PM: Windfall profits won’t be frittered away

Prime Minister Patrick Manning has given the assurance that windfall profits would not be “frittered away” on “excessive demands” from any one sector. He gave the undertaking at the Prime Minister’s Export of the Year Award at the Hilton Trinidad on Monday night. The Prime Minister also spoke of Government’s commitment to eradicate crime, but gave no specifics. “The personal security of all in the country is high on our agenda,” he said, adding that it was important to create an environment where people could enjoy the just rewards of labour.

As he saluted all exporters, Manning wanted to make one thing very clear. “I hope you understand clearly that I refer to those involved in legitimate — more appropriately — legal, business,” he said. Manning echoed the oft-stated appeal to the local business sector to invest in the energy sector. He called for a reversal to the bias whereby domestic private capital went into the non-oil sector, while foreign capital went into the energy sector. “We must alter the situation, putting domestic capital in energy and foreign capital in the non-oil sector. This will help to consummate our transformation,” he said. “What is to prevent local manfacturers in the non-oil sector from seeking foreign partnerships in the non-oil sector?” But Manning noted that the “acid test” for “genuine transformation” was the extent to which, there was enough dynamism in the non-oil sector, even as the petro-chemical sector expanded.

The Prime Minister noted too that while Trinidad and Tobago exporters had done very well in Caricom, very few firms had been able to penetrate outside that market. “Let us not fool ourselves into believing that we can turn the clock back. The approach of the FTAA will find us suddenly facing the music and we need to prepare ourselves diligently for the level of competition that will constitute the system of the global market,” he said. He urged local businessmen to use Caricom as a “training ground.” The Prime Minister paid tribute to hard workers and trade unions who encouraged workers to give an honest day’s work for an honest day’s pay. He also commended employers who recognised the value of fair treatment of workers.