044_Global13_Spotlight_Tri&Tob

Global 13

Advertisement Advertisement Trinidad & Tobago Trinidad & Tobago Shipbuilding & Repair Cluster: Shipbuilding & Repa t a time ... Diversifying our econDiversifying our economy, one ship at a time ... Tdevelopment of a viable and competitive Tdevelopment of a viable and competitiverinidad and Tobago is an ideal place for therinidad and Tobago is an ideal place for the maritime cluster. maritime cluster. The Shipbuilding & Repair Development The Shipbuilding & Repair Development Company of Trinidad and Tobago Limited is the Company of Trinidad and Tobago Limited is the commercial entity of the Shipbuilding and Repair commercial entity of the Shipbuilding and Repair Cluster, which started as an initiative of the Cluster, which started as an initiative of the Ministry of Trade, Industry and Investments (MTI) Ministry of Trade, Industry and Investments (MTI) and was conceived in 2007 to plan and carefully and was conceived in 2007 to plan and carefully develop this ‘new’ area of maritime activity within develop this ‘new’ area of maritime activity within the twin island country as part of the greater the twin island country as part of the greater move for economic diversifi move for economic diversifi cation away from the cation away from the energy sector. energy sector. With an established maritime history and With an established maritime history and the benefi the benefi t of a favourable geographic location, t of a favourable geographic location, Trinidad and Tobago is strategically located on Trinidad and Tobago is strategically located on key trade routes connecting the North and South key trade routes connecting the North and South American continents. The domestic commercial American continents. The domestic commercial maritime sector evolved as an off maritime sector evolved as an off shoot of a shoot of a rapidly expanding energy sector, which required rapidly expanding energy sector, which required acilities for servicing smaller shore exploration The current local ship repair facilities for servicing smaller shore expa strong maritime presence to support offa strong maritime presence to support off activity. The sector also benefi vessels, mainly fi activity. The sector also benefi ted from a growing ca shing boats, oil and gas supply vessels and ted from a growing cargo and lude tankers, LNG vessels and tugs should be expanded to include tankers, LNG vessels andtranshipment trade, as the country developed into a major hub to facilitate trade between the smaller Caribbean islands. container ships. hub to facilitate trade between the smaller Caribbean ered in the recent economic Global shipbuilding has suff ered in the recent economicTrinidad and Tobago has three major cargo porTrinidad and Tobago has three major cargo ports with low demand for larger ships downturn, especially with the low demand for larger shipsa further deep-water port planned for La Brea. With the ustry. This has created a new decimating that side of the industry. This has created a newincrease in trade agreements and technological advances, Repair Cluster as thousands market for the Shipbuilding and Repair Cluster as thousandsthe global shipping industry has gained even greater dered in 2007 and recently of these ships which were ordered in 2007 and recentlyimportance. The Panama Canal expansion due to be uth Korea, Japan and the launched by shipyards in South Korea, Japan and thecompleted in 2014 will see more trade passing through our f China have to be ‘laid-up’, People’s Republic of China have to be ‘laid-up’, having transported a single some without ever having transported a singleShipbuilding and repair is of strategShipbuilding and repair is of strategic In light of our focus on smaller shipment of cargo. In light of our focus on smallerimportance in many respects. It deveimportance in many respects. It develops ssels this has proved to be an and more fl exible vessels this has proved to be anadvanced technologies that offer coadvanced technologies that offer considerable and we have defi opportunity for us, and we have defi ed economic ed economic g the sector a key FDI earner. stagnation by making the sector a key FDI earner.spin-offs to other sectors; it providespin-offs to other sectors; it provides essential e spearheading the nation’s We are proud to be spearheading the nation’smeans of transport for regional andmeans of transport for regional and international tion. trade; and it supplies maritime companies and drive for diversifi cation.trade; and it supplies maritime comp look to become the Singapore Our country can look to become the Singapore at present has 20 per cent of of the west, which at present has 20 per cent ofgovernments with advanced vesselsgovernments with advanced vessels. d conversion market share for the global repair and conversion market share for of their strategic geographic ocean-going vessels because of their strategic geographicregion, requiring more transhipment hubs and ports adapted licensed shipyards and the location. With a total of 80 licensed shipyards and theto the new size of vessel. This country could see over 300 aritime workers, Singapore’s employment of some 141,000 maritime workers, Singapore’sadditional ships needing port services and Port of Spain and r today contributes around shipyard and offPoint Lisas will not be able to carry that load. We nee shore sector today contributes aroundPoint Lisas will not be able to carry that load. We need to put . the infrastructure in place or risk becoming a secondary port. US$9.4 billion to their economy.the infrastructure in place or risk becoming a seconda of our economy could we What better diversifi cation of our economy could weIn addition to port expansion, our government isIn addition to port expansion, our government is seeking untry has substantial foreign hope for at this time? Our country has substantial foreignto enhance growth in the shipbuilding and repairs sector as our geographical position is favourable for ship and yacht exchange earning capacity.our geographical position is favourable for ship and dustry there is an old saying: In the dynamic maritime industry there is an old saying:repairs. Trinidad is also blessed with having one of the d’ – and we do not intend to ‘if you stop moving, you’re dead’ – and we do not intend tolargest natural sheltered harbours in the world, the Gulf of Paria, which is outside the hurricane belt. With our highly stop moving! Paria, which is outside the hurricane belt. With ou www.tts-r.com the islands each year to repair, maintain and storewww.tts-r.comdeveloped yachting industry, several hundred yachdeveloped yachting industry, several hundred yachts visitthe islands each year to repair, maintain and store yachts.


Global 13
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