Trinidad and Tobago is open for business, Prime Minister Patrick Manning said yesterday, making a strong marketing pitch on behalf of T&T to an international audience.

“Distinguished members of the local and international business community, I want to wish those of you who are visiting a pleasant and memorable stay. “T&T is open for business and looks forward to welcoming you to participate,” Manning added, during the launch of yesterday’s Commonwealth Business Forum (CBF). He was addressing local, regional and international captains of industry and leaders, plus representatives of academia aboard the Serenade of the Seas—one of the two cruise ships hosting events for this week’s Commonwealth meeting. The CBF is a key networking event—involving private sector and governments—in the series of activities leading up to the 21st Commonwealth Heads of Governments Meeting later this week. Manning said: “In much the same way as T&T was pleased to host the Fifth Summit of the Americas, we are delighted to be host to the present coming together of the nations of the world.”

Addressing his high level international audience, Manning strongly pitched T&T as an investment locale, adding: “We are a small archipelagic state but one with a significant and critically important difference. This country is highly industrialised with the exception of Tobago, which is tourism-oriented. “Our high level of industrialisation has been based primarily on our exploitation of our hydro-carbon resources.” Manning offered T&T as an investment —friendly climate with a strong financial position and on-going, as well as upcoming, projects over the next five to six years. Stating that T&T is a contradiction to what is expected, Manning noted in T&T today unemployment stood at 5.1 per cen; and inflation, as of last month, at 2.7 per cent. Manning added: “This is a country that has been able to weather the economic storm currently overwhelming the international community.

“And may I say that whereas most countries are experiencing a shortage of cash in the domestic financial system, we in Trinidad and Tobago are battling against a liquidity problem, with the Central Bank having to intervene to keep matters on an even keel.” He added: “Our doors are open and we are willing to partner with foreign investors as long as their policies are in accord with that of the Government and are in the best interest of the people of T&T.”

Manning noted the following new projects ahead:
* Commencement of construction of an aluminium smelter;

* construction of a second iron and steel complex within two years;

* arrangements being concluded for construction of a complex for production of polypropylene from natural gas and spin-off downstream possibilities;

* establishment of a major dry-docking facility and later, a shipyard;

* construction of a pipeline to bring natural gas to Tobago’s new Cove Industrial Estate;

* construction of six new highway systems;

* an additional and entirely new system for the transmission and distribution of water;

* development of eight non-energy areas, including research into development of herbal products;

* further reduction of the 25 per cent corporation tax contemplated;

* provision of fibre optics to all T&T by 2014;

* construction of four new desalination plants; and,

* contemplation of second oil refinery.