Texas-based Carenet Health has become the first company to benefit from Trinidad and Tobago’s newly launched special economic zone (SEZ).
The U.S. business process outsourcing (BPO) provider, which offers back-office support to healthcare companies, recently opened a delivery center in Port of Spain. The facility has been classified as a “single zone enterprise” under the Caribbean nation’s new SEZ legislation.
The SEZ initiative is expected to attract significant investment to Trinidad and Tobago by offering a range of incentives, including a 15% corporate tax rate, exemptions on import duties and value-added tax, and waivers on property and stamp duties.
Despite these efforts, the country’s BPO sector remains relatively small, with just nine foreign BPO companies employing about 2,500 workers. Carenet plans to add 200 jobs through its new operations.
The government is pinning hopes on the SEZ program to address concerns over a declining employment rate, which fell by 4% during the first half of 2024.
Paula Gopee-Scoon, Trinidad and Tobago’s minister of trade and industry, said several more BPO companies are awaiting approval under the SEZ framework.
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Publish date : 2025-01-06 07:43:00
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Author : theamericannews
Publish date : 2025-01-14 03:21:01
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