Focus on manufacturing and agro-processing in 2018 budget

Speaking with reporters at a business seminar hosted by the Chaguanas Chamber of Industry and Commerce and the Caribbean Industrial Research Institute at the Centre for Enterprise Development, Innovation Avenue, Freeport, she said focus had to be placed on the exploration of new markets for local products at a time of fluctuating energy prices “The focus has to be on our products for export, products for import substitution as well, this is part of the transformation of the economy.

“By 2020, exporTT is to ramp up our export levels by 100 per cent so hence the reasons we are looking at new markets - Cuba, Venezuela, Chile. There are a lot of big companies doing it but you have to look at your smaller and medium enterprises in terms of marketing our export services and the push will come from, government, I can guarantee you,” she said.

“The Ministry of Trade and Industry will be making those recommendations, the final decision will belong to the government recommended by the Minister of Finance.” She said government would strive to ensure local manufacturers produced “competitive products” which were “world class and meet a high standard of excellence.” “We really want to diversify and the manufacturing sector is that potential sector, however what we will require is increasing our volumes and our productivity levels, and it means that we have to ramp up our production levels. We have to apply improved technologies and robotics so that our output is improved, our quality is improved as well. Quality is going to take us forward.” Chamber president Vishnu Charran said there was a need to “spur” growth in both the agro processing industry as well as small and medium enterprises as this would stimulate the local economy and increase foreign exchange reserves.