President tells business: Embrace people

Addressing the launch of the TT Chamber of Industry and Commerce’s Business Hall of Fame Induction Ceremony in Westmoorings on Tuesday night, Richards said while a buoyant business sector was vital to the long term health of any economy, there were several public perceptions which the business community needed to correct in order to build trust with the population. The President said “generations of families” would be loyal to business houses who treat them well. Furthermore, Richards said the workers of these organisations would be happier and more productive once they know their employers are “not just concerned about the bottom line.”

The President also said it was a myth that “based on ethnicity”, some people can only be workers and not owners of a business. Turning to the economy, Richards said TT was the envy of many developed and developing nations because it is “the world’s first gas economy” compared to other nations whose economies remain heavily dependent on petroleum for their sustenance.

Observing that oil and gas are wasting assets, the President said tt was to non-energy industries and particularly manufacturing which TT must look to partner the energy sector in order to achieve sustainable economic development.

Richards said the contribution which manufacturing makes to the economy is invaluable (both in terms of revenue and employment) and he was pleased to see that the University of TT had developed a degree programme on enterprise and innovation with an emphasis on manufacturing. Chamber president Ian Welch said a good leader was characterised by how well he or she handled power. Welch also praised the Chinese community for its invaluable contribution to the “development and governance of this nation” during their 200 years in TT.

Tuesday night’s function saw the induction of Neal and Massy founder Dr Sidney Knox and the late founder of Colonial Life Insurance Company, Cyril L Duprey into the Hall of Fame. Chamber president Ian Welch said E-Teck chairman Prof Ken Julien would be inducted into the Hall of Fame at a later date.