1. Value
Jamaica
Open & ready for growth
Excellence
55th
AGM
TTMA members awarded
for excellence
A new national value
proposition
TTMA’s 55th
Annual General
Meeting
Recycling
MANUFACTURER
THE
PUBLISHED QUARTERLY
BY THE TRINIDAD & TOBAGO MANUFACTURERS’ ASSOCIATION
Jan - Feb 2011
A Year of Collaboration
DOMINIC HADEED
TTMA’S NEW PRESIDENT
Volume 32 April 2011
A look at the local
recycling business
100%
T&Tried rue
2. To be the voice for
business enterprise
articulating policy,
providing quality
service and
contributing to
sustainable
economic growth
and success
Mr. Dominic Hadeed
Dr. Trevor Townsend
Mr. Richard Lewis
Mr. Charles Ross
Mr. Allan De Boehmler
Mr. Amjad Ali
Mr. Paul Quesnel
Mr. Wayne Yip Choy
Mr. Andrew Aleong
Mr. Craig La Croix
Mr. Nicholas Lok Jack
Mr. Dave Ramkisoon
Mrs. Natasha Mustpha-Scott
(Chief Executive Officer)
PresidentDeskof theThe
Vision
of Directors
Statement
Board
Do You Need to Contact us?
Trinidad & Tobago
Manufacturers’ Association
2nd Floor, TTMA Building,
#42 Tenth Avenue, Barataria
P.O. Box 971, Port of Spain
Tel: (868) 675.TTMA (8862)
Fax: (868) 675.9000
Email: membership@ttma.com; info@ttma.com
website: www.ttma.com The Trinidad and Tobago Manufacturers’ Association
Secretariat located in Barataria
I wish to welcome you all to the latest
issue of the “Manufacturer” which
has been redesigned with a more
modern and contemporary look, and
complements the many changes and
revisions that are taking place within
the TTMA Secretariat. In addition to
the six new members of the Board of
Directors, appointed at TTMA's 55th
Annual General Meeting held on the
29th March, 2011, the TTMA is
working to establish a new direction
and vision for the association, and will
communicate these to you in the
months ahead. I thereby encourage
you to give your support and
feedback to the Association
wherever you can, as we begin this
new chapter under my leadership
together.
While 2011's economic forecast
projects a year of recovery, there is
still much work to be done to increase
this country's competitiveness and
restore confidence to the business
community, and this can only be
accomplished with constant
collaboration. The TTMA's mission
for the year ahead will focus on
working together with other
associations, stakeholders and
NGOs, government, and other
business support organizations, both
locally and regionally, to ensure that
we pool our strengths and efforts
together for the greater good of our
national community.
In this regard, the TTMA was
pleased to host the Hon. Karl
Samuda, Minister of Industry,
Investment and Commerce of
Jamaica on March 29th, 2011 at our
AGM Business Breakfast Meeting,
and is confident that the
opportunities for greater regional
integration and collaboration which
were presented at this event will
materialize in the future. The Hon.
Stephen Cadiz, Minister of Trade and
Industry who gave a special address,
also highlighted the government's
commitment to work together for
greater trade and business between
T&T and Jamaica, and the need to
establish greater communications to
facilitate the trade process.
T h e a n n u a l Tr a d e a n d
Investment Convention (TIC) which
takes place from June 15th-18th this
year has partnered with the
Caribbean Investment Forum (CIF)
which runs from June 13th- 14th, to
form the Trinidad and Tobago
Investment week. These two events,
another successful example of a
collaborative effort, will be critical to
s t r e n g t h e n i n g t r a d e a n d
i n v e s t m e n t b e t w e e n t h e
Caribbean and the Americas and
will link over 35 countries to forge
new business opportunities and
increase trade within the region.
Almost immediately following the
Trade and Investment week, there
will be a Trade mission to
Guatemala from June 21st-24th,
and I encourage our members to
capitalize on these opportunities.
The Association is encouraged by
the current strength of its business
partnerships and the possibility of
stronger ones in the future, and
will maximize our efforts to ensure
that our members are prepared
and in the proper business-
oriented framework to take
advantage of new opportunities.
I wish to thank you all for the
honour entrusted in me to serve
you as President, and I have already
begun to convey the message that
the TTMA supports initiatives that
enhance business transactions and
competitiveness, reduces the cost
of doing business, and reduces
bureaucracy and inefficiency. I look
forward to a very dynamic and
invigorated year with your
encouragement and support.
3. Immediately following his election
as president of the Association, Mr.
Hadeed began to work, delivering
his inaugural address at TTMA's
Business Breakfast Meeting
featuring the Hon. Karl Samuda,
Minister of Industry, Investment
and Commerce, Jamaica.
The Business Breakfast
Meeting which was attended by
2 0 0 p e o p l e c o m p r i s i n g
businesspersons, members of the
diplomatic corps, TTMA members,
stakeholders, specially invited
guests and members of the media,
provided the ideal opportunity for
Mr. Hadeed to set the agenda of the
TTMA for the next year, and
establish its role in the local
business community.
His address which focused on
the concept of dreaming to dare
and not merely daring to dream,
linked the ideals of achievement,
p r o s p e r i t y, s u c c e s s , a n d
productivity to good ideas, and
sealed his intention to break away
from the conventional stalemate
that “supports bureaucracy and
stifles productivity.”
“I am and you are, currently in
the company of people who are
experts at the business of seeking
consistent productivity. And we
must now work towards becoming
Dare to Dream
TTMA’s 55th Annual
General Meeting
better than that, and seek
constant collaboration,” he said
referring to the topic of regional
integration and private sector
partnership.
“We need to overcome the
conventional pattern of self-
interest. We need to focus on
what is good and common among
us. Let us not focus on our
differences. That is my dream and
my challenge as President of the
TTMA. I cannot do it alone. Let
us move forward together.”
To highlight the need for a
stronger collaborative system
among CARICOM states, Mr.
Hadeed referred to an old joke
that left a very poignant message
with him, the story of Caribbean
crabs versus North American
crabs that were both kept in a
barrel. The North American crabs
he relayed, had to be kept covered
as they would unite with the strong
helping the weak so that all
e v e n t u a l l y e s c a p e d . T h e
Caribbean crabs on the other
hand, would intentionally pull back
other crabs that attempted to get
ahead and escape.
