Forex shift being considered for TT manufacturers

This was disclosed by Finance Minister Colm Imbert and Planning Minister Camille Robinson-Regis at yesterday’s post-Cabinet news conference at the Diplomatic Centre, St Ann’s. Responding to a question about foreign exchange and imports, Imbert said, “Really, one of the things that the Government has to start doing is try to shift the focus away from entities that simply import manufactured goods and thereby don’t really create any jobs, towards assisting our local manufacturers who are exporting goods into Central America and so on.”

Imbert said this question is whether he should exercise his authority under the Exchange Control Act, “to direct foreign exchange towards manufacturing as opposed to imports.” He added, “It can’t be that all of the foreign exchange is focused on importation of goods like motorcars and finished goods coming from abroad.” Imbert continued, “We have have to focus our foreign exchange on the companies in TT that are employing people and are generating economic activity, exporting Trinidad’s goods, made in Trinidad.”

He stated, “I can tell you, it is something that we are looking at very seriously and a statement will be made about that in the near future.”

In supporting Imbert’s position, Robinson- Regis said her ministry, through the Economic Development Advisory Board, has been examining the movement of companies, “that are moving in the direction of innovation and are looking towards becoming more competitive in terms of manufacturing and research and development.”

She also said her ministry has been working with the Trade and Industry Ministry which has access to an Inter-American Development Bank (IDB) loan, for developing the Single Electronic Window (SEW ). Robinson- Regis said the SEW , which was conceptualised under the former Patrick Manning administration, is geared towards improving the ease of doing business in TT. She added that electronic upgrades at the Town and Country Division and at the Environmental Management Authority are designed to improve the process for the establishment of businesses in TT, so that “development is focused” and the country can move to another level.