Valley: No drop in foreign investment

The minister said for the first seven months of this year, total foreign direct investment (FDI) stood at US$1.7 billion compared to US$73 million for the same period in 2004.

In a recent statement, the SJBA noted comments made recently by Valley about the effects of crime on TT’s global competitiveness. The SJBA said according to the 2004 Global Competitiveness Report, TT’s growth competitiveness declined from 42 in 2002 to 51 in 2004.

The association also said there was a corresponding decline in TT’s business competitiveness index ranking over the same period and this meant "our economy has become less attractive to the foreign investor."

The SJBA also claimed that "the period in which the FDI began its steep decline has a positive correlation to the same period that experienced an escalation in criminal activity."

However, Valley countered that foreign investors continue to invest in TT, and there was no evidence that crime was keeping them away. The minister said crime would not have an effect on investments in the energy sector, but its effects would be seen in the non-energy sector. Valley also added that he has no information to suggest that crime is having a negative impact on the non-energy sector of the economy.