Lauderhill Vice Mayor Dale Holness reads the title of a book presented to him and Lauderhill Mayor Richard Kaplan (right) and written by Trinidad and Tobago Prime Minister Kamla Persad-Bissessar (second left). Looking on is John Beckford, executive director of the Lauderhill Regional Chamber of Commerce. – Photo by U. Bennett
Trinidad and Tobago Prime Minister Kamla Persad-Bissessar said her country is ready for business and is prepared to build more relationships with the South Florida community. Persad-Bissessar, who was on her first trip to Florida since creating history as the first woman prime minister of Trinidad and Tobago, was addressing political and business leaders at a reception on Monday in Downtown Fort Lauderdale.
The prime minister said her country is “unparalleled in the Caribbean because it strives to be competitive in the global environment.” She said Trinidad and Tobago has a strong economy and stable democracy, a skilled workforce and a vibrant financial system that presents a wealth of opportunities for investors.
Pointing to the twin island republic’s real GDP of eight percent growth over the last decade, Persad-Bissessar said, “Trinidad and Tobago is the destination of choice for the investor.”
Lauderhill Mayor Richard Kaplan, who made brief remarks, said part of every government’s role is to help businesses and at best, not to hinder business growth.
Lauderhill Vice Mayor Dale Holness reiterated that trade is an important part of moving our country forward economically and reminded South Floridians that international trade accounts for one in six jobs in the state.
Trinidad and Tobago’s Minister of Trade and Industry, Stephen Cadiz, said his country would be working to improve agribusiness, which is now less than one percent of the GDP and manufacturing, which makes up about 4.5 percent.
To encourage trade, Cadiz said Trinidad has to reduce the bureaucracy and make the country more business friendly. He said investors should not have to go through five different ministries to get the paperwork they need to do business with Trinidad.
Since the global economic decline, however, the country has seen a three percent decrease in its GDP, but Persad-Bissessar said her administration’s focus is on diversifying the economy, which largely remains energy based. She said that they have to build sectors to replace revenue from the finite energy sources. Currently, Trinidad is looking at, among other industries, steel and renewable energy.
“We are also improving the efficiency of the domestic business environment through the implementation of a single electronic window (that) will speed up approvals and reduce costs by doing business through e-services. We believe that is absolutely essential to quickly facilitate the entry and establishment of new businesses.”
The prime minister pointed to the stark reality of the interconnectedness of the world economies in light of the global economic meltdown, highlighting that the small, and at times, fragile economies of the Caribbean are easily affected.
However, she said, “Our interest is in building a solid public/private partnership as we move forward with our plans for the people of Trinidad and Tobago, as this is integral to our strategy for the development of our country. As we roll out our plans, there is ample room for both domestic capital and international capital. We therefore encourage international capital as a key input into the rebuilding of our economy.”
