geisha.kowlessar@guardian.co.tt
Prime Minister Stuart Young has said this country is expected to rake in billions in foreign direct investment (FDI) in the energy sector in the next three years.
He made the remarks at the opening of the head office of the Special Economic Zones Authority (SEZA) which took place in St Clair yesterday.
As he shot back at detractors who continue to criticise that T&T is not earning any FDI in the energy sector, the PM outlined that from 2016 to 2025, under the PNM administration it attracted US$8.1 billion foreign investment directly into T&T’s in the energy sector.
“That’s $56.7 billion (TT). That is something that, unfortunately, is not spread out there ... So when you hear about there’s no FID, there’s been no FID, quite the contrary.
“In addition to what we’ve done in the non-energy sector, we have ensured US$8.1 billion and I can tell you that, again, as a result of the work that we’ve put in place, you can expect between now and 2028, in addition to that figure, the FDI of US$9.3 billion which is $65 billion in the next three years in the energy sector,” Young outlined.
Young said this “does not include the project that you see everybody focusing on and screaming about” as he made likely reference the now failed Dragon gas deal.
Reiterating that the expected FDI would be significant, the PM said this money would be use not only to keep T&T’s expenditure levels where they are, but also to expand into diversification.
As he spoke further on diversification,Young said “with diversification, it is not mutually exclusive.”
“So there is no need to say, well, we need to diversify away from hydrocarbons, away from oil and gas and that we only need to focus on one sector, on manufacturing or non-oil and gas sector. At this stage of our development in T&T, we can more than walk, chew gum, kick a ball, catch a ball at the same time,” Young said as he lauded the SEZA, saying it marked T&T’s entry into the huge global market.
He added this signalled that T&T is open for business.
Trade Minister Paula Gopee-Scoon who also spoke said the SEZ (Special Economic Zones) regime was but one tool in government’s arsenal to navigate an increasingly unpredictable economic climate, and to chart a course for long-term growth and development.
She added small, medium and large firms can benefit from the SEZ regime, once they meet the required criteria.
“We hope to attract firms in a wide range of sectors, including those in traditional ones like manufacturing, agriculture and agro processing, maritime services, creative industries, financial services, and logistics and distribution, as well as non-traditional areas like, aviation services, information and communications technology, medical tourism services, and renewable energy,” Gopee-Scoon said.
The minister further noted that to date, the SEZ Authority has issued two single zone enterprise licences to firms involved in business process outsourcing (BPOs).
She added two BPOs, which are involved in the health and financial services, represent a total investment of over TT$60 million and will result in over 800 jobs in the upcoming years.
One of them, Carenet Health, officially opened just two days ago.
The minister said there was also a pipeline of 18 applications being processed that would further diversify the SEZ’s portfolio and bring much needed investment and jobs into the country.