Tuesday February 9th, 2010
- Last update:15 hours 18 min ago
Browne: T&T businesses suffer from low self-esteem
Published: 1 Oct 2009
Trade Minister Mariano Browne lashed out at the poor support government receives from the business community when negotiating trade treaties.
He said government always meets with the business community before the start of any trade negotiations to get a list of issues, trade intelligence and other information as the basis for negotiations, but the data provided is often up to two years out of date, while the other side is able to present data for the last quarter based on information, research and surveys from their own business communities. “Much of this situation stems from our own perception of ourselves, our country and our business community. Our business community is suffering from low self-esteem.” Browne was speaking yesterday at an information and communication technology (ICT) Business Financing Forum hosted by Evolving TecKnologies and Enterprise Development Ltd (e-TecK) at the Hilton Trinidad, St Ann’s, Port-of-Spain.
Competing for new markets
Browne called on the private sector to get its act together or it will continue to miss opportunities to break into new markets. He said it was embarrassing at times when negotiators meet to exchange information and the data provided by T&T’s business community is often outdated and incomplete, while the other party has access to the latest trade data and an extensive list of issues to be addressed. Browne acknowledged that work has been done by the local trade associations to update trade data, and to develop a common position for trade negotiations, but said much work was needed to match the responsiveness of their international business groups. “This is important because the private sector is expected to lead the export thrust when negotiations are completed.” “We still see each other as the competition, and we are reluctant to release an share information about our business operations because we feel other businesses in our community will have access to our data, and will use it to better position themselves to compete.
“The truth is we have to stop looking at our market place in such a narrow way. You have to recognise that you are no longer competing against the store down the street. You are now competing on a global scale with other companies in Latin America, the Far East and Europe, so you have to take advantage of the opportunities to gain new markets and partner with local businesses to get the scale to compete against the world. “This negative view of ourselves is one of the main reasons why this country scored lower than expected on the Global Competitiveness Index (GCI). “In terms of the data, T&T scored relatively high with better relative scores for national savings, gross domestic product, debt ratios and productivity.”
Outgrowing Caricom
“Government is willing to support the business community and much of the success we have been seeing with our exports to Caricom is a result of deliberate policies and the strategy by the government to diversify the economy. “However, we have reached the stage where we have outgrown Caricom and we need to look further afield. This means organising our business community to take the lead and position ourselves as a group to take advantage of export opportunities and break into new markets,” Browne said.
Mr Browne I think it is more
Mr Browne I think it is more a case of being disillusioned rather than having low self esteem. As usual the government seem to be oblivious to what is happening around them, or are in denial.
It is discouraging for businesses and entrepreneurs in T&T to feel motivated within this society of poor governance, crime, corruption and preferential treatment to some.
You talk about expanding market share and competing in the global market and say "we have reached the stage where we have outgrown Caricom and we need to look further afield". However unless the government of T&T market the nation's brand (or reputation) in the global economy as one of integrity, democracy, fairness, freedom, goodness and credibility; businesses from within will struggle to penetrate global markets. As unfortunately the global perception of a nations reputation will impact on businesses operating within that particular nation.
Ignorant and Low Self Esteem
Ignorant and Low Self Esteem Mr Minister? Your latest pronouncement about the businessmen in Trinidad and Tobago, is way off base. You must be mixing them up with some others from somewhere.
Just because they do not and cannot trust the PNM government is not reason to complain, this didn't happen overnight, they have learned over time. They are not afraid of other businessmen taking their ideas. They are afraid of you the Government. If they are skeptical, look back and see why. Every time that they have moved quickly, taken advantage of the incentives that were offered and started making profits, what happened? You hit them with new taxation or some kind of tariff that they did not expect.
They do not ask for any trade protection, neither do they expect to have their profits taken when you need money.
I must comment. What
I must comment.
What Minister Browne is trying to say, is that Trinidad and in particular it's Business Community, beleives on playing the "Wait and see game", while opportunities are passing by.
For Example The United States who we are directly pegged to has enjoyed it's 1st positive growth in 5 quarters, and knowing the US, this can only indicate upwards growth.The only two factors that are lagging behind is the Unemployment and Real Estate, but this will correct itself in time; but spending has already started at the top, with many large mergers and acquisitions taking place on a large scale. Once there is spending at the top, that is an indicator that confidence is rebuilding, and that the US is heading out and upward from recession. This is how it has always been for them, and History has a way of repeating itself.
You see the United States is the most dynamic economy in the world. Just as quickly as they enter into a recession, they are able to spend their way out of it, at the same time maintaining very low inflation rates.
