Could you share with us the impetus behind Deloitte Trinidad’s entry into the market, given that you are the youngest of the ‘big four’ in Trinidad and Tobago?

Deloitte Trinidad began operating in early 2009, with four partners and 35 staff, and has since grown to six partners and nearly 100 staff. As part of Deloitte Canada’s recent acquisition of a geological consultancy firm called AJM Petroleum Consultants, the firm was rebranded as AJM Deloitte. This move indicates Deloitte’s plan to establish a branch in Trinidad and Tobago to serve the Caribbean cluster and South America. Despite being the youngest of the ‘big four,’ Deloitte Trinidad has seen tremendous growth and remains confident in its growth potential. Although Deloitte Trinidad is not currently perceived as a player in the oil and gas consulting or advisory space, the establishment of AJM Deloitte is expected to help the firm carve out a niche for itself in the industry.

What is your view on the operating environment for companies in Trinidad and Tobago?

The operating environment in Trinidad and Tobago poses some challenges. The country ranked quite poorly in the World Bank’s ‘Ease of Doing Business’ survey, and the corruption perception needs to be corrected. A change in cultural mindset is necessary to invite renewed investment in the country.

What steps do you think need to be taken to improve Trinidad and Tobago’s ranking in the World Bank’s ‘Ease of Doing Business’ survey?

The lack of automation and computerization is one of the biggest stumbling blocks for doing business in Trinidad and Tobago. Too much paperwork still has to be completed on actual paper instead of digitally. The public sector as a whole needs a boost in training and work ethic. Before pushing local content laws on foreign companies, there needs to be a transformation of local content to make it competitive on a more global scale. While the energy sector has a skilled workforce, poor investment has slowed down Trinidad and Tobago’s development into a first-world country.

Access to finance is challenging locally, and foreign direct investment (FDI) accounts for a significant amount of financing in the energy sector. Why do you think banks are not willing to support the industry, despite being liquid?

Trinidad and Tobago is a society that functions in large part on relationships, making it a closed society. Banks are reluctant to provide reasonable rates to projects and people they are not familiar with. As a result, smaller players that could propel the country and sector forward have a difficult time breaking into this circle. The entire mindset needs to change to become more open before local banks will support the industry. Once that happens, local investment may surpass FDI.

What is your vision for Deloitte Trinidad in the next few years, and how would this reflect the industry’s potential?

Deloitte Trinidad’s focus is on establishing AJM Deloitte in the country to improve its perception in the oil and gas industry while adding to its staff and capabilities. Energy is expected to become Deloitte Trinidad’s top priority in the next year, with plans to expand the team to include senior geologists and reservoir engineers. The firm is working towards driving its energy practice forward. This outlook reflects Deloitte Trinidad’s belief in the industry’s potential, despite the hurdles that need to be overcome. The government has been working on improving the framework surrounding the energy sector for the past two years, and Deloitte Trinidad is confident that this will become more apparent in the coming year.