Former parliamentarian Kelvin Ramnath yesterday expressed hope with Finance Minister Winston Dookeran's 2010/2011 budget presentation, saying it will generate economic gains through investment. In a post-budget interview, Ramnath said he was concerned mainly about the opportunities in the energy sector and felt confident that the reduction of taxation for exploration would be welcomed by private companies. "This is a positive sign and we will see growth," he said. "We needed incentives to encourage production and it will be welcome news for those involved in the industry."
Asked whether he believed the incentives would generate investment, Ramnath responded: "Absolutely! I think especially in the marine area. "Right now there is an interest in marine exploration and that will encourage more companies to take advantage of the investments offered by the Ministry of Energy." He said he believed that the incentives for solar water-heating and wind energy would also be welcomed by members of the public. "I think we should be encouraging people to reduce consumption of hydrocarbons...It is costly to produce and is then sold at a price below the cost of production," Ramnath said.
He said such incentives would encourage private companies to become involved in power generation and wind energy, thereby creating opportunities for prospective developers of this technology in T&T. He lauded the Government for its plans to create a shipbuilding port at La Brea where an aluminium smelter was initially scheduled to be built. "With the power plant and facilities which are already in place, a major industrial area will emerge," Ramnath said. "The decision to extend the Solomon Hochoy Highway to Point Fortin will facilitate such a project.
"The expansion of the road network to facilitate this industrial activity is also welcome." Though he commended Dookeran for presenting a comprehensive budget, Ramnath said he would have liked to see greater incentives for lease operators who had the capacity to increase oil productivity.
