Ministry developing National Services Policy

The services sector accounted for 56% of Trinidad and Tobago Gross Domestic Product (GDP) in 2015 and provided employment for approximately 80 percent of the labour force. Services exports in 2010 stood at US$436 million while the figure for 2014 was US$846 million.

Trade and Industry Minister Paula Gopee-Scoon, underscored the importance of the Consultation given the potential of the sector in the country’s economic diversification thrust and reiterated that, “the Government is committed to ensuring that the enabling environment is created for the further development of the services sector.” The Minister apprised participants of the Government’s ongoing work on some of the issues identified.

She informed that a draft National Services Policy, based on the feedback received, would be developed early in the next quarter.

The National Services Policy will provide a framework for the development and expansion of the local Services Sector. The Policy is aimed at increasing the overall contribution of the Sector to the economy by providing a framework to increase exports, develop human resources and facilitate adherence to international standards.

Presentations were made on the objectives of the National Services Policy and the findings of the preliminary research conducted by a team led by the Ministry of Trade and Industry in collaboration with the Trinidad and Tobago Coalition of Services Industries and ExporTT Limited.

Stakeholders were given the opportunity to provide comments and validate the information presented.