Trinidad and Tobago to add 950 BPO jobs
PORT OF SPAIN, TRINIDAD and TOBAGO — The business processing outsourcing (BPO) sector in Trinidad and Tobago is poised to create 950 additional jobs this fiscal year.
According to the country’s Minister of Trade and Industry, Paula 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.
The sector has already attracted investments exceeding $245 million, resulting in the creation of over 3,000 jobs.
Trinidad and Tobago: Emerging BPO hub
Gopee-Scoon highlighted the sector’s significant contribution to the country’s economic growth.
Currently, nine international companies operate from Trinidad and Tobago, with headquarters located in countries such as the United States, Canada, the United Kingdom, France, and the Dominican Republic.
Recent investments and future prospects
The BPO sector has witnessed substantial investment over recent years. In FY 2022, two companies invested $31 million, creating 70 jobs. Three companies invested $38 million in FY 2023, creating 565 new jobs.
Three new companies have invested $43 million in the country’s outsourcing industry for FY 2024.
“These three companies will in Fiscal 2025 commence full operations and generate 950 new jobs,” Gopee-Scoon added.
iQor, established in 2016, is Trinidad and Tobago’s longest-operating foreign BPO company. It currently employs 1,700 citizens and plans to expand further in fiscal 2025.
Government incentives boost BPO growth
Recognizing the potential of the BPO sector, the government has prioritized its development through initiatives led by the Ministry of Trade and Industry. These efforts include fostering an environment conducive to BPO firms’ flourishing and integration into the local economy.
The recent implementation of the Special Economic Zone (SEZ) Act provides qualifying BPOs with incentives such as a reduced 15% Corporation Tax and exemptions from import duties, VAT, Property Tax, and Stamp Duty.
Gopee-Scoon also revealed that two BPOs have applied to the SEZ Authority for consideration. The government remains committed to working with educational and training institutions to ensure a workforce prepared for future opportunities.
This strategic focus on BPO development highlights Trinidad and Tobago’s dedication to economic diversification and job creation within a rapidly evolving global market.