SMALL BIZ MUST PACK A PUNCH

Addressing the 2005 Excell-ence in Business Awards ceremony at Pier One in Chaguaramas last week, Dulal-Whiteway described the nation’s small and medium businesses as "a very important source of employment and a much needed tool for wealth and income distribution" in TT. He described them as TT’s "new engines of growth."

The evening’s top award went to Multicinemas Trinidad, the owners of the MovieTowne Cineplex at Invaders Bay.

In accepting the award, company chairman Derek Chin pledged the company’s commitment to continue to be the leading provider of quality family entertainment in TT.

Chin also disclosed that new MovieTowne cineplexes would soon be constructed in San Fernando, Tobago and Chagua-nas. Noting there was considerable support being extended by Government towards small and medium business development in TT at this time, Dulal-Whiteway said it is important to ensure the survival and growth of these enterprises in changing market conditions created by free trade and economic integration.

He encouraged the CEOs of the six nominated businesses — Cuffie River Nature Retreat, Kennicon Engineering, Lake Asphalt of TT, Multicinemas Trinidad, The Herbarium and TOSL Engineering — to see themselves as vital contributors to the nation’s economic fabric.

Noting that every day local companies are entering new markets across the globe, Dulal-Whiteway urged the CEOs of local businesses not to take their corporate social responsibilities for granted.

He also told them that they should never be daunted by any obstacle and always keep fighting for TT, an indirect reference to the crime situation.

Prime Minister Patrick Manning said much of the economic success which the nation is experiencing today is the result of energy revenues and "a number of carefully implemented initiatives relative to the non-energy sector."

In order to continue the current positive momentum in the economy’s non-energy sector, Manning disclosed that Government will establish a national trade service policy, covering the period 2006 to 2010, the TT Coalition of Service Industries which will assist the private sector on trade issues. A research and development fund will be implemented to strengthen the research capabilities of local businesses, he added.

As part of Government’s efforts to encourage both foreign and domestic investment in both the energy and non-energy sectors, Manning said a venture capital incentive programme to provide increased equity financing for small and medium businesses will be put in place.