Home' Trinidad and Tobago Guardian : January 29th 2015 Contents BG22 | THE ECONOMIST
BUSINESS GUARDIAN www.guardian.co.tt JANUARY 2015 • WEEK FIVE
The Trinidad and Tobago Tourism Accommoda-
tion Upgrade Project is designed to provide an incen-
tive in the form of a partial reimbursement of the cost of
upgrade works undertaken to eligible tourist accommo-
dation. This is to bring them to a rst class level to meet
and/or exceed the Trinidad and Tobago Standard
Requirements for Tourist Accommodation.
Incentive Bene ts:
• Eligible properties will receive a reimbursement
grant as a proportion of the cost of refurbishment
for improvements/upgrade works to the interior/ex-
terior of the property.
• Eligible Properties with 1-5 guestrooms (Small
Tourism Accommodation Properties) will receive a
20% reimbursement up to $75,000.
• Eligible properties with 6-150 guestrooms (Hotels &
Guesthouses) will receive a 25% reimbursement up
Eligibility Criteria include but are not limited to:
Properties with 1 to 150 guest bedrooms; Properties
must be in operation for more than four years; Proof of
ownership; Approval from the Town & Country Planning
Division; Board of Inland Revenue and Value Added Tax
Clearance Certi cates; Not currently in receipt of other
grants from the Government.
Eligible Upgrade Areas may include but are not
limited to: Guest bedroom and bathroom; Lobby;
Restaurant and Kitchen; and Exterior.
Investment Facilitation Department
Tourism Development Company Limited
Level 1, Maritime Centre, #29 Tenth Avenue, Barataria, Republic of Trinidad and Tobago
Tel: 675-7034/5/6/7 • Website: www.tdc.co.tt
For more information on accessing the incentives, please contact:
Trinidad and Tobago
T rism Acc modati Up ade Pr ect
The heads of foreign compa-
nies with operations in
China grumble that their
lives have gotten harder of
late. China used to be a
frontier market offering
endless double-digit growth. Officials put
out the welcome mat and were open to
wining and dining. Regulators were no more
bothersome than in other emerging mar-
Now growth is slowing: Official data
released this week confirm that the economy
grew by 7.4 per cent last year, the slowest
rate in 24 years. A crackdown on official
corruption has made it impossible to win
friends in government, and antitrust author-
ities have taken a tough line with foreign
carmakers, drugmakers and other companies
that had hoped that their guanxi (connec-
tions) would offer them protection.
Many foreign bosses now are convinced
that the golden age for multinationals in
China is over.
That may explain the charm offensive
that the Chinese government launched this
week. Prime Minister Li Keqiang led a del-
egation of Chinese worthies to the World
Economic Forum s meeting in Davos,
Switzerland. He promised the assembled
global business elite his country would "treat
Chinese and foreign companies as equals"
and "rigorously reject protectionism."
Prior to his speech the government
unveiled a dramatic proposal to ease its
restrictions on foreign investment. During
the past two decades, China has maintained
a highly restrictive, complex set of rules on
how foreigners can invest on the mainland. In the
many industries deemed "strategic," for example,
they can invest only through a joint venture and must
transfer technology to the local partner. Flows of
funds in and out of the country also are tightly con-
The draft reforms, which now are open for com-
ment, include scrapping almost all of these cumber-
some controls. Foreign companies supposedly would
be treated the same way as national ones. The clunky
system of case-by-case approvals would be replaced
by a simpler "negative list": If your industry is not
on it, you do not need permission to invest.
Daniel Roules of the Shanghai office of Squire
Patton Boggs, an American law firm, believes that
the new law, if and when it comes into force, could
usher in a significant and welcome change in the cli-
mate for foreign companies.
Li also is pushing for bilateral investment treaties
with the United States and the European Union,
which could further reassure foreign investors worried
about putting more money into China. His boss,
President Xi Jinping, agreed on a sweeping free-trade
agreement with Australia on the heels of the recent
G20 summit in Brisbane. This provisional deal, which
now must be ratified, goes much further than previous
accords in opening China s service industries to
Taken together, optimists say, there could be another
golden age for foreign direct investment into China.
A recent report by King & Wood Mallesons, China s
biggest law firm, forecasts that FDI could reach
US$188 billion in 2020, up from about US$120 billion
Nevertheless, foreign businesspeople should not
break out the champagne yet. The proposed reforms
are a strong signal that foreign money will continue
to be welcome in China, but they may do nothing
to help foreign-owned firms compete on equal terms
with politically well-connected domestic ones, to
end the subsidies lavished on state-backed enterprises
or to rein in regulators keen on bashing outsiders.
The areas of business most tempting for foreigners,
such as finance and the Internet, still would have
restrictions on foreign ownership.
If China s leaders were to tackle all these distortions,
then they would get a far warmer round of applause
at their next Davos appearance.
@2015 The Economist Newspaper Ltd. Distributed by
the New York Times Syndicate
China re-fluffs the welcome
mat for foreign business
Chinese Prime Minister Li Keqiang
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