President of the Penal/Debe Chamber of Commerce Shiva Roopnarine has appealed for Government intervention to reduce the high level of imports into the country.
In brief remarks at the group’s Christmas Dinner and Awards on Friday, Roopnarine added that the Penal/Debe region needs “more factory shelves, more industrial estates.”
“The 20 year road to diversifying our country must start now. We are a creative, innovative and imaginative people and maybe in this present climate we might be given a chance to grow,” he said.
In the keynote address at the function, Paula Gopee-Scoon, Minister of Trade and Industry, said “despite the current economic situation the Government will continue to provide exemptions for a range of businesses as this will ensure that businesses continue to thrive easily and become competitive as far as foreign input is concerned.”
She said for many years there had been talk about diversifying the T&T economy and it is now time to put that talk into action.
“Looking at the downturn in the economy as business people now is a time for business introspection. It is a time to look at your businesses to see if there are better and smarter ways to operate.
“Generally, you should consider simplifying your business operations and reducing your expenses so that you can operate more profitably,” Gopee-Scoon said.
She assured that Government will continue to listen, collaborate and work with the business community in developing sectors for diversification and providing incentives and opportunities for business growth and development.
Also speaking at the event was Karlene Roach, deputy Permanent Secretary, Ministry of Trade and Industry.
She said: “At this critical time, where the price of oil is hovering below US$40 per barrel and commodity markets across the globe have taken a hit, entrepreneurship is especially important to our country’s survival and growth.”