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| Prime Minister Kamla Persad-Bissessar greets Dr. Mohan Kaul, Director General of the Commonwealth Buisness Council. At left are Ministers of Trade and Industry Stephen Cadiz and Foreign Affairs Dr. Surujrattan Rambachan. |
The initiative has resonated well with blue chip business executives attending a major Commonwealth conference here.
Persad-Bissessar heralded Trinidad and Tobago as “a case example (of) what a small Commonwealth country can achieve.”
Minister of Foreign Affairs Dr. Suruj Rambachan and Trade and Industry Minister Stephen Cadiz said the country has all the attributes to attract international investments.
The Prime Minister and her ministers spoke Wednesday at the Economic Partnership Forum, a conference presented by the Commonwealth Business Council (CBC).
Persad-Bissessar delivered a 30-minute feature address at the event, held at the Guild Hall, a structure with first century architecture and 13th century crypts in a chic area of the British capital.
As chair-in-office of the Commonwealth, she was the guest of honour. She told the executives that T&T is promoting prosperity, facilitating innovation, creating wealth and practising democratic governance.
“We in Trinidad and Tobago fully believe in and support free enterprise,” the Prime Minister stated. She listed the benefits of investing in the country.
They include, she said, a “strong and stable democracy”, skilled workforce, a vibrant financial system, duty exemption, tax free holidays, a one-stop approval office “and our strategic location as a central transhipment hub in the western hemisphere.”
All of these factors permitted T&T to enjoy an 8 per cent Gross Domestic Product growth over the past decade, Ms. Persad-Bissessar said.
She said her government has begun to source new marketing and development opportunities, adding: “We continually strive to be competitive in the global environment.”
She pointed to the range of international investors in T&T, saying they have demonstrated confidence in the country’s economic and political fortunes and prospects.
The Prime Minister stated that T&T looks forward to more investments, especially “in the areas of tourism, high value manufacturing, agriculture, ship building and repair, fashion, film and entertainment, as well as the establishment of an international business centre.”
She noted that Trinidad and Tobago, as part of Caricom, is negotiating a trade and development agreement with Canada.
Persad-Bissessar said it was important that business interests have a corporate social responsibility.
This is even more desirable in the Commonwealth, she stated, “where countries have been exploited for their natural resources but have remained poor.”
She stressed: “The exploitative culture of doing business that was characteristic of the colonial era must be replaced by a culture of mutual interest and value-adding.
“The cocoa from Trinidad and Tobago or from Ghana must be sold as chocolates made in T&T and Ghana.
“The coffee of Jamaica must be sold, not as beans, but as processed coffee from Jamaica.”
In an afternoon session, Dr. Rambachan participated in a panel discussion on leveraging the Commonwealth.
Fellow participants included Professor Paul Sutton, Chairman of British-Caribbean Chamber of Commerce.
Speaking during the opening ceremony, Lord Howell of Guilford, noted the growth of the economies of many developing countries.
A challenge facing Britain, he said is: “How do we muscle into the new scene?”
CBC’s Director General Dr. Mohan Kaul also addressed the conference. Senior international business leaders took part in the day-long meeting.
-Ken Ali reporting
(Read the PM's full speech)
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