Market Update: Govt backs SMEs to grow economy | Local Business – Full Analysis

The Government is seeking to strengthen small and medium-sized enterprises (SMEs), expand exports, and develop new industries as part of its strategy to diversify Trinidad and Tobago’s economy.

Speaking at the Catalyst SME Conference hosted by the Trinidad and Tobago Chamber of Industry and Commerce at its Westmoorings office yesterday, Planning and Development Minister Kennedy Swaratsingh said SMEs remain central to the country’s economic transformation.

He said the conference theme, “Turning Potential into Performance”, reflected the stage T&T has reached in its economic journey.

“Across this country there is no shortage of talent and ideas. What is required is the structure, the support systems and the partnerships that allow these strengths to translate into sustainable businesses and competitive industries,” said Swaratsingh.

He noted SMEs played a vital role in employment, innovation and community development.

“Small and medium enterprises sit at the centre of our transformation. SMEs are the engines of innovation, employment and economic participation. They stimulate new ideas and form the value of economic resilience,” he said.

Swaratsingh noted Cabinet recently approved the development of a Strategic National Development Plan for 2026 to 2030, which will guide the country’s development over the next five years.

“These pillars are designed to create an environment in which businesses can grow, innovate and compete globally. However, national transformation cannot happen by government alone. It requires strong collaboration with the private sector, entrepreneurs and financial institutions,” he said.

The minister also highlighted agriculture and the creative sector as areas with significant potential for diversification.

“One sector that holds tremendous opportunities for growth and diversification is agriculture,” he said.

He added the industry must be repositioned as a modern and technology-driven sector, saying, “Agriculture today is no longer about primary production. It involves innovation in agro-processing, supply chain management, climate resilient farming and export market development.”

T&T culture’s global influence 

Swaratsingh also pointed to opportunities within the Carnival economy and wider creative industries.

“Trinidad and Tobago possess one of the most recognisable cultural brands in the world. Beyond its cultural significance, Carnival represents a complex ecosystem of creative industries that includes music, costume design, fashion, event production, digital media, marketing and tourism,” he stated.

He added the global creative industries generate approximately US$2.3 trillion annually, but T&T’s contribution remains minimal.

“Yet, despite the global influence of T&T culture, our creative industries currently contribute less than one-tenth of 1% of international GDP. This gap represents a significant opportunity for economic expansion,” he said.

He said technology will also be critical to expanding business opportunities, as digital platforms allow businesses to reach international markets, distribute content globally and engage customers in ways that were previously impossible.

Meanwhile, Trade, Industry and Tourism Minister Satyakama Maharaj emphasised the importance of building export-driven businesses.

“We’re speaking about building businesses that earn foreign exchange, penetrate new markets and carry T&T to the world. That includes manufacturing, agro-processing, digital services, creative industries and marine services,” he said.

He noted the country’s strategic geographic advantage, saying, “We are the only island in the hemisphere outside the hurricane belt. Why are we not the capital of the hemisphere?”

Maharaj also urged SMEs to take advantage of digital tools and international trade opportunities, as 22% of global retail is now online, and it’s growing.

He also assured the Government intends to work closely with SMEs to strengthen their global competitiveness.

President of the T&T Chamber Sonji Pierre-Chase also highlighted the importance of SMEs to the local economy, noting they make up 70% of the Chamber’s membership.

She said the conference aims to connect entrepreneurs with opportunities for growth and expansion.

“What this tells us is that our SMEs are ready. They have ideas, they have talent, they have ambition. What they need are the platforms that allow those ideas and ambitions to translate into real commercial opportunity,” she said.