The government of Trinidad & Tobago has created a new Ministry for Digital Transformation, as the country turns the spotlight on the digital economy.

The announcement comes weeks after the government announced financial incentives, such as tax breaks for technology firms wanting to launch operations on the island.

The administration is serious about this new ministry so much so that it is equipping it with TT$280 million (US$41 million) in funding.

The ministry will use the funds to boost the nation’s Information Communication Technology infrastructure and establish internet centres in nooks and corners of the country.

These centres will be designed to enable people to access government services online, in addition to providing digital training to young graduates as part of boosting the country’s tech talent pool.

INVESTMENT SUMMIT UNDER WAY

Regarding the tax breaks, companies operating research and development (R&D) centres will be entitled to claim incentives up to 40 per cent on their expenditure. Expensive telecom services have long been a barrier to digitalisation in the Caribbean country. 

Internet service has remained costly, although years have gone by after the government broke the monopoly of state-run operator TSTT.

As part of the thrust to build out a digital economy in the twin-island Caribbean republic, an investment summit is currently under way on the island, with reports suggesting that more than 600 companies are participating in the event.

According to Trinidad Newsday, more than 50 per cent of these companies are foreign-based, and there are also outsourcing firms among them.