With a focus on non-energy growth and economic transformation, the Ministry of Trade, Investment and Tourism says it is working to build a more balanced, resilient economy.
During Wednesday’s presentation of its one-year performance report, the Ministry said a key priority has been restructuring its operations to better align with strategic goals.
Minister Satyakama Maharaj acknowledged that persistent ease-of-doing-business challenges continue to hinder investment, business expansion and national competitiveness.
“The Ministry has been actively engaging with relevant Ministries, agencies, and stakeholders to identify and address long-standing impediments, improve inter-agency coordination, reduce inefficiencies, and advance practical reforms aimed at creating a more efficient, responsive, and internationally competitive business environment.”
He added that the Ministry is now operating with clearer objectives, stronger accountability and more coordinated execution.
“Government does not create economic growth by itself. The entrepreneur creates growth, the investor creates growth. The exporter creates growth. The manufacturer creates growth. The private sector creates growth. The role of Government is to facilitate growth, remove obstacles, coordinate national effort, and create the conditions for success.”
The Minister says the Ministry’s strategic focus includes expanding exports, attracting investment, transforming the tourism sector, improving the ease of doing business and strengthening local enterprise.
“Today, you heard not only about plans, but about systems already being implemented, reforms already underway, and measurable action already taking place. That is different. And perhaps most importantly, for the first time in a very long time, there’s an alignment between government and the private sector.”
The Minister says the goal is to create a more competitive, diversified and sustainable economy by 2027, with further expansion targeted by 2030.
Meanwhile, the Trinidad and Tobago Manufacturers’ Association (TTMA) has welcomed the move to position the non-energy sector as a key contributor to the nation’s economy.
TTMA President Emil Ramkissoon said this focus will greatly benefit local manufacturers.
“I believe the Ministry focusing on that segment is wonderful. Our membership is 750 manufacturers and service providers and they all depend on the non-energy manufacturing diversification from various government institutions to help this move forward.”
He described diversification as important to assist with the expansion of exports markets directly impacting manufacturers.
“The country is experiencing a forex shortage and we struggle for forex and right now TTMA manufacturers rely on the EXIMBank to fund raw materials so I think the diversification project that the Ministry is going to embark on will help us expand into different export markets and expand products and they mentioned the TTBS getting the products ready to international standards. I think that plan will help to navigate into a better trade and export readiness.”