Exploring the Potential of Trinidad and Tobago's Fashion Industry for Export and Investment

1. The Caribbean Fashion and Glamour Industry: Exploring ‘New’ Ideas for Export and Investment-The Case of Trinidad and Tobago Dr. Michele Reis September 2007

2. Introduction There has been tremendous growth in cultural industries worldwide-music, visual art, film and television, the performing arts, media, book publishing, festival arts and fashion. Cultural industries represent an avenue for phenomenal economic growth, job creation, for enhancing or reviving cultural practices that can generate income for entrepreneurs, as well as stimulate cultural tourism.

3. Rationale for Developing Fashion Industry in TnT • Diversification of the non-energy sector • Exploiting a ‘new’ industry can also contribute to the country’s goal of achieving developed nation status by 2020. • International fashion leaders have consistently showered praise on T&T’s fashion labels for its innovative style and superb craftsmanship.

4. Diversification of TnT’s Non-Energy Sector • Yachting • Fish and Fish Processing • Merchant Marine • Music and Entertainment • Film • Food and Beverage • Printing and Packaging

5. Potential of TnT Fashion Industry • The time is right to harness and develop that potential to create a viable, sustainable fashion industry with global marketing potential. • Potential niche markets have been identified in textiles design and crafted tailoring for men and women; • high-end boutique-type fashion designers; • accessories design and • Manufacture particularly handbags, swimsuits, belts and jewellery.

6. Potential of TnT Fashion Industry cont’d • Development of Sea Island Cotton clothing line • Export of TnT models for international catwalks, magazine layouts and commercials • Export of cosmetics, particularly herbal, organic range

7. Novel Areas for TnT Fashion Industry • Creative fashion • Convergence fashion • ‘Old Gold’ fashion • ‘Virtual fashion • Creative design

8. Economic Benefits of Investing in TnT’s Fashion Industry • The fashion and glamour industry can widen Trinidad & Tobago’s economic base, offering an alternative form of industrial development. • It can assist in achieving some of the long-term goals in the Vision 2020 Plan as well as achieve objectives for diversification of the economy in away the non-energy sector. • The industry can provide an alternative source of foreign exchange revenue via the export of fashion, textiles and cosmetics ‘Made in TnT’.

9. Economic Benefits of Investing in TnT’s Fashion Industry cont’d • It can benefit other areas of the economy directly and indirectly, e.g. in cultural tourism during the annual Makin’ Style Fashion Week in September. • To assist with the establishment of a fashion district in POS to market and retail annual ‘Made in T&T’ apparel. • To enable fashion products with the ‘made in TnT’ label to penetrate markets throughout the region.

10. Economic Benefits cont’d • To assist with the creation of linkages between local and international stakeholders within the Fashion Industry. • To fast forward the devpt of allied industries and services, examples include: beauty culture, cosmetic manufacture, model management and fashion and image consulting. • Make substantial annual contributions to Trinidad and Tobago’s GDP.

11. Economic Benefits cont’d • Industry devpt will help in the reduction of poverty in TnT and provide entrepreneurial opportunities for nationals in small, medium and large-scale fashion businesses. • Strengthen the viability of the fashion industry in Trinidad and Tobago in a competitive and global environment. • Finally, it can create a demand-pull for potential investors in TnT.

12. Conclusion Trinidad and Tobago can exploit the brand it already possesses in terms of its design talent, harness its natural creativity to spur job creation, boost exports and contribute to the diversification of the non-energy sector.