PM challenges business community: Give back to TT
DECLARING THAT philanthropy plays an important role in the progressive development of societies and nations, Prime Minister Patrick Manning yesterday called on the business community to help nurture a philanthropic spirit in Trinidad and Tobago, and help build the institutions that would help TT achieve developed nation status on or before 2020. Addressing an endowment ceremony hosted by the UWI Institute of Business (IOB) at the Crowne Plaza Hotel yesterday, the Prime Minister praised a $20 million endowment by the Arthur Lok Jack Foundation to the IOB and Lok Jack’s additional commitment to raise an additional $10 million from the private sector for the institute. Describing Lok Jack as "a true and exemplary patriot," Manning said his foundation’s endowment to the IOB was "unprecedented locally, and in the Caribbean," both in nature and quantum. The Prime Minister said Lok Jack demonstrated through his actions what true corporate social responsibility was all about, and that his foundation’s endowment is "a vote of confidence in our nation, a vote of confidence in the future of this land which belongs to all of us and to which we must all make the greatest contribution that it is our capability to make." Manning added that Lok Jack’s example is worthy of emulation and the private sector must now "take the cue." Reflecting upon the IOB’s history, the Prime Minister said the institute was founded in 1989 when there was a need to produce the leadership required for the growth and development of the local business community. However, Manning continued, the IOB has always had a wider mandate as an agent of change "to empower people and organisations in developing nations to maximise on performance capabilities and international competitiveness and to do this through developing and deploying the necessary consultative, educational research and training resources." Expressing his hope for the IOB to expand into areas of research and applied research, Manning pledged Government’s commitment to the institute "at a variety of levels" as it seeks to develop into an international quality institution. Government provided a $7 million sinking fund to support loan financing for the IOB in 2004, along with grants of land to establish a new IOB campus adjacent to the Eric Williams Medical Sciences Complex in Mt Hope. The Prime Minister noted the invaluable assistance to the development of Govern-ment’s Vision 2020 plans for TT and pledged continued consultation by the Government with all stakeholders to ensure "the absolute involvement of all in our society." "No one is to be left out," he declared. Lok Jack, Tewarie: TT ready for quantum leap BUSINESS MAGNATE Arthur Lok Jack declared that Trinidad and Tobago must develop a culture of philanthropy to make the quantum leap to achieve developed nation status on or before 2020. Addressing a function hosted by the UWI Institute of Business (IOB) at the Crowne Plaza Hotel yesterday, Lok Jack signalled his intention to develop such a culture in TT with a $20 million endowment to the IOB with an additional commitment of $10 million — through the Arthur Lok Jack Foundation. Lok Jack observed that the philanthropic approach is a well-established feature of corporate life in many developed nations, but is still in the "embryonic stage in TT." He expressed optimism that this approach will gain momentum as "we strive to attain developed country status." He noted that his foundation has been affiliated with the IOB for some three decades and, during that time, has seen the institute play a vital role in generating successful business activity in TT. Noting that both the IOB and the national economy were now moving to a higher level, Lok Jack said both require "the help and support of the constituencies it serves" to get there. He declared that TT needs a world class business school with international accreditation, a highly regarded faculty and an environment conducive to teaching, learning and research. Lok Jack added that the needs of the business community to increase global knowledge demand nothing less than an institution that would train talented individuals in business, management and entrepreneurship and "provide them with the knowledge and capabilities to manage change." UWI Pro-Vice Chancellor, Dr Bhoe Tewarie, said with TT fast emerging as a wealthy nation within the region, now was the time to "make the leap successfully into the realm of successful countries which have managed their wealth judiciously." "We must create and strengthen institutions that enjoy committed leadership, which inspire trust and confidence," he declared. Dr Tewarie said while TT has been a traditionally generous society, there was little doubt about the positive impact which a culture of philanthropy could have on national development. He added that while the State has traditionally met most public needs, "that support is no longer sustainable" in the current environment.
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"PM challenges business community: Give back to TT"