Tobago is focused on attracting sustainable investments
Secretary of Finance, Trade and the Economy Petal-Ann Roberts is on a mission. “Tobago needs advanced development, and progress is my top priority. It’s essential that we keep pace with global development, while preserving what makes Tobago unique,” she asserts. The experienced chartered accountant is responsible for the disbursal of funds received by Tobago from the country’s central government, which allocated the island about $382 million in its 2025 budget. “This fiscal year, we’re focusing on strategic selectivity, directing our resources to high-impact areas that benefit the Tobago economy,” Roberts reveals.
“Another key focus is encouraging entrepreneurship, which is central to my division’s mission. We support micro, small and medium-sized enterprises through a business development unit that provides both financial and technical assistance.” That help includes a grant scheme and a loan program for targeted economic sectors. “These initiatives are crucial to stimulating growth and supporting Tobago’s small businesses,” she states.
Making it easy to invest
The Tobago House of Assembly is also fostering economic development by attracting more foreign direct investment to the island. For instance, there are some major tourism projects on the horizon. As an illustration, a $74 million Marriott-branded hotel and real estate development, and a 500-room resort initiative that will be managed by a subsidiary of Hyatt Hotels Corporation, are both awaiting environmental approval before works can start.
In addition, the state-owned Magdalena Grand Beach and Golf Resort will soon be put up for sale or lease. This enviable property includes luxury suites and villas, an 18-hole championship golf course and 2.5 miles of coastline. The country is also planning to invite proposals for a new 5-star resort on its Buccoo Estate and for developing a yachting marina in Lowlands. Roberts says: “Tobago is open for business, especially in tourism, health, education and agriculture, with tourism being our top sector. We’re diversifying beyond the traditional sun, sea and sand model to include health and sports tourism, for example, offering more reasons to visit Tobago.” According to Tobago’s Foreign Direct Investment Unit, other sectors ripe for investment include infrastructure, renewable energy, creative industries, digital technologies, agribusiness and manufacturing.
Entities choosing to invest in the island benefit from attractive financial incentives that are overseen by the country’s government. “While we would like to offer further incentives like tax breaks, our legislative framework limits us, as those decisions are controlled by the central government,” she notes. However, what Tobago’s administration can and does do is make it easy to invest. “We’ve set up a department to assist investors with statutory approvals and provide a one-stop shop for information,” Roberts states. “Additionally, we’re exploring options such as using land as equity for investors, and we’ve established a Department of Environment, Climate Change and Energy to ensure that all infrastructure and development projects align with our commitment to keeping Tobago clean, green, safe and serene. This strategic placement helps integrate environmental considerations into all major decisions.”
When asked to give an overriding message to the international investment community about Tobago, Roberts replies: “I want our diaspora and potential investors, especially in places like Miami, to know that we’re focused on digitization, health, tourism and sustainable development. I welcome all who are interested in our growth.”