Valley emphasises importance of local manufacturing sector

TRADE and Industry Minister Ken Valley yesterday assured local manufacturers that Government had their best interests at heart and will continue to “facilitate entrepreneurship and to provide commercial and industrial enterprises with the proper framework to grow, develop and eventually transform the nation.” Addressing the opening of the 2005 Trade and Investment Conference (TIC) at the Hilton Trinidad yesterday, Trinidad and Tobago Manufacturers Association (TTMA) president Anthony Aboud said the history of energy-based economies shows that the value of the manufacturing sector often becomes apparent only in times of crisis. “This time around, we need to understand that value right now. We need to embrace a future where we are masters of our own destiny and one in which sustainability is a reality,” he said.

Noting that the local manufacturing sector employs 60,000 people and manufacturers are “the single largest driving force of sustainable employment in TT, second only to the Government in terms of job creation,” Aboud said, “We must, as a country, use our full potential to create the infrastructure for long-term development of the manufacturing sector.” Valley told manufacturers that Government was fully aware that “sustainable long-term growth and development could not be achieved through dependence on one sector of the economy” and of their invaluable contribution to the overall health of the national economy.

“Thus, one sees Government’s emphasis on using revenues generated by the energy sector to build sustainability in the non-energy sectors of the economy. As Minister of Trade and Industry, it is my specific responsibility to ensure the growth of the non-energy sectors to achieve a more balanced form of overall development,” he declared. Valley highlighted the Point Lisas Industrial Estate as a prime example of Government’s commitment to the local manufacturing sector. “While the initial idea for the estate emanated from the private sector, it was the Government of the day that took the lead and created a world-class port and industrial complex, which over the years has established this small nation among the top five exporters in the world in respect of specific energy related projects,” he said.

Valley said Government was continuing to create a suitable business environment for local and foreign investors. “This, we believe, is best achieved through trade liberalisation, by employing business expansion and industrial restructuring initiatives to build competitiveness and, of course, expanded export capability,” the minister stated. “In the final analysis, being a hub for business and commercial activity is not just about physical location, it also involves a particular frame of mind, a sensitivity to clients in different locations, and a commitment to meeting and exceeding their needs,” he added. Valley expressed pride in TT manufacturers, noting that today they were outward looking, eager to compete with others on a level playing field and at the forefront of organising trade and investment missions. Aboud said local manufacturers were fighters and optimists who were cognisant of their role in TT “which sees us generating jobs, creating our own products and ensuring our country’s self-sufficiency.”