Walking in Amcham shoes

Nicholas Galt was not even in the country when he was elected president of the American Chamber of Commerce of Trinidad and Tobago a few weeks ago. He was cruising in Alaskan waters on a well-earned vacation. “What was remarkable about the trip,” he said, “was that there were more than 50 Trinidadians working on that cruise liner in the cold artic weather so common in that part of the world,” he said. “Our people are rich in talent and if we can capitalise on this attribute, our country can become one of the greatest in the world,” he mused. Sitting in AmCham’s conference room at the Hilton Trinidad overlooking the Savannah, Galt commented on his elevation this way, “It is an honour to be elected to serve as president. I never aspired to it, but I regard it a tremendous honour and will do everything to make it a most rewarding year for all concerned.” Galt said one of the major goals of his presidency would be to bring all the country’s Chambers and business associations together to be able to speak as one voice on issues affecting our beloved country.

Of course, he is not losing sight of the fact that his job as leader of AmCham is to ensure that as a business group, the Chamber “continues to deliver strong values to its membership.” That, he said, really is “my greatest challenge.” He explained that the 200 local companies and the 65 multi-nationals, which comprise AmCham’s membership have different roles, “but in the final analysis they all bring so much to the organisation which we are able to share.” Galt sees his new role as a widening of the one he played as chairman of the Chamber’s Trade and Investment committee, where he served as vice president of the organisation. He described that committee as a “very important one, since it served as a liaison between the Chamber and both the local government and the United States government.” He sees the Chamber as “all encompassing.” He does not see AmCham as a competitor to other business groupings. “It has no individual agenda. I see it nurturing enduring relationships with all similar groupings in the country,” he added. He sees his organisation as developing strategic alliances, which would benefit the country and this is why he believes that all the various associations should stay closely involved.

Asked how he felt about all the various agreements and pacts now absorbing a great deal of time – Free Trade Area of the Americas (FTAA,) Association of Caribbean States (ACS) and the closer to home, Caricom Single Market and Economy (CSME,) Galt said the treaties were beneficial. “We are proponents of free trade and, to a large extent, treaties benefit free trade and by extension the countries,” he said, noting that this can be supported by the strong lobbying from the  American Chamber. Galt said, “We welcome the FTAA initiative. Like anything else there will be challenges. I believe however that there will be many opportunities and the Chamber will be there to help.” “But you have to be ready to grab those opportunities and be able to deal with them to your benefit.” One could not interview the leader of a leading business organisation in Trinidad and Tobago today without talking about crime, Galt said. “Things should have been contained a long time ago and as I see it, it is purely a question of management and this does not only apply to the government service, it also applies to the private sector,” he added.

Galt also referred to the recommendations of the Gordon Committee whose recommendations were submitted to the government a year ago. That report said in part…”We are unanimous in the view that a formidable Action Plan is required which must be effective, practical and sustainable. Among the major objectives detailed by the committee was the need to “build public confidence; develop an effective response unit, which can systematically apprehend criminals, arrest the flow of the misguided into the criminal net and develop a medium to long-term strategy which will more effectively address the needs of the disadvantaged.” It also contended that “equally, it must assist the wider objective of facilitating the reconstruction of an efficient and motivated police service.” Asked about the great dependency on the country’s economy on the energy sector, Galt felt that there was need to diversify and he placed his emphasis on services. He referred to quantum leap in the area of services made by the financial sector. “I firmly believe that the future economic success of this country lies in the creation and development of services.”

Galt pointed out that in anticipation of FTAA coming on stream, he was preparing his company Trinidad Systems Limited (TSL,), of which he is chairman and Managing Director, for any opportunity that may come its way. For that reason Spanish is now being taught in his office to ready his staff for any trade  opportunities that may arise with neighbouring Latin American countries He pointed out that there was no denying the fact that Port-of-Spain is the financial capital of the Caribbean and every effort must be made to ensure that it remained that way. “We have the talent and the creativity to develop a multitude of services that will redound to the benefit of, not only the institutions involved but also Trinidad and Tobago.

Galt agrees totally with the planned reforms in the financial sector, on which a White Paper has been prepared, as well as the eagerly awaited tax reforms in the energy sector. He said, “We have to understand that with globalisation, this country has to come to terms with complying with international standards, if it is to become a successful major world player.” As far as manufacturing was concerned, he said while the manufacturing sector had expanded rapidly over the last decade or so, that sector tended to satisfy market demands locally, while its major export thrust was limited to the Caricom states. “There might be need to revisit this sector if it is to compete globally,” he added.