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PESTLE Analysis of Trinidad and Tobago - Research Paper Example

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The research paper “PESTLE Analysis of Trinidad and Tobago” presents nuances of its political, economic, social, technological, and legal development. As well the author investigates trends and opportunities of the country’s global entertainment industry…
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PESTLE Analysis of Trinidad and Tobago
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Download file to see previous pages Economic factors. The State of Trinidad and Tobago keeps its door open to overseas firms with intent to achieve foreign investment. The Royal Bank of T&T finances the operational requirements of corporate and governmental organizations across the Caribbean (Economic Commission for Latin America and the Caribbean). The country has signed special export agreements with European Union, United States, Canada, and a number of other countries. The government greatly fosters private market entrants and foreign investments by liberalizing its cross-border trade policies. Presently, the country has become an excellent site for international business investments. The T&T government believes that the country’s traditional carnivals and musical fests can be effectively employed to promote its different industries. According to several studies, global marketers hold the view that the T&T’s distinctive cultural tradition would offer them a potential market segment in the country. Due to the increased foreign investments, the country achieved an economic growth of 12.6% in 2006.
Social factors. The country encourages foreign countries to invest in its tourism industry so as to make its land a significant tourist destination in the world. Trinidadians spend a fair amount of their time on music, sports, and other cultural activities. The Trinidad and Tobago carnival, highly regarded as “the Greatest Show on Earth” attracts thousands of people across the globe (National Library and Information System Authority). Often, foreigners reach the country one or two months in advance since there are a lot of events preceding the carnival. Since this annual event provides the country with a huge volume of revenue, the T&T tourist sector organizes visual arts, dance programs, and music fests as part of the carnival. Obviously, the country has not much deviated from its traditional way of life.
Technological factors. The country has invested a lot in research and development sector over the years. The country effectively makes use of research institutions in neighboring countries in order to overcome its limitations with the technology sector. ...Download file to see next pagesRead More
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