Trinidad and Tobago: No longer ’emerging’
Half a century after gaining independence, Trinidad and Tobago enjoys a reputation for stability and punching above its weight in both the economic and cultural spheres. The island nation now believes success lies in shifting emphasis away from the traditional oil and gas sectors upon which it has relied so heavily. But beyond that challenge lie social issues which must also be tackled
“After all, we make ourselves according to the ideas we have of our possibilities,” wrote V. S. Naipaul, one of Trinidad and Tobago’s most famous sons. The novelist was writing about a fictional country, but he could easily have been describing his own islands, which, since gaining independence from Britain in 1962, have capitalised on their unique geography, history and culture to become one of the Caribbean’s most developed nations.
Despite a turbulent colonial history which saw the islands change hands between the Spanish, British, Dutch and French, modern-day Trinidad and Tobago is a stable place. Its parliamentary system, modelled on that of the UK, saw Kamla Persad-Bissessar begin a five-year term in 2010 as the country’s first female prime minister. Political calm has been accompanied by economic growth which has highlighted the islands’ privileged geographical situation. Sitting outside the hurricane belt, they are blessed with hydrocarbons and sit only seven miles north of Venezuela, making them a convenient hub between South America, the Caribbean and North America.
Over the last decade-and-a-half, the country’s GDP has expanded at a rapid rate, averaging close to 8 percent between 2000 and 2007 (outstripping the regional rate of just under 4 percent). Growth since then has been more modest but despite temporary dips and a domestic financial crisis in 2009, the global downturn has left Trinidad and Tobago relatively unscathed.
This success has been based largely on the energy industry. Trinidad and Tobago has been producing oil commercially for over a century, although in recent years natural gas has become increasingly prominent. But while the country is the Caribbean region’s energy leader, there is an increasing feeling that it needs to look beyond its finite resources, especially given increasing competition from the US shale gas sector.
“We have done well within our country over recent years; it is time for us to expand and go forward,” says Vernon Paltoo, president of the National Energy Corporation. He says the industry must explore markets in Latin America and the Far East and also broaden its production capabilities to areas such as renewable energy...READ MORE