U.S. Department of State
96/03/01 Statement: Trinidad/Tobago Point Lisas Industrial Park
Office of the Spokesman
(Port of Spain, Trinidad and Tobago)
For Immediate Release March 4, 1996
STATEMENT BY NICHOLAS BURNS, SPOKESMAN
TRINIDAD AND TOBAGO
RIBBON CUTTING CEREMONY/POINT LISAS INDUSTRIAL PARK
The United States, represented by Assistant Secretary of State Alec Watson, participated in a ribbon cutting ceremony on March 4 at the Point Lisas Industrial Park for the purpose of showcasing U.S. investments in Trinidad and Tobago and to highlight the success of the economic reforms undertaken by the Government of Trinidad and Tobago.
The three new investments which he dedicated are the $280 million Arcadian ammonia plant -- wholly U.S. owned; the $1.2 billion Atlantic Liquid Natural Gas Plant -- 44% U.S. owned and to be constructed by a U.S. company, Bechtel; and the $150 million Cleveland Cliffs iron carbide plant -- 60% U.S. owned.
Trinidad and Tobago is richly endowed with large reserves of gas and oil. The Government of Trinidad and Tobago began a series of economic reforms in 1992 which have turned the economy from a state- controlled to a market one. Some of these reforms include lifting of import restrictions, privatization, floating the currency, and encouragement of foreign investment. These natural resources coupled with recent economic reform have been the basis for Trinidad's economic improvement over the past several years. As a result, Trinidad has one of the Caribbean region's most liberal trade and investment regimes.
Several large U.S. companies have invested billions of dollars in the country. The largest U.S. investor is Amoco. Other significant investors are Arcadina, Conoco, Enron, Exxon, Nucor, Southern Electric and Texaco. U.S. direct investment has more than quadrupled in the last four years, reaching $600 million U.S. dollars in 1994 and over one billion U.S. dollars in 1995.
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