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High Commission of India Business Meet with Chaguanas Chamber of Industry & Commerce on the theme “Trade and Investment Opportunities between India and T & T”

Posted on: March 22, 2022 | Back | Print

HIGH COMMISSION OF INDIA
PORT OF SPAIN

Press Release

High Commission of India Business Meet with Chaguanas Chamber of Industry & Commerce on the theme “Trade and Investment Opportunities between India and T & T”

The High Commission of India hosted a Business Meet event with the Chaguanas Chamber of Industry & Commerce on the theme “Trade and Investment Opportunities between India and T & T” on Thursday 17th March, 2022 at the Passage to Asia Hall in Chaguanas.

2. The event began with welcome greetings by Mr. Richie Sookhai, President of the Chaguanas Chamber of Industry and Commerce. This was followed by a key note address by His Excellency Mr. Arun Kumar Sahu, High Commissioner of India to T & T. The event also addressed by the  Chief Guest, Senator the Hon. Paula Gopee-Scoon, Minister of Trade and Industry. Greetings were also given by His Worship Mr. Faaiq Mohammed, Mayor for Chaguanas. This was followed by presentation from Mr. N. Lingi Chetty, Second Secretary, (Commerce) and remarks from Mr. Laurence Modeste, General Manager Business, Digicel T & T. The event also had a short cultural programme by the MGICC artist and students. Master of Ceremonies for the event was Ms. Karena Sukhu, Director at Chaguanas Chamber of Industry & Commerce.

3. Mr. Richie Sookhai, President of the Chaguanas Chamber of Industry and Commerce giving his welcome address recalled his personal experience of his visit to India and assured that Chamber members are open for business and investments from India. He thanked the High Commission for taking this initiative to inform the business community in Chaguanas of the many business opportunities that India has to offer. In his remarks, he also brought to the notice of the Hon'ble Minister of Trade and Industry some of the issues faced by the business community in T&T.

4. Addressing the gathering, His Excellency Mr. Arun Kumar Sahu, High Commissioner of India to Trinidad and Tobago outlined that there are ample opportunities for trade and investment between India and T & T and listed the strength of India. It is the biggest democracy in the world with a middle class of over 600 million with increasing purchasing power. It is the youngest nation, 50% of its 1.4 billion population are under 25 years of age, and it will continue to be the source of skilled global labour till 2060. It’s a force to reckon with in IT and technological revolution in new sciences such as genetic engineering, material sciences, biotechnology, space sciences and non-conventional energy sources, including solar, wind and nuclear energy.  He stated that the whole of India is in a Mission mode in developing its infrastructure, both physical and digital. and remains an attractive market for international investors in terms of short-term and long-term prospects.  He also mentioned that many Indian goods are imported through intermediary locations like the USA, Canada and Brazil which are not getting reflected in the trade figures. He pointed out that the High Commission is  constantly working to put up the necessary institutional mechanisms to facilitate bilateral ventures., and are in the process of  negotiating a new bilateral investment treaty (BIT) between India and Trinidad and Tobago at the earliest.

5. Senator the Hon. Ms. Paula Gopee-Scoon, Minister of Trade and Industry in her speech referred to the strong historical relations between India and T&T and called for reinvigorating the commercial ties and further strengthening of bilateral trade .  Given the strength of India in the areas like IT, pharmaceuticals etc  she called for working more for cooperation and investment from India  in the sectors like non- fossil fuel energy, services, fashion, films etc in T&T market. She also mentioned about the possibility of increasing exports of T&T products like Cocoa, alcohol in the Food &Beverages sector etc. to India given its vast market size. She also referred that the new Bilateral Investment Treaty proposed to be negotiated with India is in the right direction  and in mutual interest.

6. His Worship Mr. Faaiq Mohammed, Mayor of Chaguanas in his address to the gathering welcomed the initiative of the High Commission and the Chaguanas Chamber of Industry and commerce in organising the event and hoped that it will yield fruitful results for the local business community in the time to come.

7. Mr. N. Lingi Chetty, Second Secretary (Commerce) at the High Commission, gave a detailed and informative presentation on India’s economic strength and its vastly improved ranking in Ease of doing business. He gave a statistical analysis of trade between India and T & T and mentioned that there is a lot of potential for doing more business with India. He listed ten sectors which were earlier identified by the High Commissioner namely, (i) IT & ITES (ii) Pharmaceuticals, (iii) Agriculture &Agro-Biotechnology, (iv) New Energy (Wind & Solar), (v) Tourism including Medical Tourism, (vi) Textiles and Garments, (vii) Automobiles, (viii) Higher Education, (ix) Ayurveda and Wellness and(x) Films and Entertainment as focus areas for bilateral cooperation. Mr. Chetty also highlighted some of the successful commercial events hosted by the Mission which were geared towards increasing trade and investment opportunities between India and T & T. He mentioned that the commercial department of the Mission would be happy to address any trade queries or provide assistance in doing business with India.

8. The event had a vibrant Questions and Answers segment involving H.E. Mr. Arun Kumar Sahu, High Commissioner of India to T & T, Senator the Hon. Paula Gopee-Scoon and Mr. Richie Sookhai, President of the Chaguanas Chamber of Industry and Commerce.

9. The guests at the event were also treated to a enticing Indian dance performance by Ms. Sreeranjini Umesh, ‘Bharatanatyam’ Dance instructor and her students at Mahatma Gandhi Institute for Cultural Cooperation.

10. The event concluded with a vote of thanks by Mr. Sunil Moonasar, Director at the Chaguanas Chamber of Industry and Commerce.


Port of Spain

18.03.2022


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