“The message that haunts me
is that it is the biggest and best of
the North American crabs escape
first, but it is the biggest and juiciest
of the Caribbean crabs that are
eaten first,” he said
“We are presently living
through some very interesting
times; the world is undergoing
some very rapid changes, which
presents us with a unique
Mr. Dominic Hadeed, president of the TTMA delivers the inaugural address at TTMA's Business Breakfast Meeting
00
ISSUE
On Tuesday 29th March, 2011 the
Board of Directors and other members
of the Trinidad and Tobago
Manufacturers' Association (TTMA)
elected Mr. Dominic Hadeed as the
43rd president of the Association at its
55th Annual General Meeting held at
the Trinidad Hilton and Conference
Center in St. Ann's.
Mr. Hadeed will serve as president of
the Association for the term 2011-2012
after two successive terms under the
leadership of Mr. Greig Laughlin from
2009-2011. The AGM also saw the
election of six members to the Board of
Directors who will spearhead the
works of the TTMA Secretariat for the
upcoming year. The TTMA recognizes
the work and efforts of its outgoing
directors for the term 2010-2011- Mrs.
Gisele Marfleet -Vice President, Mr.
Satnarine Bachew, Mr. Langston Roach
and Mr. Anthony Aboud, and welcomes
the members of the new executive
55th
AGM
Statement
THE MANUFACTURER PAGE 3
4. TTMA enhances trade and regional cooperation
between Trinidad and Tobago and Jamaica
On Monday 28th March, 2011, one day before
its AGM and Business Breakfast Meeting
featuring the Hon. Karl Samuda, Minister of
Industry, Investment and Commerce, Jamaica,
the Trinidad and Tobago Manufacturers'
Association (TTMA) met with the Hon.
Minister and his trade delegation to reiterate its
support of Jamaican manufacturers and to
further dialogue on the way forward with trade
between the two islands.
TTMA's meeting with the Jamaican Trade
Mission including Mr. Omar Azan, president of
the Jamaica Manufacturers' Association (JMA),
Mr. Vitus Evans, president of the Jamaica
Exporters' Association (JEA), Mr. Francis
Kennedy, vice president of the Jamaica
Chamber of Commerce (JCC) and other
opportunity. This time around it is
not going to be the small and the
weak that get eaten first by the big
and strong. It will be the big and
juicy that gets eaten by the
collaborative small.”
Mr. Hadeed's message that
“knowledge should be shared”
was also clear as he extended an
offer to the Jamaican contingent to
a s s i s t t h e m w i t h t h e
implementation of the private
sector's version of the Beverage
Container Bill which the TTMA has
been attempting to pass for almost
ten years.
The Beverage Container Bill if
passed, will not only allow for the
successful removal of beverage
containers from the nation's drains
and waterways, but it will also
create opportunities for the
recycling of other materials such as
tires, batteries, and appliances. In
addition to the primary benefits to
the environment, the Beverage
Container Bill will also create new
companies and new products,
sustainable jobs and new tax
revenue from profits earned. The
TTMA continues to wait for the
necessary legislation for the
enactment of the bill and the
expected advantages to the social
and economic landscape.
The Business Breakfast
meeting also provided the ideal
opportunity for Mr. Hadeed to lay
out his expectations for what he
wants to achieve during his term,
with the assistance and guidance
from the newly elected directors,
who will serve of their time and
talents during the next year.
“Each member of this new
board brings a specific, unique and
needed talent to the TTMA, with
the intention of repositioning the
Association, towards what we all
believe, should be a year of
introspection, with a goal of
transforming the TTMA into a
more effective, focused, and
respected organization.”
“This new TTMA board
would like to engage the other
NGO's within Trinidad and Tobago
and the Caribbean, in an effort to
work together within the areas of
common interests and towards
common goals. For it is only by
pooling our strengths and coming
together, can we avoid the
duplication of our efforts, and
ensure that we are all heading in
the same direction at the same
time. It is only by recognizing each
others' strengths and being able to
work together that we can as a
small country, and as a small region
within a large world, Ever hope to
really stand out and be noticed.”
officials in trade, formed a vital component of
the group's visit to Trinidad, as they sought
answers to several lingering problems that
impede regional trade. The Jamaican Mission
expressed their willingness to form closer ties
and have better communication between
government agencies like the Bureau of
Standards of Jamaica, the Bureau of Standards of
Trinidad and Tobago, and eventually the Bureau
of Standards in the rest of region, to ensure that
barriers to trade do not exist.
The TTMA agrees that stronger
communication and ties must be forged among
regional counterparts, and openly discussed
several concerns raised by TTMA members
who met earlier in March to discuss trade issues
with Jamaica in preparation for Minister
Samuda's visit. The TTMA looks forward to
continuing talks with our regional counterparts
which began on:
The creation of equal opportunities,
The removal of barriers to interregional trade
The ability to partner with each other towards
mutually beneficial goals
The opportunity to collaborate with one
another for assistance on individual needs and
issues
The diversification of our respective economies
And the willingness of our Caribbean leaders, to
assist us with these goals by removing
governmental bureaucracy which hampers the
productivity of our Caribbean people.
Meeting of presidents- Mr. Dominic Hadeed, newly elected president of the TTMA greets Mr. Greig Laughlin,
Immediate Past President of the Association
THE MANUFACTURER PAGE 4
5. The TTMA's Business Breakfast
Meeting which was held on
Tuesday 29th March, 2011 at the
Hilton Trinidad and Conference
Center, St. Ann's was a resounding
success, as the Association
partnered with the West Indian
Tobacco Company Limited
(WITCO), to host the day's
featured speaker, Jamaica's
Minister of Industry, Investment
and Commerce the Hon. Karl
Samuda.
Speaking on the topic, “The
state of Intraregional Trade and the
Caribbean Community Single
Market”, Minister Samuda
welcomed Trinidad and Tobago
companies to invest in Jamaica
whenever they desire to do so, and
called for greater cooperation and
coexistence between the two
countries.
Jamaica's Minister of Industry, Investment and Commerce
signals trade and investment
Jamaica is open and
ready for growth
“As we progress, we cannot do it
alone, Jamaica is a full and
c o m m i t t e d m e m b e r o f
CARICOM, we are ready for
growth through trade and
investment...we see Trinidad and
Tobago within the CARICOM
community as a vital partner in
this exciting journey of ours,” he
said.
