All curbs on foreign investment lifted: Trinidad

Chennai, July 16. (PTI): The Foreign Investment Act of Trinidad and Tobago has been amended to remove restrictions on foreign investments and allowed companies to acquire upto 30 per cent share in public enterprises, its High Commissioner to India, Pundit Maniedeo Persad, said today.

The act also allowed incorporation or acquisition of a private company, allowed purchase of upto five acres of land for trade or business and upto one acre for residential purposes, he said at the Madras Chamber of Commerce and Industry (MCCI).

"There are no restrictions on profit remittance and capital repatriation for foreign investors," he said.

Full or partial exemption from customs duties was available for import of machinery, equipment and raw materials in the sectors like agriculture, forestry, fisheries, petroleum, hotel, tourism, manufacturing/assembly and processing.

"Raw materials intermediate goods, packaging materials and other inputs not locally manufactured are exempted from import surcharges," he said.

Trinidad and Tobago and India signed a trade agreement in January 1997 giving each other the "Most Favoured Nation" status in respect of import and export licences. "The agreement for avoidance of double taxation also exists between both the countries," he said.

Referring to the potential for tourism, he said tourists from India should take advantage of the 2007 World Cup which is going to be staged in West Indies.

The Hindu News Update Service