Opinion
- Editorial- Commentary
People’s
National Movement:
Nation
prepares for non-energy options
People’s
National Movement
THIS
PNM Government has outlined seven targeted sectors
(last Sunday’s article) for further
development in non-energy diversification, and
the pace continues with the facilitation processes.
This new approach being developed by the Ministry
of Trade and Industry, designed to create a sustainable
non-energy environment, was born out of consultations
involving the Government, the private sector and
all other major stakeholders, leading to the formulation
of strategic plans, which were approved by Cabinet.
Three special purpose companies were formed to
facilitate, guide and implement the strategic plans,
while the Business Development Company has responsibility
for four sectors.
The objective is to ensure that the enterprises
can be innovative and internationally-competitive.
The mandate of the ministry is to ensure that
all objectives are met, by playing a supportive
role in the operations of these companies.
Most
recent of these companies launched was the T&T
Entertainment Company (TT ent).
This
bold move has demonstrated that the Government
of Trinidad and Tobago is “walking the talk.”
There is a perception by some that our country
has yet to make any impact on the international
entertainment sector.
One,
however, only has to remember some of our “greats” like
Ellie Mannette, pan pioneer and innovator; Heather
Headley, Geoffrey Holder, Peter Minshall, Billy
Ocean and Sullivan Walker, just to name a few.
This PNM Government is committed to the holistic
approach to diversification, and is facilitating
all initiatives that will help to innovate, build
and sustain the non-energy sectors.
The
Ministry of Trade and Industry’s new
approach to creating and sustaining the targeted
sectors includes many programmes like:
* Competitiveness and support
* Market research and product development, and
* Alliances for co-operation
In creating global competitiveness, it is important
to form linkages in the region, hence our overtures
to our Central American neighbours.
On Wednesday, the Ministry of Trade and Industry
launched the first round of negotiations to extend
the Caricom/Costa Rica Trade Agreement to include
other Central American nations.
This occasion is, indeed, significant, as this
PNM Government understands that this initiative
provides an excellent opportunity to expand our
strong partnership with Central America.
A
major component of this country’s initiative
involves pursuing negotiations with Latin nations
for bilateral trade agreements.
T&T,
as a member of Caricom, already has signed trade
agreements with Venezuela, Colombia, Cuba,
the Dominican Republic and Costa Rica.
The
Government of T&T continues to be an active
player in international trade negotiations at the
multilateral level in the World Trade Organisation
(WTO) and at the sub-regional level through the
Economic Partnership Agreements (EPAs) that are
being negotiated with the European Union under
the Cotonou Agreement.
All of these activities are geared to finding
new markets for local and regional firms, as they
incrementally engage the global economy.
Given
T&T’s strategic location in the
heart of the Americas, it has been recognised that
T&T is best suited to act as an effective intermediary
between the English-speaking North and Spanish-speaking
South in the Western Hemisphere.
As a consequence, an initiative was launched to
give our citizens the benefit and advantage of
knowing both languages, so they can provide that
bridge between north and south.
New targets
This PNM Government has targeted six new industries,
which will be developed to further the diversification
agenda. These include:
* Agro-processing
* Downstream activities from the energy sector
* Energy services
* Financial services
* ICT
* Tourism development
Develop services
This government also recognises that the services
sector is a major contributor to the economy, and
has targeted its development to build a more robust
and sustainable economy.
This policy has as its main objectives the following:
* To determine services-related goals, targets
and priorities for the economy.
* To provide policy direction in the external
negotiation of trade in services.
* To offer some measure of predictability of the
services environment to investors.
* To provide a basis for legislative and institutional
interventions.
Business growth
Notwithstanding
the fact that T&T is the largest
recipient of direct foreign investment per capita
in the Western Hemisphere, the Government recognises
that there is an immediate need to attract higher
value investments, especially in both the downstream
energy and the non-energy sectors.
This
PNM government will, therefore, seek to stimulate
greater flows of investment, both foreign and domestic,
into and within the country for the continued development
of the nation’s productive capacity.
The specific strategies to be pursued during fiscal
2007/2008 will include:
*
Implementing a new investment policy for T&T
* Completing of negotiations of bilateral investment
treaties (BITs) with Mauritius, Italy, Netherlands,
El Salvador and Belgium. Additional BITs will be
started with Norway, Botswana, Equatorial New Guinea,
Nigeria and South Africa.
* Co-hosting of the Business Future of the Americas
Conference in collaboration with the Association
of Latin America, AMCHAM and a Business Roundtable
with the Economist Magazine, as well as other major
international conferences.
*
Facilitating investment missions to T&T
from Spain, Germany, India and China.
* Establishing trade and investment offices in
selected markets.
*
Developing a brand to promote T&T to foreign
investors at country level and sector level.
n
Developing advertising and media plans for promoting
T&T.
*
Developing a business information centre which
will be responsible for disseminating information
on T&T to potential investors.
The
Government of T&T is assiduously pursuing
the initiatives concentrated in the non-energy
sectors; this will form a major aspect of the economy
of T&T as we, the PNM government, in partnership
with our talented citizens, create a seamless transition
into the non-energy sectors.
At present, we are well on the way to achieving
all of our goals.
Magnum est PNM
et praevalebit
May God Bless Our Nation
* Web: www.pnm.org.tt
- Petroleumworld
not necessarily share these views.
Editor's
Note: This article was first publish in Trinidad
Guardian, Sunday, August 12th 2007. Petroleumworld
reprint this article in the interest of our readers.
Fair
use Notice: This site contains copyrighted material
the use of which has not always been specifically
authorized by the copyright owner. We are making
such material available in our efforts to advance
understanding of issues of environmental and
humanitarian significance. We believe this constitutes
a 'fair use' of any such copyrighted material
as provided for in section 107 of the US Copyright
Law. In accordance with Title 17 U.S.C. Section
107. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml.
All
works published by Petroleumworld are in accordance
with Title 17 U.S.C. Section 107, this material
is distributed without profit to those who have
expressed a prior interest in receiving the included
information for research and educational purposes.
Petroleumworld has no affiliation whatsoever
with the originator of this article nor is Petroleumworld
endorsed or sponsored by the originator. Petroleumworld
encourages persons to reproduce, reprint, or
broadcast
Petroleumworld
articles provided that any such reproduction
identify the original source, http://www.petroleumworld.com
or else and it is done within the fair use as
provided for in section 107 of the US Copyright
Law. If you wish to use copyrighted material
from this site for purposes of your own that
go beyond 'fair use', you must obtain permission
from the copyright owner.
Internet
web links to http://www.petroleumworld.com are
appreciated.
Petroleumworld
08/15/07
Copyright ©2006
Trinidad Guardian. All Rights Reserved.
