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Caribbean IFCs: facing headwinds
Three other centres in the Caribbean describe themselves as IFCs.
Of the three, Trinidad & Tobago is the only one which – like the others mentioned in this report – is a common law (as opposed to civil law) jurisdiction. Trinidad & Tobago IFC (TTIFC – the agency that promotes the development of financial services) highlights strengths such as the resilience of a US$22 billion economy, relatively high per capita GDP of about US$16,000, and reasonably favourable ratings for ease of doing business. The domestic financial sector is significant by regional standards. At the end of 2018, the Trinidad & Tobago Stock Exchange had a market capitalisation of US$19,500 million. The banking sector had total assets of just over US$20,000 million. One year previously, domestic mutual funds had had AUM of about $US6,500 million. The TTIFC also points to low costs of power and office space in Port of Spain, as well as an abundance of suitably skilled personnel.
