Venezuelan
investors may seek safe haven in T&T
By Vernet Burnett
Trinidad Guardian
Port Spain
Petroleumworldtt.com
05 27 07
Trinidad and Tobago expects to benefit from investors
fleeing Venezuela, amidst a wave of nationalisations
of key industries by President Hugo Chavez.
Using powers to rule by decree, Chavez has taken
over several major businesses, including telecommunications
and energy companies.
Trade
and Industry Minister Ken Valley admitted reluctantly,
yesterday, that there was “some
talk” about that, but it was “very
low at present.”
However,
he said: “We think it is going
to pick up.”
He
said two or three major companies with investments
in Venezuela had already inquired about relocating
to T&T.
Valley refused to identify the companies, but
eventually revealed that they were in the non-energy
sector.
Valley was responding to questions during the
weekly post-Cabinet press conference at Whitehall.
In response to further questions, he and other
ministers, Minister in the Ministry of Finance
Conrad Enill and Health Minister John Rahael, were
noticeably hesitant about discussing the matter,
exchanging long looks with each other before Valley
ventured:
“T&T
follows a good neighbour policy, OK? We are open
for investment. And money, as you
know, is a very nervous commodity.
“And if the environment is considered to
be right in T&T and companies wish to relocate,
then the Government would have no alternative but
to look favourably at possible investments.”
Pressed to explained further, Valley said:
“Venezuela is our neighbour,” and
that at the closest point the two countries were
only seven miles apart.
“And
therefore, while we are open for investment,
one has to deal with it rather cautiously, respecting
the rights of everyone.”
He
explained that this meant “respecting
the right of the investor to locate where he wishes
and respecting the right of a country to carry
on their policies as they see fit.”
Valley
said as a good neighbour, T&T would
not actively entice companies to pull out of Venezuela
and come to this country, “but at the same
time if a company wants to come and if it fits
in with Government’s overall policy, well,
we will have no objection to their locating here.”
Trinidad
Guardian
Friday 25th May, 2007
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©2007 Trinidad Guardian. All Rights Reserved.
