Govt
focuses on financial services
By Juhel Browne
Trinidad Express
Port Spain
Petroleumworldtt.com
08 26 07
A
senior Cabinet Minister has spoken of a Government
plan to have the nation's oil and natural gas-based
economy earn most of its revenue from the financial
services sector in the next 15 years.
As the nation is still debating the exact state
of the natural gas reserves, the main driver of
the economy, Minister in the Ministry of Finance
Conrad Enill disclosed that the Government is planning
to have financial services become the main revenue
earner by 2021.
The disclosure comes just two weeks after the
Ryder Scott audit of the nation's natural gas reserves
stated that while there is 37 trillion cubic feet
(tcf) identified for exploration, there are only
12 years of existing supplies left.
"We have an objective that we started to
focus on, a year or two ago, which basically says
that at the end of 15 years we should be in a position
to run the economy on the basis of non-energy earning," Enill
said.
"And
to do that we are focused on financial services,
that is what is driving the whole move
towards creating the environment for Trinidad and
Tobago to come an international financial centre."
Enill made the disclosure in response to a question
that was posed during a programme on the State-owned
C television station on Tuesday night on the 2008
Budget delivered by Prime Minister Patrick Manning
on Monday.
The reporter had asked what the Manning administration
was doing to ensure this country would ready for
the day when oil and gas reserves ran out.
The International Financial Centre, which is now
under construction in downtown Port of Spain, would
house local and international financial institutions
focusing on investment management, international
loans syndication and back office activities.
Enill said that in addition to the creation of
a structured financial services sector to stimulate
non-energy revenue, the now $10 billion Heritage
and Stabilisation Fund will also ensure the nation
makes a smooth transition when the non-renewable
resources are depleted.
He also said that the Government has been working
to help local manufacturers increase their output
and, as a result, increase the nation's non-energy
revenues.
Manning, the Finance Minister, first announced
the Government's plans to establish the Trinidad
and Tobago International Financial Centre in his
delivery of the 2007 Budget presentation last year.
During
the 2008 Budget presentation Manning said when
the new initiatives in financial services,
especially the implementation of Government's plans
for an International Financial Centre and an Information
Technology Park are taken into account, "one
sees clearly that the diversification agenda is
well in train."
Trinidad
Express
Thursday, August 23rd 2007
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