As the country awaits the upcoming budget, Ricardo Mohammed, president of the Eastern Business Merchants Association (EBMA) and vice chairman of the Confederation of Regional Business Chambers (CRBC) is recommending a wind energy farm in the eastern seaboard to enhance and expand the renewable energy initiative which can complement the proposed solar energy project at Caroni.
Mohammed in his budget recommendations said the wind energy farm would be a good initiative to reduce the high electricity cost.
He also said consideration should be given to the establishment of a tourism hub along the eastern coast to attract both local and international visitors.
“We need to have benches along all the eastern beaches, proper bathroom facilities, and places to charge phones. Just like Maracas, we can have vendors plying their trade and earning income,” he detailed.
On the infrastructure font, Mohammed said an infrastructure upgrade to the roadway from Sangre Grande to Manzanilla and Manzanilla to Mayaro is urgently needed.
He spoke about the development of a Public /Private Industrial park to create jobs in Agro Processing, Music, Arts and Craft and Manufacturing.
Mohammed noted that for the business sector, low-interest business loans or grants for the Small and medium-sized enterprises (SMEs) sector should be considered, with the payment of VAT returns to the sector on which they bank on.
Consequently, on a matter of cutting costs, Mohammed states the following will help the country:
-Reduction of MP Salaries by 7.5 per cent;
-Reduction of all state company directors, CEOs, and board member’s salaries by 10 per cent, especially those who sit on multiple boards and/or have multiple jobs;
-Stop all allowances on purchases of luxury vehicles, eg Prado for government ministries, regional corporations etc;
-Provisions should be made to enhance the T&T Police Service (TTPS ) with all the equipment required for the ease of doing their job, administrative, technical, and on the field;
-Hiring mechanics to repair TTPS vehicles;
-Review allocation of funds usage by the Ministries and Regional Health Authorities (RHAs) for breakfast, lunch, and dinner meetings to reduce wastage of finances.
He further recommended
Daphne Bartlett, President of the San Fernando Business Association told the Business Guardian that the association is looking forward to the reopening of the refinery.
“It was one of the biggest mistakes made by this administration. We spend $500,000 per month to maintain the closed refinery. This closure has created unemployment in every sector which has led to sharp increases in homelessness and crime among youths. Immediate reopening is advised. We don’t need a buyer. We have very experienced people locally who know the best practice in its operations,” Bartlett stressed.
She urged that the taxpayer’s finances should be handled better as far too often this country pays much more than it should be used for approved contracts.
Bartlett noted that the sugar cane, dairy, and coconut industries should be revived urgently, as it would not only save T&T foreign exchange but would also be a foreign exchange earner from their exports.
Another foreign exchange earner is the tourism sector, which she said is being neglected.
As it pertains to education Bartlett said more attention needs to be paid to the youths, especially with gang violence on the increase.
“Their strengths should be identified, and assistance be given to guide these young minds in the right direction. We have to do better with what we have.”
Rashid Ali, President of the Cunupia Business Association also weighed in and urged the government to allocate more funds to critical areas like education, infrastructure, and healthcare in the upcoming budget.
Ali emphasised the need for improved school facilities, enhanced teacher training, and increased access to educational resources.
He also highlighted the urgent need for road repairs, improved drainage systems, and the development of public spaces.
On the healthcare front, he called for investments in healthcare facilities, preventive care programmes and measures to improve access to healthcare services for all residents.
Ali believes that by prioritising these areas, the Government can significantly improve the quality of life for Cunupia residents and contribute to the region’s overall development.
“By investing in education, infrastructure, and healthcare, the Cunupia Business Chamber aims to create a more vibrant, sustainable, and equitable community. These allocations will not only improve the quality of life for Cunupia residents but also contribute to the region’s economic growth and development,” Ali concluded.
Meanwhile, Angie Jairam, President of the Fyzabad Chamber of Commerce, believes the Government must revise their strategies.
Jairam indicated that in the 2025 budget statement that capital expenditure must be maintained and expanded, as this creates jobs and stimulates economic activity thus fostering economic growth, and the priority was to invest more in the Public Sector Investment Programme (PSIP) for 2024.
She indicated that the Ministry of Finance mentioned that $6.2 Billion was allocated to the PSIP to be distributed between 1,232 programmes and projects and the question to be asked is if Fyzabad and the surrounding communities benefitted from this expenditure.
“How did the PSIP allocation benefit us? It was mentioned that the government was heartened by the projected growth in the real GDP per capita income in 2022, recorded US$16,500 and projected to grow to US$18,400 in 2025. We will have to see what happens.”
Jairam outlined that the media reported there was a decline in the unemployment rate to 3.7 per cent, (the Central Statistical Office (CSO) data) April-June, however, the crimes significantly increased with murders, home invasions, and others, where business and citizens have restricted their normal daily activities and continue to exercise extreme caution in whereabouts.
“In some cases, many businesses are forced to close early in fear of being a crime target.”
She also pointed out that in the 2024 budget presentation, it was said that some of the following critical sectors will receive significant funding for capital expenditures: agriculture, crime and security, education and youth, transportation, roads and bridges, drainage, digital transformation of our economy, sports and community development, healthcare, housing and shelter, trade and investment....amongst others.
“None of the above made any or little impact on the lives of the Fyzabad communities in any real way.
We would like to see in the upcoming budget, four main matters dealt with, such as crime, education, foreign exchange situation, and an economic plan to boost the economy such as in agriculture. As a national priority, the government must place more financial resources in making the National Statistical Institute a reality, as reliable data is needed to formulate policies, and rigorous economic and social problems,” Jairam added.