Trade Ministry
launches R&D project
By
Sandra Chouti
Trinidad
Guardian
Petroleumworld.com
06 18 06
Product
differentiation which creates market space is very
much a function of innovation and is critical to
countries of T&T’s size, said Trade Minister
Ken Valley yesterday.
“We
can only be at the cutting edge in a limited field
because of our smallness,” Valley said. “We
cannot depend on quantity. As a necessity, we must
depend on quality.”
Stating
that T&T’s growth and survival depend
on its exploitation of natural resources and its
ability to be innovative technologically, Valley
said the manufacturing sector has been experiencing
“fantastic growth.
“In
2004, for example, it had a growth rate higher than
that of the energy sector—over nine per cent,”
Valley said. “And last year, the manufacturing
sector grew by a further 8.6 per cent, second only
to the energy sector.”
Valley
was speaking at the Trade Ministry’s launch
of its Research and Development Facility at Crowne
Plaza, Wrightson Road, Port-of-Spain.
The
minister, who said the facility is a one-year pilot
project, described it as “a funding mechanism”
designed to stimulate and encourage investment through
the provision of grants for corporate research and
development projects.
Saying
that the government recognises its weakness in research
and development, Valley said: “Our aim is
to enhance the effort of the private sector, to
assist the positioning effectively to compete in
this global environment.
“The
facility is targeted at those companies which need
to acquire specialised technology or introduce innovative
ideas into their businesses in order to improve
profitability and competitiveness.”
He
said local companies must be reoriented to adopt
a global perspective, and they must explore opportunities
which lie outside of their current product lines
or markets served and carry the potential for renewed
growth, profitability and success.
To
be eligible for the grants, companies must be locally
owned and operated and be able to contribute at
least a third of the cost of their projects, among
other criteria.
Trinidad
Guardian
Wednesday
14th June, 2006
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©2006 Trinidad Guardian. All Rights Reserved.
