Talks are currently taking place between the Trade Ministry, Finance Ministry and Central Bank to establish a US Dollar credit line specifically for local manufacturers.
Trade Minister Paula Gopee-Scoon said this is among short, medium and long-term measures being considered to deal with foreign exchange and other challenges facing the sector.
"These may be small steps but they reflect the Government's undertaking to support the business community," she said in remarks at a cocktail reception hosted by the West Indies Rum and Spirits Producers' Association INC. (WIRSPA) at the CL Financial Booth, Queen's Park Oval, Port-of-Spain.
Gopee-Scoon said the regional rum industry is the largest agro-based export sector within several CARIFORUM countries with more than US$300 million collected annually in tax revenues in the Caribbean. It is also a significant earner of foreign exchange, with more than 60 per cent of the region's products exported for approximately US$550 million annually.
She said she wanted to see "these figures go up" and the Trade Ministry wants to collaborate to facilitate linkages between local manufacturers and the West Indian diaspore for further penetration of foreign markets.
"The Ministry of Trade and Industry, also calls on the private sector to invest in research and development, not only of products and processes, but also to exploit potential export markets. Our state agency, ExporTT stands ready to provide information on market intelligence, facilitate trade missions and a range of other services that can help build export capacity," she added
Gopee-Scoon said the very existence of the WIRSPA was testimony to the strength and viability of the rum industry and she noted the group's efforts to boost the global competitiveness of Caribbean rum producers.
"The Caribbean rum industry's strength is well recognised as demonstrated by your engagement with pertinent authorities on rum subsidies in Puerto Rico and the US Virgin Islands and the willingness to take this issue to the World Trade Organisation," she said.
"I too feel that I am better poised to represent you at COTED meetings when these discussions come up. This industry is well organised, steeped in capacity building initiatives and an aggressive defender of fair-trade practices. This is applauded."
The minister added that a 2012-2016 Cariforum Rum Sector Support project, which was partially funded by the European Union and implemented by WIRSPA had covered infrastructural upgrades, waste and environmental management, marketing and management training.
"This convinces all that the rum-producing private sector is doing their part to ensure the industry's longevity," Gopee-Scoon said.