Introduction to Trinidad and Tobago

Richard points out that Trinidad and Tobago, although a small island with only 1.5 million inhabitants, is one of the largest and most developed in the Caribbean thanks to its oil-based economy. However, in recent years, the country has worked to diversify its economy.

Economic Diversification

Trinidad and Tobago has begun to focus on other sectors, such as food and beverage, fashion, music and technology, to reduce its dependence on oil. This shift is essential to address global economic challenges.

Carnival Festival

Trinidad and Tobago Carnival is an iconic event that not only celebrates local culture but also generates significant revenue for the country. This festival attracts international artists and has become a cultural export platform.

Commercial Opportunities between Colombia and Trinidad and Tobago

Richard mentions several areas of opportunity for trade between Colombia and Trinidad and Tobago, such as petroleum, chemicals, plastics, iron products, fertilizers, food and beverages, pharmaceuticals, industrial equipment and textiles.

Importance of Business Relationships

To establish business in Trinidad and Tobago, it is crucial to build relationships with local companies. This involves getting to know their processes and the economic context of the country, which facilitates negotiations and the establishment of business.

Ease of Business Start-Ups

Setting up a company in Trinidad and Tobago is a relatively simple process that can be completed in a few weeks. It is not necessary to have a local partner and there are managers who can assist in the registration process.

Commercial Events

Trinidad and Tobago hosts several important trade events, such as the TIC (Trade and Investment Convention) and the annual energy conference. These events are key opportunities to learn about the market and establish business contacts.

Visa and Health Permit Requirements

Visa requirements to enter Trinidad and Tobago vary depending on the country of origin. The time to obtain sanitary registrations can be bureaucratic and slow, but the presence of reputable companies can speed up the process.

Negotiation Tips

Richard recommends that when dealing with Trinidad and Tobago entrepreneurs, focus on building relationships and deeply understanding the company and the local market before trying to sell products.

Labeling Standards

For food products, it is important to comply with local labeling regulations. Although specific details were not discussed in the interview, it is suggested that entrepreneurs investigate and comply with these requirements to avoid import problems.