared that India has one of the top destinations of Dominican export. He emphasized that it’s an opportune time for Indian businesses to engage and work in deeper corporation with the counterparts of both nations. Both nations can look at investing in sectors like land, infrastructure, education, skill development, tourism, and health.
Mr. Jagmohan Mongia, Chair, International Affairs Committee for Americas, PHDCCI while giving Indian perspective mentioned that there are enormous opportunities for Indian companies to explore in the Dominican Republic looking at its geographic, demographic, economic, and industrial development.
Mr. Saurabh Sanyal, Secretary General, PHDCCI, expressed his sincere gratitude to all the dignitaries present and mentioned that it’s the opportune time for the Indian businessmen to engage and work in deeper cooperation with both the nations for attracting incoming investments and sectors and areas for economic cooperation. He also mentioned that PHDCCI would like to enter into an agreement (MoU) with InvestTT and ProDominicana under the patronage of High Commission of Republic of T&T and Embassy of Dominican Republic for facilitating the industry members from both regions and India to enhance the trade.
The session was moderated by Mr. Naveen Seth, ASG, PHDCCI, and was attended by approx. 150 industry stalwarts from India and Carribbean Islands. PHD Chamber of Commerce and Industry’s webinar was supported by DLF India; Multani Pharmaceuticals Ltd; UFLEX Ltd; JK Tyre & industries ltd; Marble City; Paramount Cables ltd; SMC Investments and Advisors Limited; Blossom Kochhar Aroma Magic; Comtech Interio; DCM Shriram Industries Ltd; Radico Khaitan ltd; Ajit Industries Pvt Ltd; Synergy Environics Ltd; Timberworkz and IFFCO.
PHD Chamber of Commerce and Industry