TTCSI welcomes budget measures to boost services

THE Trinidad and Tobago Coalition of Services Industries (TTCSI) says national budget measures to boost the services sector, which accounts for over 60% of this country’s Gross Domestic Product and employs most workers, are steps in the right direction. In a release, the TTCSI outlined several key initiatives that it believes could enhance competitiveness and drive services-sector growth: • Digital Transformation and Professional Services: The introduction of a secure Digital ID, a unified online government platform, the establishment of the National Payment and Innovation Company (NPIC-TT), and the launch of a National AI Research and Innovation Hub are expected to improve the ease of doing business while creating new opportunities for ICT and business process outsourcing (BPO) providers. • Trade Facilitation and Business Services: The proposed National Registry of Exporters, the “Buy Local, Build Trinbago” campaign, and the creation of an Export Academy—along with Exim Bank’s reorientation towards foreign-currency loans for exporters and efforts to advance partial-scope trade agreements with India, Chile, and West Africa—directly target trade diversification and SME competitiveness. • Creative and Cultural Industries: The establishment of a Creative Value-Chain Fund to support film, fashion, design, and music; enhanced intellectual property (IP) protection; and duty concessions for creatives, along with cultural exchange programmes and export promotion, signal growing recognition of the creative sector’s contribution to national development. • Tourism and Hospitality: The completion of the Marriott and Elephant Tree Resorts in Tobago, new attractions such as “Carnival City” and the “Turtle Tourism Capital” initiative, the introduction of direct US flights to Tobago, and expansion of medical, sport, and cultural tourism products are all viewed as positive steps toward revitalising the tourism and hospitality industry. • Education, Skills, and Human Capital Development: The operationalisation of UWI’s Debe Campus to support IT, law, and forensics training was described as a timely response to digital workforce needs. The launch of a Construction Sector Skills Programme and the expansion of YouTEC and youth entrepreneurship initiatives place education and youth development at the centre of national transformation. • Financial and Regulatory Environment: The planned review of the VAT system, with possible transition to a simplified Sales Tax, digitalisation of the Inland Revenue Division and Customs and Excise Division, and strengthened compliance with FATF standards to enhance international financial standing, are all expected to improve accountability, transparency, and investor confidence. • Tobago’s Development Agenda: The Tobago House of Assembly’s (THA) development strategy—which prioritises tourism, creative industries, and agriculture, with an emphasis on product development, digital content, heritage tourism, and community-based approaches—was also recognised as a positive direction for the island’s services sector. Despite these encouraging measures, TTCSI cautioned that “many initiatives still lack dedicated funding, institutional support, and a clear services export focus”. It noted that trade support mechanisms such as the Export Academy and Exim Bank reforms “remain largely geared toward goods,” while digitalisation efforts “are framed more as administrative upgrades than as pillars of a comprehensive services-sector strategy.” To address these gaps, TTCSI recommended: • Development of a National Services Sector Development Plan to coordinate implementation across ministries. • Dedicated financing windows for services entrepreneurs within Exim Bank and other national development funds. • Inclusion of services exporters in trade promotion tools such as the exporter registry and export training programmes. • Establishment of a national services data system to track exports, productivity, and job creation. • Structured public–private partnerships to ensure local firms benefit from digital transformation and creative economy initiatives. The TTCSI also expressed strong support for the THA’s approach to linking tourism, culture, and digital content in a sustainable development framework. “The organisation calls for stronger coordination between the THA, TTCSI, and national ministries to align services-sector support in Tobago,” it stated. TTCSI further encouraged government collaboration with industry associations to shape skills-training programmes, particularly in areas such as digital trade, data services, and creative entrepreneurship. “TTCSI views budget 2026 as a transitional step. It lays the groundwork for a knowledge-driven, services-oriented economy but requires stronger execution frameworks and performance metrics. We reaffirm our commitment to working alongside the Government to advance a competitive, innovative, and export-ready services sector,” the coalition said. TTCSI president Dianne Joseph added, “This budget shows that the Government is beginning to prioritise services as the engine of economic transformation. Now we must ensure that these initiatives are supported by the right investment, coordination, and policy tools to deliver real impact for our service providers.”