MET overseas research project study tour 2011

Understanding how Trinidad is to successfully reduce its economic dependence on oil and gas

Though the Caribbean is famous to many for its sandy beaches and resorts, beneath this leisurely façade lies the highly industrialised island of Trinidad, part of the Republic of Trinidad and Tobago (T&T). Trinidad has played a significant role over several decades as an exporter of petrochemicals and natural gas, supplying North America with 70 per cent of its demand for liquefied natural gas (LNG). More recently, however, the nation has attempted to diversify with urgency its revenue generation from the energy sector as it tackles the imminent threat of reserve depletion by 2020 (Ryder Scott Report 2010).

This year, the MET study group has the unprecedented opportunity to collaborate directly with the government of our region of focus. The Trinidad and Tobago Chamber of Industry and Commerce has stated:

"We wish to advise that the Chamber views this as a very important research project for T&T at this time, given our need to diversify the economy to complement the energy sector revenues and thus remove the volatility that currently plagues our economy."
Angella Persad, President of the Trinidad and Tobago Chamber of Industry and Commerce

From the economic climate of Trinidad arises a multitude of questions: What steps have been taken to reduce Trinidad’s dependency on oil and gas, and how successful have they been so far? With local government initiatives promoting this shift towards sustainable, technology-driven industrial development, what new opportunities have arisen for foreign investment? Will the required growth of sustainable, high value-add industries in the region ever really materialise? What can other countries learn from Trinidad’s approach to these issues?

With the help of corporate sponsorship, we hope to present honest and challenging insights into these important issues. Our findings promise to deliver a detailed analysis of this region’s future role in the world’s manufacturing community.