Critical for Govt to invest in TT now

One cannot continue to draw down on the savings to meet expenses without a plan to increase our earning of foreign exchange.

Economists have agreed that the future of TT ’s growth depends on diversifying the economy. We can no longer depend on the energy sector to carry the brunt of our foreign exchange earnings.

While it is still possible to access financing with some degree of ease, it is critical that the Government invests in a number of initiatives that will earn both short and longterm positive results.

Among the possible initiatives are: * Encourage small business growth and development by building several business parks in communities and renting office space, factory space and warehouses at reduced prices.

* Immediately complete a survey of all State lands and lease appropriate large acreages in partnership with the private sector for specific purposes like eco-tourism, large-scale agriculture, nature reserves (with hiking trails, secured camping sites, safe access to waterfalls, eco-friendly access to swamplands and animal reserves), quarrying, water parks, water storage and distribution, lumber and industrialisation.

* Restructure the exploration and recovery plans in the energy industry with special tax incentives for efforts that demand higher levels of capital expenditure.

* Restructure most State enterprises by privatisation or joint ventures with private businesses. Among those for immediate attention should be the Water and Sewerage Authority, the Public Transport Service Corporation, the Solid Waste Management Company, the Vehicle Management Corporation, the Maintenance Training and Security Company and Caribbean Airlines Ltd.

* Immediately reduce waste in the public sector by reforming local government through community township management and building a business model based on set goals.

These should include the township ability to raise funds through local taxes and fees and ensuring that each township has a security plan, a fire response service, an effective ambulance service and a government services block to access government services like passports, birth certificates, vehicle transactions and property title matters.

* Invest in a major infrastructure programme that incorporates highways, railway, secondary roads and bridges to minimise the loss of productivity associated with traffic congestion and open the country to economic development.

These steps are just a few among others that must be implemented with urgency.

Failure to do so will result in increased criminal activity, continued drawndown on savings to meet current expenditure, loss of confidence in the economy by investors and ultimate decline in the quality of life for our citizens.

STEVE ALVAREZ via email