Questions about the investment on summit

Prime Minister Patrick Manning has been singing the praises of next month's Summit of The Americas in Port of Spain, which will be attended by U.S. President Barack Obama. But not everybody is convinced that conference will bring great financial benefits.

But at least one economist and a prominent labour leader have an opposing view.

David Abdulah, president of the Federation of Independent Trade Unions (Fitun) believes that contrary to what manning is telling the population Trinidad and Tobago would not see any major inflow of foreign investment "because we have to remember the rest of the world is still going through a major money crisis".

Abdullah told the Trinidad Express there is a paralysis of the markets "in terms of lending and many businesses and firms are reluctant to invest."

He said many countries are are too preoccupied with their own national problems caused by the global slowdown and doubts Trinidad and Tobago would see significant returns on the $630 million it is spending to host the summit and the Commonwealth Heads of Governments Conference in November.

Economist Jwala Rambaran told the Express the government has so far failed to show the population "any measurable examples" of how the summit makes financial sense at a time of economic hardship. And he contradicted the government's optimism by saying that such mega events do not necessarily bring significant returns to the host country.

Rambaran suggested that the government's priorities are wrong noting that it is going on a splurge spending tens of millions of dollars to host world leaders for a few days while the government, by its own admission, can't find money to build any new schools.

But the Downtown Owners and Merchants Association and the Bankers' Association believe there are going to be positive economic developments once the delegates go home. Catherine Kumar of the Bankers Association believes the country needs to see the expenditure as an investment, despite the downturn.

Both organizations are concerned about the problems the public will face if because of the heightened security. With the U.S. president being one of the leaders attending the Americans will insist of their own high level of security in additional to what's already in place for the other leaders.

So far officials have confirmed that some major streets in the capital will be closed off to all patrons who do not have official "accreditation to be in the area" and the port would be shut down for a few days.

DOMA President Gregory Aboud acknowledges that security must be a priority but believes that officials can make alternative arrangements to accommodate traffic and ease problems for people living and working in the immediate surroundings of the conference centre on Wrightson road.