THE Business Processing Outsourcing (BPO) sector has invested more than $245 million and has created over 3,000 jobs in Trinidad and Tobago, with 950 more jobs expected this fiscal year, according to Trade Minister Paula Gopee-Scoon.
Gopee-Scoon made the statement during a BPO Analyst Relations Event, hosted by BPO provider company iQor, last Thursday at the Hyatt Regency Trinidad, Port of Spain.
According to Gopee-Scoon, Trinidad and Tobago is open for business and has established itself as a top value destination for BPOs in the Latin America and Caribbean region.
She said the sector is already contributing significantly to the country’s economic growth.
Currently, nine companies are servicing their international markets from Trinidad and Tobago.
These foreign BPOs have headquarters in the United States, Canada, the United Kingdom, France, and the Dominican Republic.
“In FY (financial year) 2022 — $31 million was invested by two other companies, providing 70 jobs; in FY 2023 – $38 million was invested by three other companies, providing 565 jobs; and in FY 2024 – $43 million was invested by three new companies. These three companies will in Fiscal 2025 commence full operations and generate 950 new jobs,” Gopee-Scoon said.
Established in 2016, iQor is Trinidad and Tobago’s longest-running foreign BPO company, employing 1,700 citizens. The company has plans to expand in fiscal 2025.
“Recognising the immense potential of the sector, the Government, through the Ministry of Trade and Industry, has made it a priority area for advancement. Support has taken the form of creating a conducive environment for BPO firms to thrive, providing them with the support needed as they set up operations, access talent, and integrate into the local economy,” a release from the Trade Ministry stated.
Additionally, Gopee-Scoon said the Government has pursued a strategic decision to provide for BPOs within the Special Economic Zone regime. The SEZ Act was fully proclaimed in July 2024.
“Under the SEZ regime, qualifying BPOs can potentially benefit from a 15% Corporation Tax together with zero import duties, zero Value Added Tax, zero Property Tax and zero Stamp Duty, among other benefits,” she said.
She also revealed that two BPOs have already applied to the SEZ Authority for consideration.
Gopee-Scoon said the government will continue to work with educational and training institutions to ensure that the country’s workforce is prepared for the opportunities that lie ahead.
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Publish date : 2024-10-20 13:05:00
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Publish date : 2024-10-21 00:25:33
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