Invest, invest

President-elect of the Trinidad and Tobago Chamber, Christian Mouttet, is urging business men to invest in TT, despite the rising crime. At the ECA forum that focused on what TT could expect in 2004, Mouttet said despite the worrisome developments in crime and kidnappings, “Trinidad and Tobago remains stable and viable.” There is, he said, no need for an “entrepreneurial drain” if indeed this has started at all. In giving a list of recommendations for 2004, he noted that business needed to support programmes such as the National Energy Business Alliance (NEBA) which is designed to facilitate growth in upstream industries in the energy sector. “Given the potential for growth in this sector, the identification of opportunities and creation of new businesses especially in services is of paramount importance for growth in the economy,” he said.

Reflecting on September 2003, he said Market Facts and Opinions Consumer Confidence Index Report, showed the index rose to 92. In contrast, a press release dated January 19 2004 showed that consumer confidence had dropped 6 points to 86. This, he said, indicated that certain segments of the society are concerned and have a negative view about the current business environment. “Should we as businessmen, be equally concerned? Trade also saw an improvement in 2003 with a surplus of US$137.2 million, which was three times that of the surplus in 2002. Exports increased by over US$500 million, with a lesser increase in imports of approximately US$4 million.  The energy sector was mainly responsible for the growth in 2003, with an increase of 12.6 percent in real value added.

The prognosis for 2004, based on statistics, is that it will be a positive year for business. There are however, he said, the problems of crime and consumer confidence. “Trinidad and Tobago has many macro fundamentals that remain strong such as a competitive exchange rate, inflation rate, high GDP, and interest rates,” he said.  “Although the micro fundamentals such as crime have upset confidence in the economy, the macro fundamentals show that Trinidad and Tobago remains a good place in which to invest and 2004 should be a productive year. But, “the way to build the economy and to rid ourselves of the scourge of crime is to create jobs. This in turn stimulates the economy and creates wealth which may be distributed to all levels of the society – a win /win situation for all.