Echoing the sentiments
shared by Mr. Hadeed in his
inaugural address, Samuda
emphasized the need to
collaborate where necessary for
the greater good of all CARICOM
states and assist each other to rise
above the global economic
challenges that we collectively
face.
“It [regional integration] cannot
work in an atmosphere of
distrust; it cannot work in an
atmosphere of unreasonable
competition among our members.
It must not be sibling rivalry; it
must be a family determined to
work together and hold each
other's hand wherever there are
deficiencies, step in and help.
When you help someone who is
not as efficient as you are today to
become efficient, to become
prosperous you become more
prosperous,” he said.
The Hon. Minister's trip to
Trinidad and Tobago at the
invitation of the TTMA, his very
first visit to the country was
embraced by the Hon. Minister
Samuda, who capitalized on the
opportunities available through
the attendance of over 200
businesspersons at the AGM, by
bringing a ten member trade
delegation. The Hon. Minister also
sought to establish a relationship
with his Trinidadian counterpart,
the Hon. Stephen Cadiz, Minister
of Trade and Industry, and various
government agencies such as the
Bureau of Standards, Customs,
Chemistry, and Food and Drugs
Division, to discuss standards and
quality issues and any other factors
impacting on the access of
Jamaican products to the local
market.
“We need to collaborate,
coordinate and communicate, we
constantly need to be in touch
with each other, and that is why I
welcome the relationship that is
now emerging between (Trade
and Industry Minister Stephen)
Cadiz and our ministry so that
together we can establish a level of
communication that would grant
us profit,” he said.
“This is a time that demands a
positive outlook, we need to
encourage the productive sector
to feel that it is good to
manufacture, it is good to make
things, it is not good enough to
simply buy things that are
imported from outside of our
region, we must seek the answer
to be competitive so we can
create the jobs by manufacturing
things here that can be
competitive on the world's stage,
that is the challenge that we face,
we can't achieve that if we are
divided, we must be united, we
must be prepared to share
strategies.”
The government of Jamaica
has extended an invitation to
Trinidadian manufacturers to
leverage their extensive
experience and track record by
expanding their operations in
Jamaica, and the TTMA agrees
that opportunities abound to build
even greater investments in a
The Hon. Karl Samuda, Minister of Industry, Investment and Commerce delivers the feature address
at TTMA's Business Breakfast Meeting
THE MANUFACTURER PAGE 5
6. On March 29th, 2011 following the completion of TTMA's Business Breakfast
Meeting, the TTMA hosted the Hon. Karl Samuda, Minister of Industry, Investment of
Jamaica and members of the Jamaican public and private sectors to a tour of factories
in the East-West corridor of Trinidad.
Representatives of the Jamaica Manufacturers' Association (JMA), the Jamaica
Exporters' Association (JEA), and the Jamaica Chamber of Commerce (JCC), as well
as representatives of the Ministry of Foreign Affairs and Foreign Trade, the Ministry of
Agriculture, and Jamaica Promotions Corporation (JAMPRO), were treated to an
inside look of the technologies that helped set the stage for Trinidad and Tobago's
world-class competitiveness in the Caribbean region.
The tours of Blue Waters Products Limited, Associated Brands Industries Limited,
Trinidad Distillers Limited (Angostura) and TYE Manufacturing Company Limited
were guided by TTMA's Directors who serve on the Executive Board of these
companies and were available to provide in depth answers to the questions posed by
the Jamaican delegation.
Jamaica's Minister of Industry,
Investment and Commerce
impressed with T&T's
modernized manufacturing sector
strong Jamaican market and
customer base of nearly three
million citizens.
The creation of new jobs in
Jamaica will help build a prosperous
economy to the benefit of the entire
region, and investors are welcomed
from both inside and outside of the
region to invest in the country. The
TTMA believes that we must forge a
positive pathway forward and
together build and foster a new era
of trust, friendship and infinite
business possibilities.
The TTMA wishes to provide you
with the following list of Jamaica's
geographical and infrastructural
advantages:
One of the world's best ports with
major capacity and easy access to
the US market
A major highway network linking all
key economic centres across the
country
A leading call centre destination at
the Montego Bay Free Zone and
Naggo Head; offer several
advantages
The Largest English speaking
workforce-with expanding training
capabilities
Low attrition rate.
Competitive wage levels.
Cultural affinity with American and
European clients.
World class telecommunications
infrastructure and competitive
telephony rates
100% tax holiday on profits in
perpetuity for service companies
that export 85% or more of their
services
Duty Free Exemptions on:
Capital Goods
Consumer Goods
Raw material, components
or articles for use in an
approved activity
A r t i c l e s i m p o r t e d f o r
construction, alteration,
reconstruction, extension or
repair of premises in the Free
Zone Office equipment
No restriction on the repatriation
of foreign currency
Free Zone companies can
operate foreign currency
accounts and there is a single
entity free zone status for
qualified companies outside
of the zone
The Hon. Stephen Cadiz, Minister of Trade and Industry who also addressed the gathers, shares a word with
Her Excellency Sharon Saunder's- High Commissioner for Jamaica to the Republic of Trinidad and Tobago
Factory Tour Photos
THE MANUFACTURER PAGE 6
7. Recycling benefits both the
economy and the environment.
The process of converting waste
into valuable raw materials results
in job creation, competitive
manufacturing industries and
growth in the local economy.
Simultaneously, the environment is
protected; in other words both
profitability and sustainability goals
are fulfilled. The Trinidad and
Tobago Manufacturers' Association
(TTMA) is pleased that Trinidad
and Tobago is on a 'solid' path with
regard to the recycling business, as
more companies enter this field.
The foreseeable benefits include
low energy costs, the protection of
the environment, more socially
responsible citizens, increased use
of green technology and much
more. This article presents some
local companies that have gone
green, and are in the business of
recycling.
Carib Glassworks Limited (CGL); a
member of the Ansa Mc Al Group
of companies has been in the
recycling business from since 1948;
more specifically, the recycling of
glass. An exemplar in glass
packaging, the company promotes
the importance of overall recycling
and encourages the public to
recycle used glass or cullet by
disposing them in recycle bins. The
outcome according to Carib
Glassworks Limited includes a
Carib
Glassworks
Limited
clean environment, low energy
costs, preservation of natural
resources, reduced energy
consumption and reduced waste to
landfills and dumps.
