InvesTT Looks to Attract $230Mn In FY22

• INVESTT (T&T’s national investment promotion agency, in alignment with the Ministry of Trade and Industry) is aiming to attract $50 million in foreign direct investment (FDI) and $180 million in local investment in the current fiscal year, according to its newly appointed chair Franka Costelloe. 
• Speaking at the virtual launch of the Trinidad and Tobago Investment Forum 2021 last week, Costelloe said the agency's mission is to attract, facilitate and retain foreign and local investment in Trinidad and Tobago and it takes its mandate seriously. 
• 'Notably, between 2016 and 2020, we have secured 17 investment projects with a generated capital expenditure of $526 million. This translates into a projection of 1,405 local jobs created during this period.' 
• She noted that the FDI lead pipeline, to meet this fiscal year's $50 million target, is healthy due to the consistent employment of focused targeting and marketing techniques. Costelloe believes the T&T Investment Forum will continue to add to the momentum already established in its investment promotion. 
• 'Barring the impact of the pandemic, this year, in fact, is projected to be our biggest annual success to date, estimated at $265 million against a $135 million target, with nine investments generating 850 jobs. Such success comes with great determination from our most valuable resource – our InvesTT Team.'

(Source: Trinidad Express Newspapers)