Trinidad & Tobago is set to create nearly 1,000 jobs in the business process outsourcing (BPO) sector this fiscal year, according to Trade and Industry Minister Paula Gopee-Scoon.
At a recent event hosted by iQor, the minister highlighted that three foreign BPO companies invested a combined US$6.4 million (TTD 43 million) in the country during the last fiscal year. These companies are expected to be fully operational by year-end, collectively generating around 950 jobs.
Currently, nine foreign BPO firms operate in the Caribbean country, employing approximately 3,000 locals.
According to the Ministry of Trade and Industry website, the sector has attracted US$36.4 million (TTD 245 million) in total investments.
The BPO sector has seen steady growth, particularly in the post-COVID era.
In fiscal 2022, the country received US$4.6 million (TTD 31 million) from two BPO investments, followed by an increase to US$5.6 million (TTD 38 million) the next year, and US$6.4 million (TTD 43 million) in fiscal 2023-24.
The recent enactment of the Special Economic Zone (SEZ) Act in July positions Trinidad & Tobago to attract further investments.
Under the SEZ program, eligible companies benefit from tax incentives, including exemptions from import duties, VAT, property taxes, and stamp duties.
They are also subject to a reduced corporate tax rate of 15%. So far, two BPO companies have applied to join the SEZ program, according to the minister.
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Publish date : 2024-10-25 00:31:00
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