In addition, Carib Glassworks
Limited has embarked on public
campaigns that encourage
communities, businesses and
individuals to develop recycling
projects or programmes. The
purpose of these public campaigns
is to indicate the importance of
recycling, the benefits of the
programme and addressing the
environment's needs. For
example, in 2009, Carib
Glassworks Limited removed five
thousand, two hundred and sixty
five (5,265) tons of glass from
landfills, drains, coasts and
communities and from this amount;
three thousand nine hundred and
sixty nine (3,969) tons were
averted from reaching landfills and
dumpsites.
The Trinidad and Tobago
Manufacturers' Association
( T T M A ) e n c o u r a g e s
manufacturers to see the benefits
of recycling. There is no doubt that
t h e r e c y c l i n g b u s i n e s s i s
performing substantially well with
the added value that the
environment is protected. In most
recent times, companies have
demonstrated innovative ways in
the recycling business such as using
waste cooking oil as a type of fuel
The EcoImpact
Company Limited
The EcoImpact Company Limited
was founded by Troy Hadeed in
December 2009, with the intent to
provide tangible solutions and
expertise in reducing harmful
environmental impacts and
increasing environmental
awareness. The target audience
for their services includes
individuals, business entities and
Government organizations.
Presently, the company focuses on
open collection, recycling and
processing of waste cooking
(vegetable) oil for use in the
alternative fuel sector along with
other uses. The company has
developed a sufficient system of
collecting waste vegetable oil on a
standardized, contractual basis,
free of charge to the consumer.
THE MANUFACTURER VOLUME 32 APRIL 2011 PG3
A look at the Recycling Business in Trinidad and Tobago
...Outlook for local Manufacturers
Beyond
Business
Limited
Founded in June 2010, Beyond Business
Limited is considered to be a champion in
sustainable business; and the company's
initiatives have demonstrated its willingness
to be a responsible, green business. For
example, Beyond Business Limited carefully
selects suppliers that are committed to
o f f e r i n g p r o d u c t s w h i c h a r e
environmentally sound and socially
oriented for their company. The
sustainability-centred philosophy of the
company is in keeping with an increasing
international trend among global
companies that sustainability issues should
be completely integrated into the strategic
direction and operations of any company.
Another example of Beyond Business
Limited's mission to be environmentally
responsible is the company's usage of office
stationery items such as 100% recycled
paper, 100% recycled fibres, sustainable
wood, recycled newspapers and other
recycled materials.
Another illustration of its
commitment to green sustainable business
is its 'World Aware Programme' that entails
visits to businesses to host sessions on
responsible utilization of office resources.
The programme draws attention to the
impacts of the global issues, problems and
“true costs” related to the acquisition and
utilization of basic office resources which
includes deforestation, felling of trees, loss
of habitat for both plants and animals and
many more harmful impacts. Further, the
programme allows for the development of
a network among organizations as
knowledge, skills, expertise, ideas, talents
and personal experiences are exchanged.
Greening Corner
THE MANUFACTURER PAGE 7
and re-used office supplies.
H o w e v e r, a n e n a b l i n g
environment is required to ensure
sustainability of businesses. A key
component of the enabling
environment is the legislation
framework for nationwide
recycling and energy conservation
which has yet to be enacted.
TTMA hopes that with this article,
there will be more support for
ratification and implementation of
legislation.
REFRENCES / CONTACTS:
, Ansal McAl Group of Companies, available at http://www.ansamcal.com/
Contacts: 639-0393; 785-8348; email - beyondbusinessltd@gmail.com
email - ecoimpact@live.com
Ansal McAl Group of Companies, Annual Report 2009
Beyond Business Limited: Ms. Hema Singh-Black;
EcoImpact Limited: Troy Hadeed;
8. RESIN CONVERTERS LIMITED
PRIME MINISTER'S AWARD FOR PERSISTENCY
SANTAINERS
OVERALL WINNER OF EXPORTER OF THE YEAR
The Honourable Kamla Persad- Bissessar, Prime Minister of the Republic of Trinidad & Tobago (right) presents the
award for Exporter of the Year to Miss Joanne Jackson, Director, Marketing &Administration, Santainers Limited.
THE MANUFACTURER PAGE 8
On January 18th 2011, the Business Development Company (BDC) and RBTT
Bank Ltd hosted the Prime Minister's Exporter of the Year Awards, which
highlighted the efforts and contribution of the non-energy sector to the
development and diversification of the T&T economy in 2009.
Santainers Limited emerged as the overall winner on the night with the
award for “Exporter of the Year”, a significant accomplishment on its own, but
even more momentous given the fact that this was their first nomination ever for
an Industry Leader Award.
Santainers Limited manufacturers the Sanicup line of insulated containers for
the food and beverage industry and has been investing in new equipment and
upgrading their existing equipment over the past years, a contributing factor to
their achievements in the export market.
The TTMA extends its congratulations to Santainers Limited and all other
winners for a job well done, and sees the Exporter of the Year Award as an
incentive to the local manufacturing setor to remain resilient and innovative.
Christian Quesnel, Managing Director of Resin Converters Limited, was just like
many of the entrepreneurs of his generation-ambitious, committed, and
hardworking, with an ability to spot an opportunity from a mile away. Mr. Quesnel
saw the opportunities that were emerging in the plastics field and resin
manufacturing for use in various industries, and in just under a decade of operation,
Resin Converters Ltd is the recipient of Exporter of the Year: Persistency.
Today Resin Converters is the largest manufacturer of plastics in the
Caribbean, utilizing resin to supply plastics for use in various industries and is the
leading company for bottles for the motor oil business. Resin's products (Pet
Bottles, Plastic Bottles, and Plastic caps) are all made and individually tested under
highly automated, sterile conditions, and have been exported to Jamaica, Barbados,
St. Lucia and Guyana at cost competitive prices.
According to Mr. Quesnel Resin's aim is to generate 35% of its revenue from
the export market, and he sees the Prime Minister's Exporter of the Year Awards as
an important tool to boost regional trade, especially given his desire to bring
different projects to the market.
“We are looking at developing and
working with our clients to bring various
products to the market using our
package as part of their selling effort
whether it be in the form of recycled
material or whether it be in the form of
design.”
“The company has positioned itself;
we're into various technologies that we're advancing. We're attempting to
eliminate any quality problems and we're spending a tonne of money on identifying
problems and correcting them, and trying to offer our customers zero tolerance
with rejects, and I might add it's almost impossible to do but that's our goal,” he
said.
