Trade and Industry Minister Paula Gopee-Scoon says this country's credible reputation in the global energy sector is an ideal platform for local energy services companies seeking opportunities aboard to generate much needed foreign exchange for the economy.
Speaking at the recent Republic Bank sponsored CEOs Forum hosted by the Caribbean Business Leadership Forum (CBLF) at La Boucan, Hilton Trinidad and Conference Centre, Port-of-Spain, she said the operations of Methonal Holdings Ltd, Yara and PCS Nitrogen Trinidad in the petro-chemical sector helped solidify this country's position among the largest exporter of products of this class in the world.
Gopee-Scoon said in the wider energy sector, stalwarts such as bpTT, Shell, BHP Billiton, Repsol and majority state-owned National Gas Corporation (NGC) are adding value to the T&T brand.
"Our success in the energy sector is internationally recognised and the government is committed to supporting and encouraging local professionals–and service companies as well–to export our energy services to new and emerging oil and gas producing countries within Caricom, Africa and elsewhere. The majority of our oil and gas and petro-chemicals go to the US. Our geographical proximity to North America and Latin America makes us the preferred location for businesses that are exporting, expanding or seeking out sourcing activity," she said.
Gopee-Scoon boasted about the dynamic airlift options available from T&T, connecting travellers to numerous international destinations. She also hinted at the possibility of talks regarding flights from Piarco International Airport to Africa, would be explored.
The minister said having one of the highest levels of GDP per capita among Caribbean countries at US$21,023, according to the World Bank Report 2014, is indicative of a thriving domestic economy that could sustain a favourable investment climate. She added that this is complemented by a stable democratic system of government and a highly educated English-speaking workforce.
Between the well capitalised and profitable commercial banking and an equally strong domestic insurance industry, Gopee-Scoon said, the foundation has been laid for an attractive investment climate.
She lauded the robust nature of the local manufacturing sector which spawned success stories from Angostura, Bermudez, KC Confectionary Ltd and Associated Brand Industries Ltd (ABIL) with products known across the globe.
"It's an opportune time in this nation's development, as Government seeks to build the economy and get us back on a path of sustainable development and growth. Such efforts will not be successful without a dynamic and proactive private sector. Government's clear focus is on implementing appropriate reforms to improve business fundamentals and to ensure that our local economy is more diverse. We believe that the foundation of our competitiveness is being able to produce new, better quality product and services as well as greater quantities of them, all while using fewer resources," said Gopee-Scoon.
"And in this respect, the Ministry of Trade and Industry has prioritorised specific improvements in strategic areas, highlighted by the World Bank's Ease of Doing Business rankings, so that the cost and time it takes to do business is reduced. That sends a clear signal to investors that we are very serious about our competitiveness. The government is committed to ensuring that the business environment is transparent, is predictable and welcoming to new and existing businesses."