Grants awarded to facilitate expansion and increased competitiveness of local businesses
“The Government continues to introduce new incentives to promote local investment and strengthen our business landscape. The recently launched Grant Fund Facility (GFF) affords wholly-owned local companies, in manufacturing and agro-processing, an invaluable opportunity to invest in cutting edge technology, machinery and equipment to expand output, increase exports and grow competitiveness,” says the Minister of Trade and Industry, Senator the Honourable Paula Gopee-Scoon.
The Ministry of Trade and Industry, in its efforts to diversify the economy, is actively encouraging manufacturing and agro-processing businesses to access the GFF and other facilities for new machinery, technology and equipment to enhance production processes and increase capacity to compete successfully at the regional and international levels.
The Ministry of Trade and Industry launched the GFF in November 2017. It offers up to a maximum of $250,000.00 to producers of export-oriented/import-substituting products. Over 300 private sector enterprises have expressed interest in the grant. The GFF supports the Government’s diversification endeavours as it targets producers in the priority sectors of light and high-value manufacturing and agro-processing. The investments supported by the Facility also foster technological advancement and innovation.
Two (2) companies - Montserrat Cocoa Farmers Co-operative Society Limited (MCFCSL) and Print on Demand Limited - have been approved for funding and six (6) applications are being evaluated. Applicants are involved in cocoa processing and chocolate manufacturing, printing and publishing, alcoholic beverage manufacturing including local wines, and wood and furniture works. These expansionary projects could potentially increase the productive capacity of local manufacturing and agro-processing sectors while simultaneously providing greater employment opportunities.
The Grant Fund Facility also supports economic linkages among industries. The first recipient of the grant, MCFCSL, plans to expand its cocoa processing and chocolate making operations and create additional direct linkages with local cocoa farmers. Print on Demand Limited will use funding to modify and advance its printing technology while improving its forward linkages. Both recipients have demonstrated the potential to develop a greater export base and further generate foreign exchange.
The Ministry of Trade and Industry continues to engage its stakeholders and to encourage businesses to make full use of the opportunities afforded by the Government of the Republic of Trinidad and Tobago. For further information on the Grant Fund Facility please visit: https://tradeind.gov.tt/application-approval-grant-funding/