“We are in an expansion and retooling mode. We do not accept failure or
defeat and we have a very good management team who deliver like professionals
and make us stand out from the competition. We are going to innovate and make
investments in a multi-layering system,” he said.
TTMA members recognized for excellence at the
2 900 Prime Minister's
Exporter of
the Year Awards
Mr. Christian Quesnel, Managing Director
of Resin Converters Limited
9. CAPTAIN'S CHOICE
PRIME MINISTER'S AWARD FOR EXPORT AGRICULTURE
SPANCAST CARIBBEAN LIMITED
PRIME MINISTER'S AWARD CHEMICALS AND NON-METALLIC MINERALS AND ENTERPRISE
THE MANUFACTURER PAGE 9
Spancast Caribbean, winners of the
Chemicals and Non-Metallic Minerals
and Enterprise (New Market)
categories at the Prime Minister's
Exporter of the Year Awards has built a
legacy upon providing precast
architectural and structural products in
a fully computerized batching plant, for
clients throughout the region.
Spancast has invested years of
research and millions of dollars in
creating the world's finest precast,
prestressed plank production systems,
and their in-house Drafting and
Engineering Department offers design /
build resources and expertise to help
construct beautiful buildings on time
and within budget. Spancast also
provides other services such as
Captain's Choice Limited is an example
of the returns that can be gained
through solid investments in one's
business enterprise, despite the
challenges of the economic, social and
even political climates. An investment
of US$2 Million in equipment in the
running of Captain Choice's semi-
automated conveyor system in 2009
has made them one of the most
efficient and best equipped
organizations in the Caribbean for the
provision of fish fillet and chicken
products for US franchise holders of
KFC, Burger King and Popeye's.
According to Richard Tywang,
Managing Director of Captain's
Choice, investments in the machinery
and equipment has ensured a
mechanized process at the factory with
a complete breading line, and formular
specific production. This has resulted
in complete quality assurance which has
allowed them to surpass the hygienic
and safety standards required by the
franchise holders.
“This is the future of the business,
anybody can go and sell fish or chicken
but to take it a step further now you
narrow the concept and you bring
better food safety handling and
standards to institutions that would use
these products, you will have more
control and you have a responsible
party who will guarantee the safety.”
“Captain Choice's boat was really
for longevity in the industry of seafood,
primarily to make a business continuous
because raw seafood is just a
commodity, but when you transform it
into something, a consumable item
where you give them a finished job that
is tasty, that is healthy, that takes away
all the stress at the end of the day, then
application advice, layout options,
preliminary engineering, budget
pricing, and value engineering.
David J. Williams, Managing
Director of Spancast Caribbean Ltd is
proud of the organization's
achievements and because the
company has been operating in survival
mode since the economic downfall
which occurred in 2008/2009, the
awards have served as a much needed
impetus to face the challenges ahead.
“It gave us a little boost in a period of
really difficult business performance.
We were pleasantly surprised, of
course it goes back to 2009 so we had
to rack our brains as to what did we do
in 2009 and of course it came back to
us, we had a reasonably good job in
Aruba. Other than that we've always
been an exporter and in past years we
did as much as 90% exports. It's nice to
earn foreign currency; it's nice to be
known up the islands,” he said.
And Spancast Caribbean is
certainly known up the islands, in fact
the Spancast “stamp of great quality”
can be found in Trinidad, Tobago,
Barbados, Curacao, Grenada, St. Lucia,
St. Maarten, Antigua, Aruba and the
United States Virgin Islands (USVI).
According to Mr. Williams, some
jobs in other Caribbean countries may
take some time to be completed such
as a St. Lucian project which took a year
to finish and others in St. Kitts and
Grenada, but the organization has
realized that symmetry must be made
between the regional and local markets.
“In the years subsequent to that large
export that we had in 2009 we had to be
very aware that being a total exporter is
not really good for the industry. We have
to balance what we sell locally and what
we export because we see it as two
different markets. We need the local
market of course so that we maintain
our presence, that's very important.”
you provide a value added
product.The focus is on the long term
market- the long term is what we're
after,” he said.
Captain Choice's specialized value
added products for franchise
companies has been exported to other
Caribbean islands under the highest
standards, and although the
organization's journey in export only
began in 2009 after years of planning
and research and development, they
have achieved notable feats.
“We're persistent in where we
want to go in our markets, we're
persistent in keeping our standards to
where it needs to be, we're persistent
in research and development, and we
do a lot of research and development
with new products.”
“Standard is the most important
thing for us looking at alternative
products, because right now we focus
on the franchise companies and where
they have franchisee operators we
have to meet a certain standard. We
have very good international ratings in
terms of product handling, product
quality and our factory standard. For
the Burger King Corporation we're at
the top level where hygiene and food
safety is concerned,” he said.
Mr David Willams, Managing Director, Spancast Caribbean
Limited, poses with Spancast Staff, with their Prime
Minister’s Exporter of the Year Awards for Chemicals &
Non -metallic Minerals & Enterprise.
Mr. Richard Tywang, Managing Director of Captain’s
Choice holds the Prime Minister’s Award for Export
Agriculture
10. These are interesting times for Trinidad and Tobago. We are one of the
most cash-rich economies in the CARICOM, with vast natural resources
and a very well trained work force. Even though our growth rate, at
approximately 2%, seems limiting, the fundamentals of our economy are
solid. The fiscal and financial policies will most likely deliver some stability,
at least in the short term. Despite the economic position, Trinidad &
Tobago faces real and significant challenges that must be addressed in
order to enhance the competitiveness of the country for the next decade.
In his presentation at the Distinguished Leadership and Innovation
Conference, Professor Michael Porter presented a clear, simple and
sobering analysis of the Trinidad and Tobago situation and outlined a path
to competitiveness. We share some of his conclusions with respect to the
current situation and possible future for this country.
Our position at 2011
We have a growth crisis. Most CARICOM countries are expected to grow
between 2% and 2.8%. The prospects of having better growth rates in
the short term are not strong.
Lack of diversification and dependence on global commodity markets for
natural resources exposes us to high levels of volatility, and threatens our
ability to control our economic future. In other words, our prosperity as a
country is quite unpredictable.
Our prosperity has been based in our ability to commercialize our natural
resources and not from increasing our productivity by optimising the value
chain across several clusters.
In a small economy and in a small geographic market, a critical growth
engine is exports. Our current export composition is too narrow, and
overly concentrated in goods with limited added value.
