‘Reduce poverty with energy $’

Welch made the statement in his inaugural speech during the chamber’s annual general meeting at Crowne Plaza hotel, Wrightson Road, Port-of-Spain.

“Last year, our GDP increased by 6.54 percent but we submit, that as a mark of success, this is largely illusory... It is not based on higher productivity and our ability to be globally competitive, but on our good fortune in enjoying increased production and prices our natural gas and oil,” Welch stated.

He said while the energy sector remains TT’s main engine of growth, gains from it must be used to develop micro and small enterprises, as well as the manufacturing, health, tourism and agricultural sectors.

A greater share of energy revenues, he said, must be utilised to cushion the productive sectors in the globilised world.

He added that many micro and small entrepreneurs lack the financial resources to come out of the informal sector.

“For them access to capital has to be made easy,” he stated. He proposed that a viable credit policy be developed to promote the sustainability and growth of these enterprises.

Welch called on the private sector, investors and other training institutions to establish and expand their alliances with foreign entities and universities, so more knowledge can be shared locally.

With respect to agriculture, he called for a reduction on the dependence on food imports by increasing investment in this sector.

“Speaking for the chamber, we support the view that poverty reduction is the main objective of development, that economic growth is central to development, that growth is best achieved through the private sector and that the Government has a role to play in making the private sector flourish, and in ensuring that growth contributes to poverty reduction,” Welch added.