GEISHA KOWLESSAR-ALONZO
Senior Reporter
geisha.kowlessar@guardian.co.tt
Given T&T’s population size, the only way to achieve continued growth is to export to extra regional markets, says Prime Minister Dr Keith Rowley.
In this regard, he said Government has been doing its part to create strategic partnerships that are already bearing fruits for the private sector, noting that this is being undertaken through the establishment of commercial offices and appointment of commercial attachés at key locations.
This, the PM said, would assist exporters in overcoming trade barriers, entering new markets, and forging new business relationships in their respective markets.
He made the comments during the commissioning of production Line 7 at Carib Brewery, Champs Fleurs yesterday.
Rowley further advised that if this country is to sustain the growth and performance of the nonenergy sector, there must be a resolute determination by both the public and private sector to invest.
“Private sector investment of time and resources to support continued innovation, growth and expansion; complemented by public sector investment and targeted programmes and initiatives will create the strategic partnership necessary for continued progress,” he added.
Stating that the Government views the nonenergy manufacturing sector as a strong and viable driver of economic growth and diversification, Rowley noted that during fiscal 2023, 40 major reinvestments by manufacturers were recorded amounting to TT$1.4 billion and these projects are expected to generate at least 1,000 jobs.
Further, he said Government has also been doing its part to grow and support the manufacturing sector, including investment in economic spaces such as the recently opened 144-acre Phoenix Park Industrial Estate which is almost fully subscribed.
He added that the Dow Village Industrial Park which is adjacent to the Phoenix Park Industrial Estate and comprises 147 acres, is also being developed and will help meet the increased demand by investors for additional space to grow and expand their operations in light manufacturing, logistics, distribution, and related businesses services.
Design works and initial construction services have already commenced and this park is expected to be completed in fiscal 2025. Additionally, Rowley said the Factory Road Industrial Park will be opened in August 2024.