Re-Thinking
Trinidad and Tobago:
Towards a New National Value Proposition
by Professor Miguel Carrillo, Ph D. Executive Director and Professor of Strategy, Arthur Lok Jack Graduate School of Business
The mindset of our young professional is mainly focused on becoming an
employee, to have a good job, a nice office, and a secured source of
income.
Professor Porter's conclusions are supported by our analysis of the
findings of the Global Entrepreneurial Monitor study on entrepreneurial
activity in Trinidad & Tobago conducted by the Lok Jack GSB. The five
most significant conclusions are:
We do not have enough entrepreneurial activity. We are in 48th position
out of 59 countries on the indicator of entrepreneurial activity defined as
new firms existing for less than 3.5 years.
Of this reduced entrepreneurial activity, about 2/3 is aimed towards
internal commerce and basic trading of existing products or basic services.
Approximately 87% of the entrepreneurial activity in Trinidad & Tobago
is not innovation driven. In other words, most of our entrepreneurial
activity offers limited and narrow value propositions. Our focus is to offer
products and services that are allegedly better but not different or
original. We are playing the game of “sameness” and disregarding the
game of “uniqueness”.
The above combination has led Trinidad & Tobago to be one of the three
least innovative countries, out of the 59 surveyed in the Global
Entrepreneurship Monitor study in terms of new ventures.
This finding converges with the World Economic Forum Global
Competitiveness Report ( 2009-2010) in which Trinidad & Tobago is
ranked 94th of 139 countries in terms of capacity for innovation.
The international orientation of new ventures launched in Trinidad &
Tobago in the last 3.5 years is very limited. Less than 8% of new firms have
more than 25% of foreign customers.
THE MANUFACTURER PAGE 10
11. A possible future by 2021
President Obama once stated that things are never as bad as they look, or
as good as they look. Our current position is a great opportunity for a new
generation of leaders in the public and private sector. What a great
platform to start! Many things to do, and many challenges ahead.
Businesses, organizations, and nations need strategy. The strategy is
crafted by re-thinkingour national value proposition.
The worst error in strategy is to compete with rivals along the same
dimensions. Competing to be the best is really about competing to be
unique. The key challenge for Trinidad & Tobago is to start with a CLEAR
end in mind. Strategy is about three things: focus, choice, and actions.
Without a clear end in mind, we cannot have focus, or actions. Strategy is
about big bets. It is now time to advance the development of a NEW
NATIONAL VALUE PROPOSITION for Trinidad and Tobago. The way
we fill the space in the sentence that follows is critical. We want to be the
capital of……….. of the world. Organic Food? Eco-Tourism? Port
Management? Alternative Music and Rhythms? Apparel and Fashion for
Entertainment? Food and Beverages? Yacht Maintenance?
What would be our BIG BET? A national value proposition defines
answers by exploring these questions:
a) What is the distinctive competitive position we should seek, given
Trinidad & Tobago’s current location, legacy, resources, capabilities,
current and potential strengths?
b) What types of activities and clusters should we develop?
c) What are the roles of neighbors, the region, and the broader
world?
We have to identify how we can leverage our history to propel us to a
different and new future. We need to tell a new story to the world. Hence,
we cannot have a National System of Innovation without a National Value
Proposition. Our National Value Proposition has to be very attractive, not
just to our local market, or to the Caribbean, but to the world. A critical
dimension of this new value proposition is its capacity to create value
abroad.
Our country, and indeed the Caribbean is quite small to be overly
attractive to investors outside the energy sector. FDI will tend to be
limited. We have to combine our capacity to be an outpost of
opportunities, and to spot and create opportunities to do business abroad.
We are a small country. How can we leverage our resources and turn
smallness into greatness? How can we exploit the density and intensity of
our cultural diversity? Shall we become the capital of 'sun and sand tourism
of the Americas', or the capital of 'Manufacturing prototypes of the world'?
In the latter case, the world comes to us to produce small batches of new
products that are aimed at creating new markets, supported by flexible
manufacturing, as is currently happening at the city of Hangzhou in China.
Hangzhou's big bet? To become the exhibition capital of the world,
specialising in three things: a) manufacturing small batches of product
samples, b) organising exhibitions of goods, materials, and products for
many sectors, and c) turning wholesale purchases into a great consumer
experience. Diageo, one of the largest producers of spirits in the world, is
currently outsourcing the creation and development of new alcoholic
beverages to Demerara Distillers in Guyana. A Singaporean firm is building
a US$733 million offshore terminal in the city of Basra in Iraq that will
double exports by early 2012.
What can Trinidad & Tobago entrepreneurs do for and in Haiti? All
these firms have turned a local value proposition into a global one. Very
few local firms are ACTIVELY exploring and seizing opportunities beyond
the Caribbean. These few firms will most likely become the growth and
innovation champions for Trinidad and Tobago, but we need more of them!
In short, Trinidad and Tobago needs to take two fundamental
decisions: What to do and with what intensity. We do not need more plans;
we need a confirmed position on the way forward and an action agenda
that drives change.
In next articles, we will propose new roles for government and
labour, and explore how a national value proposition can be linked to an
innovation system at a supra-national, national, and business level.
THE MANUFACTURER PAGE 11
12. In this issue we shift our focus to
the emerging nations of Asia. This
region is expected to provide the
most returns to international fixed
income investors this year. Asia in
particular is led by growth in larger
economies such as China and India,
the region's BRIC members.
However, smaller nations such as
Indonesia, Korea and Taiwan have
also been recording significant
expansion in the coming regions.
Since the financial crisis, Asia has
seen a remarkably strong export-
led recovery. But by 3Q 2010, the
extremely accommodative policy
tightened and exports fell as a
result. Despite the deceleration,
Asia ex-Japan still managed to
outperform all other regions with
2010 projected to grow 9.30%.
2011 growth is expected to slow to
8.40%, consistent with the overall
global growth slowdown. (Figure
1).
Of the Asian nations, China
and India are expected to be the
major powerhouses with growth
projected at 9.60% and 8.40%
respectively. The Association of
Southeast Nations (ASEAN-5)
nations – Indonesia, Malaysia, the
Philippines, Singapore and Thailand
– are expected to grow by 5.50%
Above Par Growth
Risks
High Grade vs. High YieldAsian Credit Outlookthis year. In comparison,
emerging economies' growth is
forecast at 6.50% over the same
period.
The positive Asian activity
confirms the region's role as the
main driver of global demand.
