Opinion
- Editorial- Commentary
People’s
National Movement:
Key
policy objectives of Vision 2020
People’s
National Movement
One of the key policy objectives of Vision 2020
is to diversify the local economy away from its
dependence on oil and gas. The Ministry of Trade
and Industry’s efforts have, therefore,
been directed towards the growth of the non-energy
sector.
In pursuit of this broad objective, the focus
of the ministry has been on the following:
- Developing targeted industries;
- Expanding trading opportunities;
- Attracting investment for business growth and
development; and
- Creating an enabling environment that protects
and promotes effective competition for trade, business and investment
to grow and thrive.
Develop target industries
As part of the drive to develop the non-energy
manufacturing and services sectors, the Government
has identified seven priority industries for industrial
expansion and employment generation.
Known
as the “Seven Sectors,” these
industries cover areas in which we enjoy traditional
advantages, hold a substantial resource base and
have the potential for competitive advantage in
the international trading environment.
Individual industry teams, comprising stakeholders
from the private and public sectors developed strategic
plans for each sector, co-ordinated by the Ministry
of Trade and Industry.
These Cabinet-approved plans are currently being
implemented, and present a comprehensive overview
of the specific industry, its challenges and strengths,
mechanisms for driving further growth and investment
opportunities.
Seven Sectors
- Food and beverage
- Merchant marine
- Yachting
- Film
- Music and entertainment
- Fish and fish processing
- Printing and packaging
Food and beverage
Trinidad
and Tobago’s food and beverage
industry is a stalwart of the non-energy manufacturing
sector, with real GDP growth averaging 8.1 per
cent between 2002 and 2005 alone, exports of over
TT$900 million, and employment of approximately
9,000 people.
The sector boasts of global players with internationally
recognised brands such as Angostura Ltd, SM Jaleel,
Bermudez Biscuit Company, National Canners Ltd,
etc, and a large cadre of smaller companies (about
420) specialising in Caribbean based niche products.
Maritime
The
growth of the local maritime industry, which
began as an offshoot of the energy sector, has
been driven by the rapid expansion in trade and
trans-shipment activity at the three major, non-energy
cargo ports in T&T.
This in turn provided a catalyst for the emergence
of various maritime related business and investment
opportunities, eg shipping agents, crewing services,
ship chandlers, piloting services, small vessel
ownership and management, vessel repair, storage,
land transportation services, etc.
Yachting
T&T’s
yachting or leisure marine industry first prospered
in the early nineties when boating
enthusiasts discovered the benefits of the Chaguaramas
peninsula, particularly when the traditional north
and eastern Caribbean yacht destinations experienced
the effects of strong hurricanes.
Film
T&T’s
film sector began emerging in the late sixties,
and the country has substantial
resources for the production of feature films,
with myriad site locations, a well-developed theatrical
community, and a cadre of experienced directors,
script writers, animators, composers, experienced
production crews, etc.
The local film industry encompasses 11 production
companies; 33 companies offering production-support
services; and six television stations.
Altogether, the production companies employ a
core staff of approximately 200 full-time employees,
while the television stations employ over 500 people.
Entertainment
The local music/entertainment sector has a long-standing
history as a revenue generator, and Carnival remains
by far the largest profit source within the sector,
producing $154 million in 2004, and employing over
3,500 people.
The entire music/entertainment industry, encompassing
musicians, solo performers, bands, producers, managers,
promoters, audio technicians, etc, generated approximately
some $351.8 million in 2006 and employs some 10,854
people.
Carnival also has an important export element,
and consequential foreign exchange earning potential,
because out of the local Carnival season, masquerade
bands, soca musicians and sundry support service
providers, work overseas at the various Carnivals
held in Diaspora communities in the United States,
Canada and the United Kingdom.
With soca music now a category at the American
Music Industry Grammy Awards, and international
record labels deliberately courting young local
artistes, the music/entertainment industry provides
opportunities to invest in the development of new
talent, particularly utilising joint venture arrangements
with international record labels.
Seafood industry
The domestic fish and fish processing industry
has been an economic contributor for over 200 years
and, today, encompasses a diversified range of
activities.
Recent
economic statistics indicate that the industry
generated over US$16.5 million dollars in revenue,
directly employing over 6,000 people. There are
over 17 plants in T&T processing an average
7,000 MT of seafood per annum.
Printing and packaging
T&T’s
printing and packaging industry is regarded as
a leader in Caricom and the wider
Caribbean with respect to its high quality printed
products, technological applications and packaging
fabrication and use, which drove increased market
share over the years.
Exporters in this industry also have managed to
penetrate extra-regional markets, such as South
Florida, Costa Rica and Mexico.
The industry can be roughly divided into 140 printing
firms, 50 packaging firms and two glass and can
manufacturers, and has strategic linkages with
many other sectors, such as food and beverage,
tourism, agriculture sub-sectors, media education,
etc.
In 2004, the total worth of products exported
was approximately TT$306.4 million, which generated
employment of approximately 3,963 people. In addition,
since 1999 the industry has contributed three per
cent annually to GDP.
Sustained focus
This PNM government understands the need to focus
heavily on the diversification of the local economy
away from dependence on oil and gas.
The vision of the Government is clear and states
(In the Vision 2020 document) that by 2020 our
country will be a united, resilient, productive,
innovative and prosperous nation.
The
Government, through the Ministry of Trade and
Industry, is pursuing this vision vigorously
by putting structures in place and working with
all stakeholders, consistent with T&T’s
national motto “Together We Aspire, Together
We Achieve.”
(The second part of this article will follow next Sunday)
Magnum est PNM et praevalebit
May God Bless Our Nationn Web: www.pnm.org.tt
- Petroleumworld
not necessarily share these views.
Editor's
Note: This article was first publish in Trinidad
Guardian, Sunday, August 5st 2007. Petroleumworld
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08/08/07
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