Gopee-Scoon: Initiatives in place to increase competitiveness

The Global Competitiveness Report 2016-2017, gave TT a low rank of 89 out of 140 countries based on a number of criteria such as appropriate infrastructure, a stable macroeconomic framework and developed financial markets .

Addressing a post Budget forum by the Chaguanas Chamber of Industry and Commerce at the Chaguanas Borough Corporation auditorium last Wednesday, she said a secure transaction system was being proposed to increase the nation’s competitiveness. “It’s difficult to defend why we have fallen to 94,” she said adding, “we have to attend to issues raised in the report if Trinidad and Tobago intends to be competitive at all.” The Ministry of Trade and Industry, she said, has embarked on several initiatives one of which is the implementation of a secure transaction system as recommended based on a World Bank study.

“And this particular bank transaction system, we are hoping that the banks would buy into this system where instead of asking small and medium sized businesses to provide security in terms of mortgages and the traditional forms of security, we look at the holding of receivable property, I’m talking about equipment and receivables instead of the more difficult ones,” she said.

Gopee-Scoon also addressed the declining services sector saying a services policy, 2016-2020 was being developed to address the decline.

“The Ministry will be developing a services policy for 2016- 2020 with a view of to expanding the services exports beyond tourism and transportation and this would involve the review domestic regulations of all the various sub sectors in the retail services sector,” she said.

The minister also noted that new markets are being explored for Trinidad and Tobago products including the Cuban market saying representatives of some 23 companies would be going to Cuba at the end of October.