Abstract Eight 2013

GLOBAL

DEVELOPMENT STUDIES

All Reserved

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Volume Seven Winter-Spring 2012-2013 Numbers 1-2.

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GROWING THE MARITIME SECTOR IN TRINIDAD AND TOBAGO: KEY CONSIDERATIONS IN THE

CREATION OF DYNAMIC SHIP REPAIR AND YACHTING INDUSTRY VALUE CHAINS

Debbie A. Mohammed

Institute of International Relations, University of the West Indies, St. Augustine

Preeya Mohan –Sir Arthur Lewis Institute for Social & Economic Studies

University of the West Indies, St. Augustine, Trinidad

Published online: February 10, 2017

ABSTRACT

The maritime sector has been identified as one of seven sectors with growth potential and is an important component of the government of Trinidad and Tobago’s economic diversification strategy. Currently, the key activities of this industry are confined mainly to ship repair, dry-docking and storage, and yachting, which have spawned a range of related and supporting industries. While these clusters generate moderate employment and foreign exchange annually, more activities should be created up their respective value chains in order for them to grow. Globally, the maritime industry is a dynamic and lucrative one involving a range of activities requiring specialized and skilled expertise, cost effective port management systems, efficient turn-around time for handling of cargo, modern infrastructure and telecommunications capabilities, and industry certification, standards and accreditation. This article argues that the maritime sector has the potential to be a significant contributor to employment and exports. On the supply side, several areas of comparative advantage can be transformed into competitive advantages while developments within the country and the broader CARICOM region may provide the demand-pull to grow these segments. Growing and transforming these segments into dynamic activities along the industry’s value chain will involve a mix of factors including targeted government policies, skilled human capital, industry standards and the investment, and entrepreneurial propensity of private enterprise.