Tuesday February 9th, 2010
- Last update:14 hours 57 min ago
Browne: Engage the world in trade
Published: 4 Jun 2009
The T&T Stock Exchange recorded a trading value of US$353 million in 2008, while foreign direct inflows in 2007 were US$830 million, said Trade Minister Mariano Browne. “These numbers are small by international comparison, but they are large in opportunity in the transformation effort to play a greater role in world economy,” he said.
He said the stock exchanges of T&T, Jamaica and Barbados, coupled with the regional stock exchange, promote cross-border investment opportunities and increase the attractiveness of the region as an area for both foreign direct investment and domestic investment.
Browne said although T&T can weather the current financial challenges, it cannot remain complacent and should seek to engage the world as an integrated nation. He said Caricom and the Caricom Single Market and Economy (CSME) integration process was part of the multilateral solution, given the numerous economic, social and political benefits which can be derived from such a union. He said many local manufacturers had become complacent, given that they dominate the regional market, face little competition and generate significant profits.
“While times are tough right now, we cannot depart from our path. This is not the time to adopt outdated protectionist policies and hunker down in fear. We must step forward and engage the world.” Browne said although many businesses were grappling with the financial crisis, which has exacerbated the business cycle in the real economy, some were determined to invest at a time when others were shrinking away from investment. “In fact, any financial analyst will tell you, that the time to invest and upgrade your business when times are slow and prices are better.
Billionaires are made in downturn. One only recognises the success when the upturn comes.” Browne was delivering the feature address at yesterday’s Commonwealth Caribbean Business Workshop, which was held at the Crowne Plaza hotel, Port-of-Spain, that was attended by regional journalists and editors. The three-day workshop, held by the Commonwealth Secretariat, was geared towards open discussions and analysis on matters affecting the Caribbean.
'Browne: Engage the world in
'Browne: Engage the world in trade', makes as much sense as saying go to the window and fly > flap your hands hard, you have the resources, and fly. The fact is that we only have gas enabled bulk commodities to trade. To produce and trade more of these will require a massive investment that is not generally available. Further, the foundation for the entire trade system is based 90% on gas, and gas is in governments control 100%. Added to this, our gas is becoming, will continue to become more and more uncompetitive as time goes by. It will become more and more scarce, more difficult to find, and more expensive harvest. This is relative to gas in other parts of the world with whom we must compete. We have hitched our wagon to one horse. It was a good horse, but now it is in decline. That horse for T&T is weak. It was strong, yes, but now, relative to the rest of the world’s horses, it, gas, it is weak.
Projections are that the once strong horse, it will become weaker and weaker until some day in the not too distant future it will die. Minister Brown, you advise us to hitch our wagon to a dying horse? Why when we had the resources, did we not invest in more but different horses?
It is not too late to find and buy new ponies. Invest in and raise them. Some may die. But some may live. To these new horses, most nationals will hitch their wagons.
Letters to you about other horses remain un-answered. Why not answer those requests for assisting the country to hitch its wagon to a new horse based on enabling the people’s innovative skills? This surely makes more sense that what is suggested.
We do have to change. The sooner we start turning the economy to address other resources, the sooner there will be hope, and then the birth of a new economic reality.
I (still) await your reply. Check your mail for unanswered correspondence.
NYC-Trini