Business community mixed on Budget

WHILE the business community is pleased with a number of initiatives in the 2004 - 2005 Budget, the general feeling is that several crucial areas were left out. Businessmen identified education, crime, the minimum wage, Uriah Butler Interchange, institutional strengthening and levies to large and medium businesses as areas where more should have been done. In an interview with Newsday after the three-hour Budget presentation by Finance Minister and Prime Minister of Trinidad and Tobago, Patrick Manning, president of the Trinidad and Tobago Chamber of Industry and Commerce, Christian Mouttet, said he hoped to hear the announcement of a completion date for the Uriah Butler Interchange, but none came. He said he was a bit disappointed with the way crime was addressed in the Budget, noting that there were no new initiatives to address the burgeoning crisis.

Mouttet said the Chamber had hoped that more would be done for secondary education, since it was the Chamber’s belief that the problem needs to be fixed from that stage. Another area that could have been better targetted, according to Mouttet, was the health sector, where, “enough emphasis was not placed and no concrete implementation plans were revealed for improvement in both the availability and quality of the health care system in the country.” On the other hand, Mouttet noted that he had heard a number of plans laid down that would have  a significant impact on the much needed progress in a number of industries for the coming financial year, and was hopeful that these would be achieved. With respect to the plans for the implementation of a light rail system from Arima to Diego Martin and Port-of-Spain to San Fernando, Mouttet said this was a great plan, since the public transportation system needed significant improvement.

He said he was very pleased with the changes made in the social programmes, and was looking forward to working with the government to achieve all positive things for the new financial year. Areas that found favour with Mouttet and other business people, including San Juan Business Association president Gail Merhair and president of the Trinidad and Tobago Manufacturers Association Anthony Aboud, were increases made in the old-age pension, social welfare and disability grants. Other credible areas were identified as the Revenue Stabilisation Fund, the move to group credit unions and other stakeholders in that sector with assets of more than $100M under the auspices of the Central Bank, the removal of the Common External Tariff from cheese, milk, split peas, black eye peas and the zero rating of coffee, cane sugar, cocoa, mauby and orange juice.

Aboud also said the TTMA would be in full support of a number of initiatives including those in business expansion, trade sector reform, establishment of the export promotion company, expansion of the Venture Capital Programme, facilitation of trade with Cuba, Tourism Development Company and enhancement of the Tobago tourism industry. On the issue of institutional strengthening, Aboud said too many promises had been made and no action or follow-up plans implemented in this area. He said this was a critical area for the survival and development of the country, and must be addressed soon. He said the TTMA remained committed to working with Government and other organisations to ensure that “12 months from today, we can see the true value intended in the Budget.”