However, the activity has brought
on severe inflationary pressures
that have been a growing source
of discomfort for consumers,
businesses and policymakers
around the world. With little
spare capacity in the region,
inflation has become an increasing
concern for Asian central banks.
China's January trade data
highlighted a rebound in Asian
activity. Exports rose by 26.9%
while imports were 59.4%
higher, both much stronger than
economists' forecasts. Other
Asian economies have also shown
signs of resurgent strength.
Stronger exports, particularly of
capital goods, are likely to boost
activity, but domestic demand is
expected to be firm, finding
support from public investment.
Healthy exports also underpinned
the stronger-than-expected
reading for Q4 GDP growth in
Taiwan, Singapore and Korea.
Despite inflation concerns, the
region's strong fundamental
outlook is extremely supportive
for the credit market as it provides
a good backdrop for spread
tightening throughout this year.
Returns for EM Asia are expected
to be lower than in 2010, but are
still expected to continue
outperforming US and European
credit. The risk premium applied
to Asian credit (versus similarly
rated US/European paper) is
expected to continue to shrink,
which will be the main driver of
outperformance.
Corporates in the region
have remained conservative, with
investment-grade companies
showing no inclination to
aggressively add leverage. Within
high yield also, most corporates
ended 2010 on a stronger note
than where they started, as
measured by liquidity, credit
m e t r i c s a n d o p e r a t i n g
performance. These are definite
positives for the region as a whole.
In terms of credit quality, analysts
prefer EM high yield over high
grade bonds since it is the only
category that can offer yield pick-
up. Against a very favorable
fundamental EM backdrop, high-
yield valuation is quite attractive by
historical standards. Asian high-
yielders (sovereigns and
corporates combined) are
expected to post total returns of
8-9%, with Asian high-yield
corporates projected to return
10-12%.
Of course, sacrificing quality
brings into the forefront the
probability of default. For Asian
high-yield corporate bonds,
defaults are likely to be isolated
making it futile to apply a default
rate forecast.
For high-grade bonds the
forecast is less optimistic as low
yields are likely to temper the
outlook for high-grade and
sovereign total returns. On an
excess-return basis Asian high-
grades could generate 250-300bp.
The forecast for Asian sovereigns
is even less upbeat as a result of
current valuations. Excess returns
for sovereign credit are lower at
175-200bp.
ASIAA Developing Story
THE MANUFACTURER PAGE 12
13. From a sector perspective, the
recommendation is to shift out of
defensive sectors and move into
cyclical sectors, such as retail and
energy. The retail sector is poised
to benefit from an uptick in
consumer spending while the
energy sector is likely to benefit
from attractive valuations and a
higher oil price.
Despite an investor's intuitive
desire to seek out investment/high-
grade bonds, analysts are
recommending high-yielders in the
Asian space as corporates have the
potential for further spread
tightening to the end of the year.
We recommend investing in the
short to medium term of about 5 to
7 years to maturity to mitigate any
capital depreciation from interest
rates rising. But more importantly,
despite improving financial and
credit metrics, proper due
diligence is recommended when
investing in high-yield bonds. The
advice of a qualified financial
advisor is recommended before an
investmentdecision is made.
Bourse Securities Limited - 90
Independence Square, Port of Spain,
Trinidad, - Tel: (868) 623-0415 -
Fax: 624-6953
This report is for informational
purposes only and does not
constitute an offer or solicitation to
buy or sell any mutual funds or
securities discussed herein. The
information and any data contained
herein have been obtained from
financial data provided to us by the
issuers of the subject mutual funds or
securities. Investors wishing to
purchase any of the mutual funds or
securities mentioned should consult
an investment advisor. Projections
and estimates are those of Bourse
Securities based on current available
i n f o r m a t i o n . E - M a i l u s a t
or
phone 623-0415/0416 /9360
askus@boursefinancial.com
Conclusions
Sector
Reccomendations
THE MANUFACTURER PAGE 13
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14. According to the recently released
2011 Global Economic Prospects
report from the World Bank, global
GDP (Gross Domestic Product)
growth, which reached 3.9 per
cent last year, will decline slightly to
3.3 per cent in 2011 and 3.6 per
cent in 2012,with developing
The Central Bank of Barbados
stated that the Barbados economy
experienced a 0.4 per cent
decrease for the first nine months
of 2010 while in Jamaica, real GDP
declined by 0.9 per cent in the third
quarter of 2010. Further, the
Eastern Caribbean Currency
Union experienced a decline of 3.2
In 2010, the Central Bank of
Trinidad and Tobago reported that
the Trinidad and Tobago economy
recovered slowly. The Central
Bank estimated GDP at 0.1 per
cent compared to 2009, where it
fell at 3.5%. The slow recovery in
2010 was attributed to the 4.7 per
cent increase in the output of the
energy sector; however the non-
energy sector fell by 1.4 per cent.
Global Economic Review
Economic Performance of the Caricom Countries
Macro-Economic Performance of Trinidad and Tobago
2010-2011
economies outperforming
developed ones. In terms of
developed countries, the
economy of the United States
experienced growth in both the
third and fourth quarters of 2010
by 2.6 per cent and 3.2 per cent
respectively. However, the United
Kingdom contracted by 0.5 per
cent in the fourth quarter
following growth in both the
second and third quarters by 1.1
per cent and 0.7 per cent
respectively.
per cent in 2010 after facing a
decrease in economic activity of
7.3 per cent in 2009. This however
was not the case with Guyana
which experienced growth by 2.8
per cent in the first half of 2010.
The Caribbean Centre for Money
and Finance stated in their 2010
annual report that both domestic
and imported food prices exerted
inflationary pressure in the
Caribbean. The document
reports that in the fourth quarter,
the inflation rates increased in
most islands ranging from 1.78 per
cent for Aruba to 13 per cent for
Trinidad and Tobago and Jamaica.
In terms of economic outlook, the
region will face challenges even
though there were improvements
in worker's remittances and
income from the tourism sector in
2010. Other outlook prospects
include weak inflation and widening
of current account deficits.
In addition, the Central Statistical
Office of Trinidad and Tobago
estimated that the average
unemployment rate in 2010 was 7
per cent compared to 2009's
unemployment rate of 5.3 per
cent (refer to table 1).
Other indicators include headline
inflation which rose to 13.4 per
cent by December 2010. This was
the result of high food prices
which increased by 29.5 per cent.
