Plan to revamp regional trade

Addressing the signing of a memorandum of understanding (MOU) at the Hilton Trinidad between Alutrint Ltd and the China National Machinery and Equipment Import Corporation (Cemec) to establish an aluminium complex in TT, Manning said Manley asked him in 1989 to commit to taking "all reasonable steps" to make this complex a reality, and spoke about the benefits it could have for regional integration given the fact that it would provide economic outlets for bauxite manufactured in Jamaica and Guyana.

Saying that Manley’s vision and regional integration were in sync with Dr Eric Williams’ vision to transform TT into a modern industrial nation, Manning said the complex (which will use bauxite from Jamaica, Guyana and Suriname to annually manufacture 125,000 tonnes of aluminium) will help to redress the current regional trade imbalance where TT is involved in 75 to 80 percent of the region’s trade. "We as a consequence are constantly on the lookout for opportunities to bring about a redressing of that imbalance," he declared.

Manning disclosed that based on discussions he had with Jamaican PM PJ Patterson in Barbados last week, he would not be surprised if Jamaica accepted an offer by TT for a portion of this Government’s 60 percent shareholding in Alutrint. He also said an agreement earlier this year for TT to supply Jamaica with 160 million cubic feet of gas to convert bauxite to alumina was another means whereby TT will level the playing field for regional trade.

Manning said the aluminium complex will include a smelter and five plants (in La Brea and Wallerfield), with the last focusing on research and development to see what further industries could be developed in TT. He also said TT’s strategic importance to the US would now be heightened because aluminum has aerospace and military applications.

Manning said a growing number of international investors were now coming to TT because of its political stability, range of domestic technical skills thanks to Government’s "forward-looking educational policies and the quick decision-making for which TT has now become well known." Manning also indicated that the Environmental Management Authority (EMA) now has the required complement of technical staff and a system of decision-making that will guarantee that no undue time is lost in the processing of certificates of environmental clearance (CECs) in order to establish new industries in TT.

He also said that construction in the energy sector will involve expenditures of US$7.4 billion (in 2006) and US$2 billion (in 2007). Manning said Atlantic LNG Train Five should become a reality by 2008.