Trinidad however, mostly because of our Business mindset, prefers to wait and see what happens, and sometimes we wait 1-3 years, while many investment opportunities has already passed us by, on the global scale. While we are waiting, the US has already moved on, and we as always lag behind.
This time around however the US together with the United Nations,IMF and The World Bank have already put measures(ALM Strategy) in place to prevent what happened to the Financial sector from re-occuring.
So , Mr. Browne is not all that wrong. But Mr. Browne the Gov't must lead by example. For example the HSF should be invested with an ALM product, the NIB and Credit Unions should also be with an ALM product; Large financial institutions, should be mandated to use ALM strategy, so at any given time, one can measure their financial health on a monthly,weekly or even daily basis.
This is the only way to truly protect these institutions and our reserves. The entire global Financial systems are now moving towards ALM strategies, it's part of the United nations recommendation on their report "Principles of Responsible Investing" We must think Global if Trinidad is to ever reach anywhere, anytime soon.
http://www.ryanalm.com
Ms. J Soman (Consultant)
TT 868-469-2500 or USA 1-305-812-5739
And Mr Browne, do you have
And Mr Browne, do you have SYSTEMS at play here?, that you work with the Business community to see what they will present and say from your intelligence reports that this is outdated? No, you allow them to walk into it!. Are you culpable?,
Now we read today hot off the press: BP & Dupont are into a JV to reasearch & develop the second generation of biofuels, and guess what? made from ethanol and cellulosic ethanol, Now you see growing the sugarcane will give you the sugar-ethanol and the cellulosic fibres, leaves, baggasse etc can be linked up into the JV for a cellulosic-ethanol R&D plant.
Here is TT govt's second chance to join something, and it takes the NEC to work with the business community to have a play for inclusion into something like this. The first stage TT missed which was availability of sugar lands for BP R&D into ethanol pilot plant. I wonder really if the NEC can really work up a project like this? maybe they can do steel and Al, but something as grassroots like this, can they do this in liaison with the business community?
And we hear Dupont will
And we hear Dupont will build a chemical plant in Brazil to make Energy Chemicals for drilling, production, fac jobs, reservoir chemicals etc. Where are our business ambassadors in the USA? Do they know what's going on in the world of chemical plants developments? Did we make a play for this? You have Point Lisas with feedstocks and natural gas, This is real diversification into good things, downstream processes, not giving a large proportion of natural gas to an Al smelter. I am disappointed with our Innovation and business push internationally.
Pardon, 'Low self esteem'
Pardon, 'Low self esteem' ?
This is a classic case of 'those who cast stones' - you know the rest...
A Government Minister essentially calling the local business community incomptent. If the business community suffers from low self-esteem, then the Goovernment suffers from a touch of arrogance. Mr. Browne, you need to first look at the dealings in your own 'house', before casting aspersions. Can we, as a nation, really go beyond Caricom and cite this country as being transparent in its dealings, safe, productive, supporting our people in their initiatives ?
If we want to forage into international markets we must :
- increase our productivity significantly. This is not helped by handouts such as CEPEP.
- be a safe nation; clean up the level of crime in this country
- become known for adequate health care. Note, I say 'adequate', since we cannot venture into the area of 'excellence' until we move away from being 'sub-standard'
- implement international transparency standards, as you will be judged by this. Government dealings must be seen to be above board, and transparent.
- deal swiftly with 'white-collar' crime. Case in point, the CLICO affair, which, to this date has not even warranted a forensic audit (to the best of our knowledge).
Mr. Brown, like it or not, the Government has a part to play in all of this. Why do you invite the business community to international trade dealings, if you assume their participation will not be to your liking. Instead of beating them publicly, you should be working ahead of time with the local businesses, review their presentations, and advise them clearly on what is required. You might be surprised at what they are capable of doing. After all, they did not start businesses because they had 'low self-esteem'.!!
TEFLON GOVERNMENT
TEFLON GOVERNMENT -
The strategy of PNM is to use propaganda to deflect away from their responsibilities.
1) The opposition won't cooperate with crime bills.
2) Opposition co-operate, crime gets worse.
3) It is happening all over the world.
4) It is collateral damage.
5) Our economy is insulated.
6) Our economy is well managed.
7) No recession.
8) We need to diversify in a hurry.
9) The business community suffers from low self esteem.
It is not our fault it is yours. It is allyuh that put we in power.
Fairplay, I like the last
Fairplay, I like the last line best re: its allyuh that put us in power so I write its allyuh to blame for what yuh getting now. take that! lets play mas! As someone said TT is rotting with this special Govt, not all PNM govts were bad but this one takes the biscuit.
I think that the comments
I think that the comments for this particular piece was very informative and instructive, It was a learning exercise