By international standards, the nations of the Caribbean are rich in natural resources.
The resources that make significant contributions to domestic economies and regional job sectors include, but are not limited to: fisheries, bauxite, iron, nickel, petroleum and timber.
It has been noted by some that the Caribbean’s most important resources are its tropical island setting, which has generated a unique tourism sector. The greatest concentrations of minerals most valuable on the international market are found in: Cuba,Jamaica, and Trinidad and Tobago. In fact, Cuba’s economic rebound in the early 1990s is often associated with increased production in tourism, oil, and nickel, spurred by foreign investment in these primary industries.
However, it can be noted that a drop in international prices has since reduced Cuba’s earnings. Notably, most new resource expansion in Cuba has concentrated on petroleum deposits, including offshore fields. Jamaica’s bauxite and alumina industry are second only to Trinidad’s petroleum sector as the leading export within CARICOM.
Jamaica’s bauxite and alumina industry is dominated by North American firms, and hence these resources have traditionally been exported northwards.
The leading Caribbean export comes from Trinidad and Tobago, which possesses substantial petroleum reserves, and is regarded as the richest country in terms of natural resources. As a result of this, Trinidad also maintains the regional role of producer of heavy industrial products, such as asphalt, ammonia, and iron.
Key relationships are already developing in the Caribbean with the recent signing of a Memorandum of Understanding with the National Training Agency (NTA) in Trinidad and Tobago on 8th January 2015.
At the time the ECITB was quoted, saying "The ECITB is delighted to sign this important Memorandum of Understanding with the National Training Agency of Trinidad and Tobago. The ECITB, a leader in training standards and qualifications has developed a strong portfolio pf products and services for many organisations and companies throughout the world. Our deep and longstanding experience means we are a brand that can be trusted and a partner that delivers. We look forward to commencing what we believe will be a fruitful and long term partnership."