A main goal of the T&T Chamber is to enhance the Trinidad and Tobago business community’s competitive advantage, assist in providing opportunities for business expansion, increased foreign exchange earnings and wealth generation through export-led growth. This is pursued through a variety of initiatives including the current mission. We encourage local business operators to take advantage of this opportunity and register while there are still available spaces.
Why Barbados
The Chamber’s survey results revealed that Barbados was ranked in the top 3 markets of export interest for companies engaged in both the goods and services sectors – leading to its selection for the current Mission.
- Barbados is a top potential market for many of Trinidad and Tobago’s exports such as Cereals, beverages, beauty products, perfumes, Fintech, and Construction
- 3-5 flights per week between Trinidad and Tobago and Barbados
- Weekly Cargo options
- Inter-island distributorship and supermarket chains
- Another party to the CARICOM Single Market – which applies the CARICOM common external tariff (CET) duty free access of goods and services (with some exceptions)
- Common Language and Similar political and investment environment
- Barbados is highly dependent on imports of goods and on exports of services, particularly tourism.
- The Barbados Economic Recovery and Transformation (BERT) Plan, apart from restoring fiscal and debt sustainability, also aims to rebuild reserves and increase growth.
- Barbados’ trade policy objectives are to promote and facilitate the development of international trade, improve competitiveness, and pursue the Small Vulnerable Economies agenda in the WTO.
- Barbados also has the objective of achieving a fossil-fuel-free economy by 2030.
- Barbados’ recovery from the Covid-19 pandemic gained momentum in 2022 with the Central Bank of Barbados (CBB) estimating a 10% rebound following a contraction of 0.3% in 2021 and 13.5% in 2020. This recovery has been driven by the tourism sector but has been buoyed by expansion in other sectors such as construction, manufacturing, distribution and financial services.
- Out of the Pandemic, Barbados introduced a new 12-month Barbados Welcome Stamp-a visa that allows non-residents to relocate and work remotely providing a path for service providers to build credible networks in its economy.
- Foreign investors are generally granted national treatment with very few exceptions mentioned in sector-specific legislation, such as telecommunications services, tour operators, and travel guides.
- Since its last Review in 2015, Barbados has successfully streamlined customs procedures, including the transition to ASYCUDA World in September 2019, the initiation of a trusted trader programme, and a considerable reduction of processing times for import licenses.
Whether you trade in goods or services, Join our Trade Mission Delegation and take advantage of several value-added benefits:
- Pre-Mission “Doing Business in Barbados” Workshop
- Meeting with key government and regulatory agencies in Barbados
- Participation of over ten (10) business sectors
- Tailor-made Business-to-Business (B2B) meetings
- Social networking event with key stakeholders in Barbados
- Tracking system from lead generation
- Market Intelligence & Strengthened Trade Capacity
- Support & Guidance on utilizing E-commerce to boost exports
The Trinidad and Tobago Chamber of Industry and Commerce’s (T&T Chamber) Strategic plan for 2022-2024 indicates its vision to be the Champion of Business towards the development of a strong and sustainable national economy with a keen focus on Small and Medium Enterprises (SMEs) growth and expansion into the global market. Accordingly, the strategic intent of the Government of Trinidad and Tobago is to diversify the markets for non-energy exports. Given this, our Trade Mission to Barbados, a member of the Caribbean Community (CARICOM), is open to ALL businesses and will support our goal to enhance the business community’s competitive advantage, assist in providing opportunities for business expansion, increased foreign exchange earnings and wealth generation through export-led growth.
During October 12-15, 2023, the T&T Chamber will mount a trade mission to Barbados which will explore opportunities for trade in 14 sectors:
- Renewable Energy
- Agro-processing inclusive of Medicinal Cannabis
- Advertising & Marketing
- Food and Beverage
- Events and Tourism
- Paper Products
- ICT & FinTech
- Household and Cleaning Products
- Animation and Film
- Consultancy
- Personal Care & Cosmetics
- Construction
- Textiles and Clothing
- Global Education Services
The Mission is open to all businesses, particularly Small and Medium-Sized Enterprises (SME) that are interested in exploring this CARICOM market. The Barbados Trade Mission is being spearheaded by the Chamber’s Trade and Business Development Unit as part of its strategic focus on SME growth and expansion into the global market.
