President of the T&T Manufacturers Association (TTMA) Dr Rolph Balgobin says a new economic champion has to take the lead in T&T development and wealth creation ambitions.
He believes manufacturing, not the financial services sector, is most able to take up that position.
Speaking at launch of the 17th Annual Trade and Investment Convention (TIC) at the Courtyard by Marriott, Balgobin said the financial services sector cannot be sustained without continuous growth in manufacturing.
“Manufacturing is a proven, attractive option for the development of the economic landscape, as even developed countries such as the United States and United Kingdom have come to realise,” he said.
“After some years (of) being deluded by terms like intellectual capital and innovation, and seduced by the potential of financial services, leaders of these economies have realised that both these concepts find life within or around manufacturing. We have to have something to wrap all of these intangibles, all of these services, around and that is manufacturing. Germany, one of the strongest and more resilient economies on the planet, never forgot this point and never stopped making stuff.”
Balgobin said while the energy sector has done a great job of building the nation, there is need for “someone from somewhere now to provide cover, development and growth” as the country prepares for its next upward thrust.
He added that in this time of economic adversity manufacturers must see it as their national duty to encourage real engagement and deep commitment, devoid of individual profit or selfish gain, seeking to capitalise on opportunities that would lead the economy into a strong recovery and return it to significant growth.
He said it is important that Government listen to manufacturers and work with the lobbyists to clear impediments and irritations that reduced confidence and prevent investment. The TTMA president said the export market os the ultimate test of the competitiveness for the manufacturing sector.
Through TIC, Balgobin said, the TTMA hopes to open up markets for local businesses, and simultaneously attract foreign investors.
Balgobin said: “This year we will be placing special attention on those markets to which we have new access, to see if we can penetrate those by bringing some of their buyers and investors here, to this show.
“TIC is an excellent example of how public-private partnerships can work to generate business activity, employment and export. It is an ongoing testament to the cooperation that exists between government and the private sector. And as we engage each other, so too must our focus shift as both government and private sector respond to new situations and new and challenging realities,” he said.
Balgobin added: “Government has become painfully aware of the dangers of overspending and recognises that it must cut back. Frugality and care with public spend have become imperatives.
“For the private sector, an economic slowdown presents significant concerns, which, left unchecked, delays investment decisions and lengthens upgrade cycles, which in turn impacts output capacity. More widely, the society supporting both these players—government and private sector—urgently needs private sector employment and exports both to rise, as energy tax receipts fall, foreign exchange supply tightens and government reduces the size of its footprint in the workforce.
“Only the private sector can enable that. The time has come for business, too long accustomed to pontificating from the sidelines, to step onto the field once more and fight for the economic development of T&T. It is time for a captain’s innings from the leadership of the private sector,” he said.