Cabinet has approved a grant funding facility to boost productivity in the manufacturing and agro-processing sectors. Speaking at the presentation of the master plan for a light agro and industrial park at the St Mary’s Government Primary School, on Saturday, Trade Minister Paula Gopee-Scoon said the facility offers up to $250,000 to firms not less than two years old earning 50 per cent of their revenue from export sales.
The minister urged investors and entrepreneurs to seize opportunities ahead and said the $69.3 million industrial park, which will be completed before January 2019, will be sub-divided into 18 plots of varying sizes to accommodate businesses at all stages of growth. It will also provide commercial space for food and fish processing, she added.
Gopee-Scoon said the park, which is being built on 18 acres of land at Saunders Trace, will allow local farmers to “move up the value chain and increase the country’s capacity for the production of high quality products at internationally competitive prices.”
She added: “The park will play a key role in nurturing trade and exports specifically, while creating new opportunities for less developed communities and reducing the vulnerability of an unpredictable natural environment.
“By developing this facility and thus providing the necessary infrastructure, we are providing the foundation for businesses to grow and prosper, create employment and attract investment.”
The minister said good opportunities will become available soon and T&T’s investors must strive to become more competitive internationally.
“We must work smarter, be more innovative and create new high value products acceptable to both the local and international markets. This project is an excellent platform to achieve just that,” she said.
Gopee-Scoon said in the review of the economy the value of agricultural production in 2016 was $582.8 million—0.4 per cent of gross domestic product (GDP).
“Our food import bill continues to expand commanding a considerable proportion of our foreign exchange earnings. In light of this, increased agro-processing is a potential solution to our current circumstances,” she said.
Agriculture Minister Clarence Rambharat said it is up to stakeholders to take advantage of the opportunities ahead. He said some projects done by the last government, such as the $75 million Guayaguayare Fishing Complex, were built without consultation.