Trinidad and Tobago must not allow itself to become a “nation of traders and extractors.”
The warning comes from the Minister of Trade, Investment and Tourism, Satyakama Maharaj, at the T&T Chamber’s Business Networking event on Wednesday evening.
He noted that the private sector must now take a front-on approach in rebuilding Trinidad and Tobago’s economy.
“So we look forward to your input to assimilate that input and develop fast-track policies geared towards the diversification of the economy because if we don’t take decisive steps to do so, we could very well end up being a nation of traders, just trading.”
Minister Maharaj called for a collaborative approach with the business community, urging them to contribute their insights to help shape a more resilient economy.
He emphasised the need for economic diversification and private sector leadership.
“So we are looking to diversify, attract investment and one of the pillars of diversification is also tourism. Three pillars: trade, investment, and tourism. That is why it was put into our Ministry.”
Minister of Planning, Economic Affairs and Development, Kennedy Swaratsingh, echoed his sentiments, noting that the national economy needs a “reset.”
“For far too long we have become single-focused on the contributions from the energy sector, sometimes at the detriment of other sectors. So it is not that other sectors never existed; it is that we never paid the attention that they deserved.”
Minister Swaratsingh said it’s now time for the government to step back and allow the private sector to lead implementation.
“So for us to have the kind of impact we need to have now, you need to become the centre of the drive of rebuilding our economic stature. What does that mean? It means that Government has to focus on the role that Government was meant to do. And that’s why the Honourable Prime Minister created this cluster. Our role is to facilitate, develop policy, legislate. But governments have not been good at implementation.”
Both Ministers are hoping for this new model of public-private collaboration – one where the private sector is not just a stakeholder but the engine of national progress.