Clik here to view.
The fact that T&T is in a recession is no reason to panic or abandon ship, says Richie Sookhai, president of the Chaguanas Chamber of Industry and Commerce. Sookhai, who was part of forum between the Indian High Commission and the Chaguanas business community at the Plaza De Montrose, Chaguanas, said diversification is the way forward for the T&T economy.
He was reacting to Central Bank Governor Jwala Rambarran’s announcement last week during a Monetary Policy Forum in Port-of-Spain that the economy is in officially in recession after four consecutive quarters of deadline
“Our country has been heavily dependent on oil and gas for too long and we have tended to be complacent about that dependency, both at the political level and amongst us in the private sector,” Sookhai said.
“Perhaps we got accustomed to playing second fiddle in a resource-based economy. But now is the time for the private sector to step up and take the initiative. We need to do our part to change the economic future of our country.”
Sookhai said T&T can learn from other countries that have set out to diversify. He said India’s well-diversified economy has shown growth in a variety of sectors and made that country the tenth largest economy in the world.
He added: “India is a vast and untapped market for T&T and we need to work together to find ways to penetrate those aspects of the market that we can. Of course, given that vast market, we need to practice due diligence. We must make sure that we do not rush headlong into a country full of opportunities without first understanding the laws and rules that guide the business sector and we must be sure that the companies we align ourselves with are legitimate and above board.”
Also weighing in on the issue was Vivek Charran, president of the San Juan Business Association, who spoke on the matter during the group’s 25th Anniversary Dinner and Awards at Valsayn.
“As business owners we will do what we have to do in times like this. We will soldier on using our business acumen and experience. We will endure and remain committed to working with the Government to be the voice for a very vibrant business sector,” he said.
Trade Minister Paula Gopee-Scoon, who also spoke at the function, said Government’s decision to approach the Parliament to raise the debt ceiling had not been made lightly and was necessary to ensure stability and instil confidence and optimism. She appealed to the private sector to take the lead in economic development.
“I challenge you to step up your game and become net earners of foreign exchange rather than net users,” the minister said. “Stabilise and grow the economy, meet our contractual obligations, especially in terms of wages and salaries, and create the environment that business needs to propagate and meet the needs and wants of consumers.”