The Chamber’s current mission is being supported by exporTT under its Export Booster Initiative (EBI). The EBI was developed out of a strategic effort to counteract the impact of Covid-19 on the manufacturing sector. Its primary objective (developed at inception) is to increase the value of non-energy exports of goods to TT$3.21 billion or by 10% by end of the fiscal year 2020/2021 and to double that to approximately TT$6 billion by 2024. To achieve this target, the EBI is pursuing sixteen initiatives under three broad strategic areas namely, Export Promotion, Capacity Building and Institutional Strengthening.
For more information see https://exportt.co.tt/export-booster-initiative/
Packages:
All packages include:
-Doing Business in Barbados Session (Pre Mission Event)
– Airfare
– Ground Transfers
– Hotel + Breakfast
– Opening Ceremony & Networking
– B2B Matchmaking
– Social Networking Event
– Digital Brochure on Companies
The cost of the Packages for the Trade Mission will be:
Trade Mission Package – Member with AAG $12,300
Trade Mission Package – Member without AAG $15,000
Trade Mission Package – Non – Member with AAG $14,300
Trade Mission Package – Non – Member without AAG $ $17,000
Pay the Full Price:
| Ticket Type | Price | Cart |
|---|---|---|
| Full Price: Trade Mission Package – Non – Member without AAG | TTD $17,000.00 | |
| Full Price: Trade Mission Package – Member without AAG | TTD $15,000.00 | |
| Full Price: Trade Mission Package – Member with AAG | TTD $12,300.00 | |
| Full Price: Trade Mission Package – Non – Member with AAG | TTD $14,300.00 |
OR
Pay for your First Deposit:
| Ticket Type | Price | Cart |
|---|---|---|
| First Deposit: Trade Mission Package – Non – Member with AAG | TTD $7,150.00 | |
| First Deposit: Trade Mission Package – Member with AAG | TTD $6,150.00 | |
| First Deposit: Trade Mission Package – Non – Member without AAG | TTD $8,500.00 | |
| First Deposit: Trade Mission Package – Member without AAG | TTD $7,500.00 |
Pay for your Second Deposit:
| Ticket Type | Price | Cart |
|---|---|---|
| Second Deposit: Trade Mission Package – Non – Member with AAG | TTD $7,150.00 | |
| Second Deposit: Trade Mission Package – Member without AAG | TTD $7,500.00 | |
| Second Deposit: Trade Mission Package – Non – Member without AAG | TTD $8,500.00 | |
| Second Deposit: Trade Mission Package – Member with AAG | TTD $6,150.00 |
Airfare Assistance Grant under the EBI can be accessed via the following link https://www.surveymonkey.com/r/B2LS8GD
Payment Schedule:
(i) 28th August – Registration & AAG Application Deadline
(ii) 01st September – Payment of 50% Deposit Deadline
(iii) 29th September – Payment of Balance Deadline
exporTT Airfare Assistance Grant Application
The AAG offsets the airfare (at economy rate) of qualifying SMEs for one (1) person per company for their participation at Trade Missions, up to the value of [Five Thousand Trinidad and Tobago Dollars (TT$5,000.00) for regional travel OR Ten Thousand Trinidad and Tobago Dollars (TT$10,000.00)] for extra-regional travel. Kindly note that the ceiling of coverage is $20,000 TTD per company per year.
To determine eligibity and to apply Click https://www.surveymonkey.com/r/B2LS8GD
In-Market Promotions (For Shipping Product Samples for the Trade Mission)
For assistance in shipping sample for the Trade Mission, please Click https://www.surveymonkey.com/r/RML2VGD
Thank you to our Sponsors
HOW TO REGISTER
To Confirm your participation in TBDU’s Trade Mission to Barbados in October 2023, follow the steps below:
STEP 1: Complete Commitment Form. A participant’s code will be then generated and emailed to you. Please click here.
STEP 2: Click on “Fees and Expenses” tab on left.
STEP 3: Make your 50% deposit or purchase the full price for your ticket by September 01st 2023.
STEP 4: Complete Company Profile. You will be directed to this form after your purchase.
STEP 5: Make Outstanding Payments by September 29th 2023