T&T Govt Backs SMEs to Grow Economy

• The Trinidad & Tobago (T&T) 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, Planning and Development Minister Kennedy Swaratsingh said SMEs remain central to the country’s economic transformation. SMEs are the engines of innovation, employment and economic participation, they stimulate new ideas and form the value of economic resilience,” he said.
• 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 the Minister notes 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.
• The Agriculture and the creative sector also have significant potential for diversification in the economy; however, the industry must be repositioned as a modern and technology-driven sector. He explained that “Agriculture today is no longer about primary production. It involves innovation in agro-processing, supply chain management, climate resilient farming and export market development.”
• Likewise, there are opportunities within the Carnival economy and wider creative industries. The global creative industries generate approximately US$2.3 trillion annually, but T&T’s contribution remains minimal contributing less than one-tenth of 1.0% of international GDP. This gap represents a significant opportunity for economic expansion.
• Overall, these initiatives signal a renewed push to reduce Trinidad & Tobago’s reliance on the energy sector by nurturing SMEs, modernising agriculture, and unlocking value in the creative economy as new drivers of sustainable growth. If successfully executed, the strategy could strengthen non-energy sectors, broaden the country’s economic and export base, and support stronger non-energy GDP growth. Over time, this diversification could improve employment and domestic income generation, increase foreign exchange inflows, and reduce sensitivity to oil and gas price cycles, contributing to more stable fiscal revenues and greater macroeconomic resilience.

(Sources: Trinidad Express and NCBCM Research)