TTMA urges ‘quick action’ on forex priorities

The TTMA welcomed the news of what it described as “the establishment of a dedicated foreign exchange facility which will no doubt aid manufacturers in accessing much needed raw materials.” “Whilst there are competing demands for the limited foreign exchange resources available, the TTMA urges the minister to take quick action on this so that the benefits of import substitution and inflationary control can be trickled through the economy.” The TTMA also noted that the manufacturing sector remains a viable option for diversification of the local economy, and a sustainable option toward enhancing economic recovery.

Regarding enforcement of the Property Tax on plant and equipment, the TTMA reiterated “the untimeliness of this tax imposition threatens the creation of an enabling environment for manufacturers, which has the potential to adversely affect the creation of jobs, export revenue and the national import bill.” The TTMA also responded to Imbert’s announcement that there would be “no increase in fuel prices in this Mid-Year Review.” While “maintaining fuel prices could aid in controlling some inflationary pressures,” the TTMA repeated its call for national support of locally produced products, adding that it looks forward to “robust discussions” with Government in the interest of a sustainable future for TT.