The ceremony took place at President's House, St. Ann's on Friday morning.
The appointments are being made in line with Section 10(1) of the Public Procurement and Disposal of Public Property Act No 1 of 2015, as amended.
Mr. Lalchan is a former President of the Trinidad and Tobago Chamber.
He said the new Board will be looking at key areas such as sustainable procurement and the use of local content.
The other Members of the Board are David Charlerie, Frederick Bowen, Dr. Anthony Lamb, Robin Otway, Herdis Lee Chee, Lara Quentrall-Thomas, Sandra Sammy, Nadine Bushell and Youth activist, Nikoli Edwards.