Business
groups reject Govt new policy
By Aretha Welch
Trinidad Express
Port Spain
Petroleumworldtt.com
09 23 07
Government's new policy document for revamping
Trinidad and Tobago's investment climate received
the thumbs down from business groups.
During a public consultation on the Trinidad and
Tobago Investment Policy green paper last Tuesday
at the Crowne Plaza hotel, Port of Spain, representatives
of the banking sector, Manufacturers' Association
and various chambers of commerce highlighted aspects
of the policy which they said were weak and would
not aid the government's plan to diversify the
local economy.
While the document states that Trinidad and Tobago's
educated work force is one of the country's strengths
Raymond Gatcliffe, president of the American Chamber
of Commerce (AmCham) said recent findings show
the country has a lack of skilled labourers in
many fields which could propel the country forward.
Gatcliffe said the acts which policy makers claim
are setting the atmosphere for business activity
in the country are legislation which in reality
have no impact.
"While policy, according to the Telecommunications
Act speaks for an open telecommunications market
which permits new providers, if you ask Irish company
Digicel about their experience setting up here,
you will here it was anything but easy," he
said.
He also said the country's 97 percent literacy
rate which is bragged about by many could be incorrect
as the figures by the Central Statistical Office
(CSO) are not frequently updated.
His
concerns were repeated by president of the Trinidad
and Tobago Chamber of Commerce, Ian Collier
who said: "The country needs to harness T&T
brain power which lies abroad and upgrade the CSO
to match world class standards," if the country
is to truly create an atmosphere that can handle
and encourage foreign investors.
Gatcliffe also said the document could potentially
mislead foreign investors by stating Trinidad and
Tobago has good infrastructure.
"If you really have to describe the country
you would say Trinidad has congested roads and
ports and is prone to flooding," he said.
Collier agreed that local infrastructure was still
in need of a makeover before the country could
successfully attract and secure an increased number
of foreign investors.
Another
flaw which economist Gregory McGuire pointed
out was that "only fleeting mention is made
of local investment" in the policy green paper.
He
said the government has been trying to attract
foreign direct investment in the non-energy sector
since the country gained independence in the 1960s
without doing the "on the ground research" which
is needed to create policies that would actually
work.
He also said there was no actual dates set for
diversification and the lack of dates and specific
goals for a selected time period left the process
wide open for continuous delay.
Independent Senator Mary King supported McGuire's
concerns.
She
said "financial policy on its own is
of no importance" to the country if the research
and development leg of the process is still under-supported
and not mapped out.
Like McGuire, she said not enough research is
being done and little focus is being placed on
local entrepreneurs in the structuring of the government's
policies.
She
believed "the ministry may be barking
up the wrong trees", with the handful of onshore
industries they have highlighted for expansion
because adequate and structured research is yet
to be done.
Trinidad
Express
Wednesday, September 19th 2007
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Express . All Rights Reserved.
