I realised that something was missing when I found this link that talked about the PORT: http://lists.lazarus.freepascal.org/pipermail/lazarus/2009-August/044403.html
So I included the following line in my code to connect: dbConn.Params.Text := 'port=5430';
I'm not sure if this is most correct way of doing this connection string because I was thinking there may be other parameters in the connection string that are also used and the above method may over-write those params. For this reason I put this as the first line.
So this method has worked for me.
There's also another method that I tried but it did not work for me. That was to use the append method (dbConn.Params.Append)
I also found out that the parameters are case-sensitive and I had to write 'port' ('Port' did not work).