Trinidad and Tobago
Executive Summary
Trinidad and Tobago (TT) is a high-income developing country with a gross domestic product (GDP) per capita of $17,397 and an annual GDP of $24.3 billion (2019). It has the largest economy in the English-speaking Caribbean and is the third most populous country in the region with 1.4 million inhabitants. The International Monetary Fund predicts GDP for 2021 will increase by 2.6 percent as the economy rebounds following the economic impact of coronavirus mitigation. TT’s investment climate is generally open and most investment barriers have been eliminated, but stifling bureaucracy and opaque procedures remain.
Energy exploration and production drive TT’s economy. This sector has historically attracted the most foreign direct investment. The energy sector usually accounts for approximately half of GDP and 80 percent of export earnings. Petrochemicals and steel are other sectors accounting for significant foreign investment. Since the economy is tethered to the energy sector, it is particularly vulnerable to fluctuating prices for hydrocarbons and petrochemicals.
| Measure | Year | Index/Rank | Website Address |
|---|---|---|---|
| TI Corruption Perceptions Index | 2020 | 86 of 175 | http://www.transparency.org/research/cpi/overview |
| World Bank’s Doing Business Report | 2020 | 105 of 190 | http://www.doingbusiness.org/en/rankings |
| Global Innovation Index | 2020 | 98 of 131 | https://www.globalinnovationindex.org/analysis-indicator |
| U.S. FDI in partner country ($M USD, historical stock positions) | 2019 | $6,200 | https://apps.bea.gov/international/factsheet/ |
| World Bank GNI per capita | 2019 | $17,010 | http://data.worldbank.org/indicator/NY.GNP.PCAP.CD |
9. Corruption
Various pieces of legislation address corruption of public officials:
- The Integrity in Public Life Act requires public officials to disclose assets upon taking office and at the end of tenure.
- The Freedom of Information Act gives members of the public a general right (with specified exceptions) of access to official documents of public authorities. The intention of the act was to address the public’s concerns of corruption and to promote a system of open and good governance. In compliance with the act, designated officers in each ministry and statutory authority process applications for information.
- The Police Complaints Authority Act establishes a mechanism for complaints against police officers in relation to, among other things, police misconduct and police corruption.
- The Prevention of Corruption Act provides for certain offences and punishment of corruption in public office.
The laws are non-discriminatory in their infrequent application. Effectiveness of these measures has been limited by a lack of thorough enforcement.
The laws do not extend to family members of officials or to political parties.
TT does not have laws or regulations to counter conflicts of interest in awarding contracts or government procurement.
The government has been a party to the development of corporate governance standards (non-binding) to encourage private companies to establish internal codes of conduct that, among other things, prohibit bribery of public officials.
Some private companies, particularly the larger ones, use internal controls and compliance programs to detect and prevent bribery of government officials, though this is not a government requirement.
Trinidad and Tobago adheres to the UN Anticorruption Convention.
There are no protections for NGOs involved in investigating corruption, but investigations are not feared since corrupt actors are rarely punished.
U.S. firms often say corruption is an obstacle to FDI, particularly in government procurement, since TT’s procurement processes are not transparent.
Resources to Report Corruption
Mr. Justice Melville Baird
Chairman
The Integrity Commission
P.O. Box 1253, Port of Spain
The Integrity Commission of Trinidad and Tobago
Level 14, Tower D, International Waterfront Centre,
1A Wrightson Road, Port of Spain
868-623-8305
registrar@inegritycommission.org.tt
Mr. Dion Abdool
Chairman
Trinidad and Tobago Transparency Institute
(local chapter of Transparency International)
Unit 4-12, Building 7, Fernandes Industrial Centre, Laventille
868-626-5756
admin@transparency.org.tt