{"id":77839,"date":"2015-08-12T07:26:16","date_gmt":"2015-08-12T12:26:16","guid":{"rendered":"http:\/\/www.ict-pulse.com\/?p=77839"},"modified":"2017-04-07T19:58:06","modified_gmt":"2017-04-08T00:58:06","slug":"moving-chain-trinidad-tobago-positioned-bpo","status":"publish","type":"post","link":"https:\/\/ict-pulse.com\/2015\/08\/moving-chain-trinidad-tobago-positioned-bpo\/","title":{"rendered":"Moving up the value chain: how Trinidad and Tobago has positioned itself for BPO"},"content":{"rendered":"

An in-depth review, by Loren Moss, of key strategies implemented by Trinidad and Tobago to position itself\u00a0as a preferred investment location for business process outsourcing and\u00a0shared services.<\/em><\/span>
\nGlobalization has created tremendous shifts in the way business is done across the world. Once, there were locations for tourism, there were locations for mining, drilling and extraction; other regions focused on agriculture and ranching; and then there were the centers of business.<\/p>\n

That is no longer always the case. Kazakhstan and Guyana launch rockets into space carrying satellites from Mexico and Colombia. As nontraditional markets and developing economies continue to grow, the demand for services has shifted from the traditional paradigm of southern countries like India providing services to northern countries in Europe and North America, into a more complex, peer to peer structure. Globalization means that services can now be delivered from anywhere, and offered to anyone.<\/p>\n

The Caribbean is illustrative of this. Islands in the Greater Antilles traditionally had mining and tourism based industries, but are now are top call center destinations. The twin-island country of Trinidad and Tobago is a great example of the next wave of human talent primed for the knowledge economy. Trinidad and Tobago has historically built its extremely successful economy on petroleum and natural gas, but unbeknownst to many, is now a world class source of financial, accounting, and technology talent.<\/p>\n

Trinidad and Tobago has long had one of the most developed economies and highest living standards in the region, thanks to its success and wealth in the oil business. Also contributing is their globally known tourism featuring their world-class Carnival, Soca Music, and Indian influenced cuisine. What many people still are not aware of is that due to a consensus among all political sectors, and in general society, Trinidad and Tobago made a strategic decision some time ago to diversify its economy and move up the value chain to best be prepared for the globalized future. The country has gained accolades for its success in this area. A World Bank Group flagship report, \u201cDoing Business 2015: Going Beyond Efficiency<\/em>\u201d<\/a> cited Trinidad and Tobago as \u201cone of the ten economies improving the most across three or more areas\u201d compared to 2013 & 2014.<\/p>\n

So, what did they do? They started with, as a base, their success in petroleum, and duplicated the model that the government used to develop that industry. In petroleum, Trinidad and Tobago educated its citizens so that they were not just the laborers on the oil and gas rigs, but the engineers, pilots, geologists, and scientists who ran the business. For IT, finance, and accounting, Trinidad and Tobago has done the same: Trinidad and Tobago has invested in ensuring that the quality of its primary and university education is world class. This has resulted in the highest Human Development rating of any Caribbean country<\/a>, a literacy rate of 98.6 percent, and an astounding almost 60 percent university participation<\/a> rate.<\/p>\n