Valley:
Government serious about non-energy sector
By
Curtis Williams
Trinidad
Guardian
Port
Spain
Petroleumworld.com
08 27 06
The development of the non-energy
sector has been identified as a key focus of the
Government as it aims to stimulate more investment
and increased opportunities for new business in
T&T.
Minister of Trade and Industry Kenneth
Valley announced Government’s intention to
pursue several policy initiatives to supplement
existing macro-economics strategies.
The announcement was made at last
week’s opening of non-energy sector manufacturer
Caribbean Roof Tile Company Limited.
These policies, Valley said, would
aid in the diversification of the economy into more
sustainable economic activities.
Redrafting of the export and investment
promotion policies to drive industrial development
was one of the initiatives mentioned by the minister.
Likewise, Valley highlighted the
construction of the Tamana Science and Technology
Park which is designed to work in conjunction with
the University of T&T. This, he said, would
merge academic research, business innovation and
Information and Communication Technology strategies
to develop businesses and industries relevant to
the global environment.
Furthermore, Valley said that fair
free trade agreements were being sought after through
multilateral trade negotiations at the Africa/Caribbean
Pacific-European Union and the World Trade Organisation.
These agreements, according to Valley, would result
in the expansion of export markets with neighbouring
states.
Other policy initiatives outlined
by the minister included: The establishment of Spanish
as T&T’s first official foreign language
and financial sector reform.
Valley said that several bottlenecks
had to be sorted out for these policies to be implemented.
Heavy bureaucratic procedures, massive documentation
required to trade as well as the high incidence
of non-tarrif barriers with trading partners were
some of the examples outlined by the trade minister.
Valley said it was imperative that
every effort be made to improve the competitiveness
of the economy and exploit the opportunities created
through natural energy advantages.
Trinidad GuardianTuesday
15th August, 2006
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