New TTMA president: US tariffs won't stop us

NEWLY-ELECTED TTMA president Dale Parson says one of his strategic goals will be to grow non-energy exports from the $6.2 billion recorded at the end of 2024 to $10.6 billion by the end of 2030.

His projections would see a six per cent growth in 2025 followed by a consecutive ten per cent growth each year from 2026 to 2030.

He said he aspires to work with those in authority in creating an enabling environment for pure non-energy exports.

"Increasing exports to $10.6 billion by 2030 is not an audacious goal but a necessary one," he said at the TTMA's leadership discussion and networking event at the Hyatt Regency, Port of Spain, on April 9.

"And to be clear, from a TTMA perspective, this non-energy export figure discounts items that are not pertinent to the efforts of our members. Such as downstream derivatives of energy re-exports and some classified as non-energy manufacturing items such as ammonia and scrap metals.

"I am making this distinction in the classification of non-energy goods with the understanding that there are a number of different classifications in the public space."

He said while all classifications have merit, the TTMA is only concerned with purely non-energy manufactured goods.

Parson said the disruption of the ten per cent tariff on TT’s imports to the US announced on April 2 and proposed taxation for Chinese-built vessels entering US ports will not render the TTMA inactive.

He spoke before US president Donald Trump announced a 90-day hold on tariffs, except for China, on April 9.

"We will adapt, be innovative and dynamic. That is what my team will seek to bring to the forefront to its members.

"In every disruptive event, there will be opportunities. We just need to seek out the low-hanging opportunities carefully.

"For example, we continue to have preferential trade agreements with Canada and the EU.

"There are greater opportunities not just within Caricom but with Caricom’s Dominican Republic and Costa Rica bilateral agreements."

In his second strategic goal, Parson aims to help small and medium enterprises (SMEs), which account for 85 per cent of local businesses, in boosting commercialisation for local retail and export.

"Of our 738 members, less than ten per cent of them are SMEs. Most of these SMEs have an interest in engaging in trade. But some have challenges registering their business, creating product barcodes and creating an export plan. This could curtail the advancement of their operations.

"So my objective as president is to invite these SMEs to join us and reach out to the TTMA so we can help them grow their business."

The acquisition of a 20-acre parcel of land in a centralised area for the construction of a 200,000sq ft Caribbean trade and investment centre is Parson’s third strategic goal.

The centre would be built with the intention of hosting the TTMA’s annual Trade and Investment Convention (TIC) along with other events.

"This will assist our vision to position TT as the regional manufacturing powerhouse.

"It will be great for tourism and the business sector. There will be no other for the next 25 years."

He said 3D images of the structure have already been prepared.

Parson emphasised the need for government support in executing these initiatives.

"Especially the minister of trade and the former minister of finance who have worked with the TTMA to establish their forex facility at the EximBank in 2020 to facilitate raw material purchasing. The numbers we have seen would not be possible if we did not have the assistance of Exim Bank to facilitate material purchasing."

He expressed hopes of having similar discussions with new Finance Minister Vishnu Dhanpaul with the aim of continuing similar engagement to fuel the working capital needed to achieve his planned export trajectory.

"With the support of the executive that was elected to the TTMA and our astute staff at our secretariat, I’m confident that we’ll be able to guide the TTMA to sale through any storm locally and globally.

"There’s a saying that good leaders can lead their ship through calm waters but rough waters get the leader and his team to navigate.

"We at the executive will have to lift up our game and hopefully at the end of the day our successes in navigating through the rough waters will cement the confidence placed in me and our board."

He thanked former TTMA president Roger Roach's stewardship, under which the TTMA experienced "significant growth and successes."

"Our flagship event, the TIC, has rebounded and surpassed pre-covid numbers, growing in size and impact with over 300 exhibitors and over 20,700 registered visitors both local and foreign. We have easily surpassed 2019 pre-covid figures last year.

"This year, our 26th edition of the TIC, from all indications will be the largest inception of TIC in 1999.

"Additionally, under Roach’s leadership, last month TTMA achieved a groundbreaking milestone with the inaugural trade mission on the seas.

"A first of its kind initiative that successfully combined networks with multiple stops for export trade discussions at six different countries with B2B meetings in Puerto Rico, St Thomas, St Croix, St Martin, Martinique and Barbados in a little less than seven days."

Given the mission’s success, Parson said he plans to speak to TTMA CEO Mahindra Ramdeen to have similar engagements in 2026.

The TTMA plans to have trade missions in the last quarter of 2025 to China, Chile and New York following a trade mission to Jamaica in May and another to Guyana and Suriname in June.