Minister of Trade, Investment and Tourism Satyakama Maharaj has identified foreign exchange shortages and Customs-related delays as two of the main concerns facing the local private sector.
Speaking at the launch of Phase Two of the Private Sector Organisation of Trinidad and Tobago’s (PSOTT) National Investment Framework, he also announced a major initiative aimed at improving efficiency in the country’s yachting sector.
“Very soon we’ll be launching the Sail Clear system that has reduced the processing time for yachts coming in the country from an average of four hours to under 15 minutes.”
Following 12 consultations across the country involving more than 1,000 business leaders, Minister Maharaj highlighted some of the key concerns raised by the private sector.
“If we could solve the big things and the two big things in the country: customs and forex. Everybody come to me with that, right? Twenty per cent of the forex that comes into the country comes to the Central Bank, and eighty per cent goes to the commercial banks. We have to hold them by the shoulders and tell them they have to prioritise SMEs and they have to prioritise manufacturers.”
The Trade Minister stressed the need for greater collaboration between the Government and the private sector to address these challenges.
“If the Private Sector Organisation of Trinidad and Tobago tells them that they’re going to have to listen. And I want you to understand what you’re building here is going to be the most transformational development in business in my lifetime since the Point Lisas Industrial Estate. A genuine partner with the government.”
PSOTT’s first phase included a report on consultations aimed at transforming the business environment, while Phase Two will focus on translating private-sector insights and ideas into investment opportunities.