Home' Trinidad and Tobago Guardian : July 8th 2014 Contents A18
Guardian www.guardian.co.tt Tuesday, July 8, 2014
ing activities in the Caribbean
are very limited due to high
energy costs in all countries
except T&T, according to a study
by the United Nations Economic
Commission for Latin America
and the Caribbean (Eclac),
released in Santiago, Chile. The
study is authored by Olaf de
Groot and Miguel Perez Ludena
of the Investment and Corporate
Strategies Unit, Eclac.
They said, "Limitations in
transport infrastructure" also
account for the "very limited"
activities in the Caribbean. For
these reasons, Caribbean coun-
tries covered in the report have
not developed export-processing
operations in any relevant scale
as has been the case in Mexico,
Central America or the Domini-
can Republic, despite competitive
wages in many countries.
The study cited as an example
of competitive wages the mini-
mum salary in Jamaica which is
the equivalent of US$200 per
"Most of the manufacturing
investments take place in pro-
cessing of natural resources,
although the most ambitious
projects, such as aluminium
smelters, have failed to materi-
alise," the study said.
"Cemex produces limestone
aggregate in Jamaica for exporting
to other subsidiaries in the group.
Complant Sugar (from China)
operates sugar production facil-
ities in Jamaica integrated within
the sugar cane plantations.
ArcelorMittal (the largest steel
maker in the world based in Lux-
embourg) has a fully integrated
mini-mill in T&T to produce bil-
lets and a wide range of medi-
um- to high-quality grades of
wire rods, with a total capacity
of 2.7 million tons. Taking advan-
tage of the very low price of gas,
it is a competitive plant, exporting
90 per cent of its production
through its own dedicated port,"
the study noted.
"It is important to note though
that for specific economies, the
impact of a single investment can
be large, even if it does not feature
prominently in the region s list
of largest investments," the
"After all, the economies in the
region are relatively small and
can thus be strongly influenced
by such investments. A good
example is Green Tropics Limited
2012 investment announcement
in Belize. The Spanish company
is proposing to invest in a plant
to manufacture sugar and con-
fectionery products and its
investment will make up a sig-
nificant portion of FDI inflows
The study also broached the
topic of tourism in the Caribbean.
"Tourism is the economic
mainstay in most of the
economies in the region, which
is why the global economic
downturn, which has hit tourism
hard, has been relatively tough
on the region," Eclac said.
"Investments in the tourism
sector, particularly for new proj-
ects, do not tend to be recorded
as very large, when compared to,
for example, investments in either
natural resource extraction or
natural resource processing."
However, in recent years, sev-
eral of the Caribbean economies
have received significant tourism-
related investments, the authors
said. With respect to announced
projects, Jamaica has received the
greatest portion of investment,
with two US$100 million invest-
ment announcements in 2004
and five others of significant size
in other years.
In the Bahamas, four projects
of significant size were
announced and two recent ones
were in St Lucia, the study said.
Finally, it said, Antigua, Belize
and St Kitts and Nevis received
one each recently.
limited except in T&T
The newly elected president and officers of the Caribbean Hotel and Tourism Association (CHTA). From
left, Jeffrey S Vasser, CHTA, director general and CEO of CHTA; Karolin Troubetzkoy, first vice-president of
CHTA, president, St Lucia Hotel and Tourism Association and owner and executive director of Anse
Chastanet and Jade Mountain Resort, St Lucia; Stuart Bowe, second vice-president of CHTA, president,
Bahamas Hotel and Tourism Association and senior vice-president and general manager of Coral Towers
at Atlantis, Paradise Island, Bahamas; Karen Whitt, third vice-president of CHTA, director, Turks & Caicos
Hotel and Tourism Association and general manager, Regent Palms Turks & Caicos; Emil Lee, president of
CHTA and general manager of Princess Heights Hotel, St Maarten; Patricia Affonso Dass, fourth vice-
president of CHTA, immediate past president, Barbados Hotel & Tourism Association and general manager
of Ocean Two Resort & Residences, Barbados; William "Bill" Clegg, fifth vice-president of CHTA, regional
vice-president, Franchise Service and Programs for Choice Hotels International; and James Hepple,
treasurer of CHTA and president and CEO, Aruba Hotel and Tourism Association.
NEW CHTA EXECUTIVE
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