Further, the Central Bank
Economic Bulletin 2011 revealed
that “core inflation increased to
4.7 per cent in the twelve months
to December 2010 from 2.2 per
cent a year earlier.” Further, the
Central Bank, in its aim to fuel
economic growth, reduced the
repo rate from 5 per cent in July
2010 to 3.75 per cent by the end
of December encouraging
commercial banks to reduce their
average prime lending rate from
9.5 per cent to 8.38 per cent. In
terms of economic outlook, the
Central Bank indicated that the
economy is expected to expand by
two per cent.
Real Sector Activity
Real GDP
Energy
Non-Energy
Headline Inflation (end of period)
2007
3
2
1. Annual percentages changes, unless otherwise stated. 2 On a fiscal year basis (October – September) and includes budget figures for 2010/11. ( In percent of GDP unless otherwise stated.)
3 Represent balances at the end of the fiscal year and excludes OMOs, treasury notes and debt management bills
Source: Central Bank of T&T, Ministry of Finance, CSO, IMF
1
ANNUAL ANNUAL FORECAST
20092008 2010 2011
4.8
1.7
7.6
7.6
-3.5
2.6
-7.2
1.3
2.4
-0.2
4.2
14.5
0.1
3.0
-1.9
13.4
2.3
3.2
1.9
7.0
5.6
1.8
29.2
5.3
-4.9
33.0
4.6
7.5
25.0
7.0
-0.2
36.1
7.5
-5.2
37.7
Unemployment rate
(average)
Central Government
Fiscal Balance
Public Sector debt
Fiscal Operations
THE MANUFACTURER PAGE 14
Table 1.
Summary of Economic Indicators
15. Manufacturing Sector of Trinidad and Tobago
The Caribbean Centre for Money
and Finance Annual 2010 Report
indicated that the manufacturing
sector showed growth for the first
time in the second quarter of 2010
as the sector expanded by 281 per
cent. In terms of the sector's
contribution to GDP, it was
estimated at 5.5%. Further, within
the manufacturing sector, the food
and beverage sector has the largest
slice (37%) followed by Chemicals,
Non – metallic Minerals accounting
for 23% and Assembly Type and
Related Industries which
accounted for 21%.
The Central Bank of Trinidad
and Tobago provided latest
statistics on the Manufacturing
sector's contribution to the labour
f o r c e . E v e n t h o u g h t h e
manufacturing sector contracted
by 0.2 per cent in the second
quarter of 2010, it was less than in
the first quarter of 2010 which was
estimated at -1.8 per cent.
For the period 2006 to June
2010, the Trinidad and Tobago
economy recorded surpluses in
terms of its balance of trade; the
highest was recorded in 2008 with
a total of TT$56,709.7, while the
lowest was recorded in 2009 with a
total of $TT13,772.3. Other trade
statistics indicated that in 2010,
Trinidad and Tobago imported
goods mainly from the Mineral
fuels category as this accounted
for 33 per cent followed by
Machinery and Transport
equipment and Manufactured
goods which accounted for 28 per
cent and 19 per cent respectively.
On the domestic exports side,
Trinidad and Tobago exported
mainly mineral fuels (79 per cent)
followed by Chemicals (9.8 per
cent) and Manufactured Goods
(5.2 per cent).
The top five Import markets
in 2009 included United States
accounting for 31.3 per cent,
followed by Colombia, Russian
Federation, Gabon and China
which all accounted for 10.1 per
cent, 8.0 per cent, 7.1 per cent and
5.06 per cent each respectively.
However, the top five export
markets include United States
(62.5 per cent), CARICOM (15.8
per cent) Spain (6.3 per cent),
United Kingdom (4.8 per cent)
and the Rest of the World (1.8 per
cent).
E v e n t h o u g h t h e
Manufacturing Sector showed
slow recovery in 2010, it is
imperative that the
competitiveness of Trinidad and
Tobago's manufacturers remain
buoyant as this will ensure
sustainability of the sector. Some
indicators that reflect the
competitiveness of a country
include the Global Competiveness
Index and the Index of Economic
F r e e d o m . T h e G l o b a l
Competitiveness index indicated
that Trinidad ranks 84 out of 139
countries with a score of 4.0 for the
period 2010 to 2011 as compared
to the last period 2009-2010, the
country ranked 86 out of the 139
countries with a score of 3.9. This
indicates a slight improvement of
the country's competitiveness
however; there is room for more
devleopment. The World
Economic Forum indicated on
their report that Trinidad and
Tobago faces many challenges in
the business environment such as
crime and theft which was rated
the highest (18.3 per cent)
followed by poor work ethic (17.6
per cent) and corruption (11.7 per
cent).
The Index of Economic
Freedom for Trinidad and Tobago is
66.5, positioning the economy as
52nd in the 2011 Index. Its score is
0.8 points higher than the previous
year, reflecting progress in fiscal
freedom, monetary freedom, and
government expenditure. Further,
it was revealed that Trinidad and
Tobago is ranked 11th out of 29
countries in the South and
Caribbean region, and its overall
score is higher than the world and
regional averages. A key index of
the Economic Freedom is the
Business Freedom Index which
addresses the freedom to establish
and conduct business. Trinidad and
Tobago scored 58.4 falling by 0.6
from last year. In general, the
freedom to conduct a business is
restricted by the country's
regulatory environment. The
regulatory system fell short in
transparency and clarity, and the
i r r e g u l a r i t y o f e n f o r c i n g
regulations.
Therefore, official statistics
indicates that the manufacturing
sector progressed in 2010
however the sector faces many
problems that hinders the
development of the sector. In
terms of its economic outlook, the
manufacturing sector is expected
to grow in 2011. This will be driven
by international commodity prices
and a revival of trade with Caricom
States.
Source: Global Competitiveness Report 2010 - 2011
THE MANUFACTURER PAGE 15
Selected Indicators
Basic Requirements
Efficiency Enhancers
Innovation and Sophistication
GCI 2010-2011
GCI 2009-2010
1st Pillar: Institutions
2nd Pillar: Infrastructure
3rd Pillar: Macro – Economic Environment
4th Pillar: Health and Primary Education
84
86
55
68
45
70
61
77
78
4.0
3.9
4.7
3.9
4.5
4.6
5.8
4.0
3.4
SCORE (1-7)RANK
(out of 139)
Table 2.
Global Competitiveness Index for T&T