Yacht Services Association of Trinidad & Tobago  

 

 

PO Box 2852 TT Post, Chaguaramas

Tel:  (868) 634 4938  Fax:  (868) 634 2160

E-Mail: info@ysatt.org  or  ysatt@tstt.net.tt

 

  

 

 

 

Introduction & Objectives  I  Methodology  I  Background Information  I  SWOT Analysis  I  Price Comparisons - Consume Goods

Price Comparisons - Marine Related  I  Non Fiscal Comparisons  I  Trinidad's Competitive Position  I  Recommendations  I  Next Steps

Conclusions  I  Annex I - List of Consumer Goods Prices  I  Annex II - List of Persons, Publications & Websites Consulted

 

 

Recommendations:

 

Although Trinidad is competitive in terms of price, we must be diligent to ensure that the quality of work is on par. Unmanaged time frames for the completion of jobs, unacceptable workmanship as well as inconsistent service are counterproductive to the price advantage Trinidad has. 

 

Implementing VAT free as well as duty free over the counter sales to yachts in transit (foreign flagged vessels in Trinidad and Tobago for less than two successive calendar years).  This will benefit the industry as process will now be even more attractive than the competition.  This will bring more business to the local retailers and also be a point of attraction for increasing numbers of yachts. 

 

We need to market the destination as one that is favourable in terms of consumer prices, moorings, haul & launch and storage which is ideal for those seeking hurricane shelter.

 

For a more in depth comparison of the countries, a more detailed study ought to be conducted providing information on the following:

 

  • The existence of Marine Trade Organisations in ach country and their role

  • Participation and certification in environmental standards such as Blue Flag and Green Globe

  • The Existence of yachting specific legislation

  • The training available for the existing and potential workforce

  • The availability of physical infrastructure, land, investments

  • The level of marine related sales and the effects of the existence of (or lack of) tax free over the counter incentives.

 

We recommend that this information is gathered under a separate project and commissioned under the Ministry of Trade and Industry.

 

Next steps:

 

In order for Trinidad and Tobago to become on par with the rest of the region in terns of price competitiveness of yacht related goods, there must be the approval of the VAT free as well as duty free mechanisms for the over the counter sales in approved marine retail outlets.

 

The private and public sector need to be vigilant in ensuring that non monetary advantages also exist for the visiting cruisers such as simplifying immigration and customs procedures, safety and security, environmentally stable surroundings.

 

Conclusions:

 

Trinidad’s position in terms of prices and availability of services is favourable.  We can therefore focus on a marketing strategy that highlights not only the range of marine related and ancillary services available but also the attractiveness in terms of price.  With regard to goods bought specifically relating the repair and refurbishment of yachts, VAT free and duty free over the counter sales must be implemented as a matter of urgency so that the local retailers benefit from the sale of marine related items.