Port of Spain - Economy

Economy

Port of Spain is a shopping and business centre for much of the country. Most government offices are also located in the city and many important Government services can only be accessed in the Ministry offices located downtown. Within recent years, local banks headquartered here have helped it become a financial centre for the Caribbean and Central America region. Two of the largest banks in the Caribbean, Republic Bank, Trinidad and Tobago Limited and Royal Bank of Trinidad and Tobago (RBTT, reacquired by the Royal Bank in 2008) are headquartered here or base their Caribbean operations in the city.

Trinidad's economy is based on natural gas and oil. No heavy industrial sites are located in Port of Spain, but a major oil refinery and many petrochemical and iron and steel plants exist or are planned for sites south of it and closer to Trinidad's second city of San Fernando. However, the oil and gas majors and some service companies have located their headquarters in the city to be in close proximity to government services, infrastructure and the high quality of life many citizens of Port of Spain enjoy. Some of the oil and gas company headquarters located in Port of Spain (many others are found in San Fernando & Point Lisas)include BPTT, BGTT (British Gas), BHP Billiton, EOG Resources, Fluor, Repsol YPF, Atlantic LNG and Baker Hughes.

Trinidad and Tobago is considered one of the wealthiest nations in the Caribbean and some of this wealth is on display in Port of Spain. High-income proceeds from the international sale of natural gas has aided the country in the Port of Spain International Waterfront project constructed on former Port Authority Land. The Port of Port of Spain is the country's major port for containerized shipping followed by the Port of Point Lisas. Cruise ships also dock at the port which has: public international cargo-handling facilities for containerised, break-bulk, Roll-on/Roll-off and dry/liquid bulk cargo The Port also operates the ferry service between Trinidad & Tobago, as agents of the Government of the Republic of Trinidad and Tobago. Tourism is targeted for expansion and is a growing sector in the city's economy, but it is not as important as in other Caribbean cities. Port of Spain has a large agricultural market, known as the "central market" where food produced in the surrounding hinterland is traded.