The region needs foreign direct investment, two bankers have said. Michael Mansoor, chairman, FirstCaribbean International Bank (FCIB), said:

“Foreign direct investment is the key determinant of economic activity in most of the islands because all the islands are dependant on exports of one kind or the other. It is important that every year, there is one or two major projects that cause people to get involved in the construction industry and all of the site activity that come out of a major construction project.” Mansoor was speaking to reporters after the Caribbean business breakfast session yesterday, held aboard the cruise ship, Serenade of the Seas. FCIB has more than 100 branches, banking centres and offices in 17 regional markets serving the Caribbean and the world.

Larry Howai, chief executive officer, First Citizens Group, said there is a need for more foreign investment in T&T. “Foreign investment is especially needed at this time because the economy has slowed and new investment is critical to seeing growth, not only in gross domestic product (GDP) and economic activity, but growth in employment. “The momentum of growth in employment should then be maintained, and the standard should be lifted when it comes to quality of employment created,” Howai said. Referring to investment in T&T within the last few months, Howai said he’s concerned about investment in new business. “We have seen a slowdown in new business opportunities coming up and that is an area that needs to be addressed going forward.”