Permanent Secretary at the Ministry of Trade, Investment and Tourism, Abigail Bynoe, says there is a dire need for economic diversification in Trinidad and Tobago, and the government is taking measured, calculated and laser-focused steps to achieve this.
Speaking at the Fair Trading Commission’s Sixth Meeting of Key Regulators of Trinidad and Tobago on Thursday, she noted that 70% of export earnings come from the energy sector, with the remainder coming from the non-energy sector.
She said the government is looking to change this.
“By 2030, we are aiming for 50-50, and we have been meeting with various non-energy sector businesses and saying to them, ‘In order to achieve that, we need you to double, triple, quadruple your production for the domestic market and essentially for exports.'”
PS Bynoe also gave insight into the Ministry’s immediate economic development action plan, aimed at accelerating growth, expanding trade, attracting investment, and transforming tourism.
“First, sustained strategic investment for growth and diversification. Investors, entrepreneurs and innovators need confidence in the enabling environment. That confidence is built when regulators are aligned. That is when we all in this room are aligned. Decisions are transparent and predictable, and time frames are reliable.”
She said the plan will also help ensure the ease of doing business through efficient and competitive trade facilitation.
“Modernisation initiatives, including the continued strengthening of digital platforms and interagency processes, must translate into a smoother experience for citizens and businesses, particularly Micro, Small and Medium Enterprises.”