A unified private sector committed to the best outcomes for both the nation and the industries it represents. This is the vision behind the establishment of the Public Sector Organisation of Trinidad and Tobago (PSOTT), which became a reality on Wednesday.
Describing the new entity as a way to ensure a cohesive, harmonised private sector, Chairman of the PSOTT, Richard Lewis, made it clear that the organisation will be the nexus between the private sector and policymakers in conceptualising and implementing solutions at the strategic policy level in a coordinated manner.
“We hope to achieve success in turning around our economy using shared vision with mutual respect in building a sustainable relationship, in an atmosphere of respect for each other’s views of the future state of this transforming economy initiative. This is no longer a choice for the country – it’s a non-negotiable imperative. And I say this to you: this is not just about structure. It is about strength, it is about credibility, it is about impact.”
In his address, the Minister of Trade, Investment and Tourism Satyakama Maharaj said the establishment of PSOTT sets the tone that Trinidad and Tobago is open for business.
As an organisation that is expected to bring coherence, legitimacy, and collective strength, he expressed the government’s full commitment to working with PSOTT as a way to strengthen competitiveness, accelerate national development, and build a more prosperous, resilient, and globally integrated country.
“Since assuming my portfolio of Minister of Trade, Investment, and Tourism, I have been guided by a simple but urgent mandate: grow the economy, create jobs, earn more foreign exchange, and make it easier for our people and our businesses to prosper. You see, I have said it before, the wealth of a nation is not its resources, it is the confidence of its business people and when you give people a united voice, you boost the confidence of the business community.”
Minister Maharaj said the Ministry of Trade, Investment and Tourism has begun a comprehensive review of the country’s import patterns and services, noting that the ones dominating the import bill are being targeted with local production initiatives.
“To date, we have engaged over 100 of these companies, listening to the challenges related to the port and access to foreign exchange. We didn’t ask them to come to us. We went to them proactively. The Ministry has consolidated these concerns, and in collaboration with the relevant Ministries and institutions, we have developed targeted solutions for endorsement and resolution.”
As PSOTT and the government commit to working together, Mr. Lewis encouraged members of the organisation to innovate together in order to succeed together.