She said this can be done through dialogue and collaboration and the building of partnerships.
"Without such partnerships there cannot be any meaningful or sustained economic growth. If we are to confront and overcome the challenges that we face as Member States of the Commonwealth and as nations of the world, then partnerships are the order of the day," she declared.
She spoke of the partnership in her governing coalition which represents a broad range of interests. "Thinking in terms of partnerships, has now become for me, something of a habit of mine," she added.
The Prime Minister said the idea of partnerships goes beyond governments and must include the business community, noting that she is trying to do that at home in Trinidad and Tobago.
"We are seeking to forge a wider partnership between government, labour, civil society and business and to strengthen such bonds of partnership. We view this as the way forward for our country and the world," she said.
She said such a policy is a necessity in the context of what is happening in the world today. She said there are two clear alternatives: "either we try to go it alone and we sink or we embrace the opportunity to swim together as partners."
Persad-Bissessar spoke of efforts over the past two years aimed at collaborating, cooperating, and the forming of partnerships between Latin America and the Caribbean region, noting that those efforts have borne fruit.
"We still have a long way to go but I have no doubt that we will continue to make significant progress through the coming years as we develop strategies to ensure mutual sustained growth in the short, medium, and long term.
"Thanks to our geographical location, Trinidad and Tobago provides that crucial link – that veritable bridge as it were – for businesses wishing to enter the Latin American market. We have good relations and are expanding trade with the Dominican Republic, Costa Rica, Panama, Venezuela, Colombia, Chile and Brazil
"I encourage my fellow Member States to capitalize on these existing trade agreements which Trinidad and Tobago has successfully concluded with various other countries within Central and South America."
Persad-Bissessar said also spoke about the first Caribbean Investment Forum (CIF) held in Port of Spain in June through collaboration between the Commonwealth Business Council and the Trinidad & Tobago Ministry of Trade and Industry
The theme of that Forum was “Partnering with Trinidad and Tobago to create a Gateway between the Commonwealth and the Americas”.
"As the Commonwealth’s Chair-in-Office, and as a leader of government, I saw this as a valuable tool and catalyst through which the Commonwealth’s efforts towards achieving necessary and effective partnerships between the public and private sectors," she said.
She noted that her government is not a competitor with the business community but rather a facilitator of business ventures. In that context she said there the government has developed an environment that is enabling, friendly, responsive, and less bureaucratic to new businesses, investors, and entrepreneurs.
And she also spoke about the country's leadership in the energy sector with over 100 years of experience in the oil industry and offered to provide assistance and expertise to all Commonwealth Member States within their oil and gas sectors.
"Trinidad and Tobago has been the largest single supplier of Liquefied Natural Gas to the United States of America – (worth approximately 5 billion dollars) providing two-thirds of all LNG imported to the USA and we are recognized as the fifth (5th) largest exporter of LNG in the world.
"Apart from the USA, we export LNG to other countries such as Canada, the United Kingdom (UK), Argentina, Spain, and South Korea," she said.
The Prime Minister said her government's 2012/2014 Investment Platform on new investments in:
- Traditional Energy
- Downstream Industries
- Alternative and Renewable Energy
- Maritime Economy
- Urban Development
- Infrastructure
- ICT Platforms
- Capital Market Development
- Creative Industries
- Promoting business competitiveness and
- Tourism
"Indeed Trinidad and Tobago – and the rest of the Caribbean region – boasts of a respect for the rule of law, our democratic traditions, for workers, human rights, the environment, and ethical practices.
"All of these, among other things, provide the necessary environment that is conducive to trade and investment opportunities."
Noting that the Commonwealth accounts for one fifth of all world trade Persad-Bissessar said together as an economic bloc and through partnerships the group can and must have a much stronger and larger voice and role on the international stage.
"We must link arms and hold fast in our resolve to treat with, and overcome the global challenges that face us as a Commonwealth family...when we promote trade and investment, the inevitable outcome is shared prosperity," she said.
"Let us then, ladies and gentlemen, be firm in our resolve and commitment to consolidate and solidify our global economic partnerships and create the necessary and critical linkages across key sectors of our economies within the Commonwealth – a re-energized and stronger Commonwealth family – for a bigger, better and brighter future."
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