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| Prime Minister Kamla Persad-Bissessar with President of the Panama, Ricardo Martinelli Berrocal, Panama’s ambassador to T&T, Arline Gonzalez Costa at the Caribbean Investment Forum at the Hilton |
The event will be followed later in the week by the 13th Annual Trade and Investment Convention.
Both events are aimed at creating the atmosphere for participants to see Trinidad & Tobago as the hub for business between the Commonwealth and the Americas by bringing together key industry specialists and innovators.
A special guest at the CIF is Panamanian President Ricardo Alberto Martinelli Berrocal, who was specially invited by the Prime Minister. Also represented at CIF is the giant Brazlian construction firm OAS Construtora.
A special guest at the CIF is Panamanian President Ricardo Alberto Martinelli Berrocal, who was specially invited by the Prime Minister. Also represented at CIF is the giant Brazlian construction firm OAS Construtora.
The firm is currently operating in Trinidad & Tobago as the main contractor on the Golconda to Point Fortin highway.
Speaking about her recent visit to Panama, Persad-Bissessar reminded her audience that during that trip T&T signed a Memorandum of Understanding (MOU) establishing co-operation in the Energy Sector with Panama. That visit also formalized a Partial Scope Trade Agreement, which had been over six months in the making, she said.
"I am extremely pleased that His Excellency accepted my invitation to both events," The Prime Minister said.
"Following my attendance at the Sixth Summit of the Americas last month in Colombia, I met with President Berrocal in Panama City at which time we discussed the advancing of the CARICOM-Latin America trade Agenda.
"Today, we have been privileged to hear from President Berrocal, first hand, about his plans for his country and the benefits which will be derived from the strengthening of trade relations between our two countries and the wider Caribbean," Persad-Bissessar said.
Speaking about her recent visit to Panama, Persad-Bissessar reminded her audience that during that trip T&T signed a Memorandum of Understanding (MOU) establishing co-operation in the Energy Sector with Panama. That visit also formalized a Partial Scope Trade Agreement, which had been over six months in the making, she said.
"I am extremely pleased that His Excellency accepted my invitation to both events," The Prime Minister said.
"Following my attendance at the Sixth Summit of the Americas last month in Colombia, I met with President Berrocal in Panama City at which time we discussed the advancing of the CARICOM-Latin America trade Agenda.
"Today, we have been privileged to hear from President Berrocal, first hand, about his plans for his country and the benefits which will be derived from the strengthening of trade relations between our two countries and the wider Caribbean," Persad-Bissessar said.
She also spoke of comments made recently by Stephen King, the Group Chief Economist of the Hongkong and Shanghai Banking Corporation (HSBC) who noted the need for countries to work together because "pretending that countries can somehow ‘go it alone’ is no longer tenable".
She added, "Mr King further asserted, “We trade with each other, we invest in each other and we employ each other’s workers”, which ultimately makes national borders – taken from an economic standpoint – a lot more penetrable than they used to be...
She added, "Mr King further asserted, “We trade with each other, we invest in each other and we employ each other’s workers”, which ultimately makes national borders – taken from an economic standpoint – a lot more penetrable than they used to be...
"To pursue an archaic philosophy of isolationism is counter-productive, ill-advised and detrimental to any country intent on sustained economic expansion.
"Last month at the Sixth Summit of the Americas in Colombia, the Heads of State and Government present, acknowledged the need to put aside long silences among and between nations if we are to achieve short and long term benefits, as well as strengthen integration and convergence of interests in the Region.
"As “Partners for Prosperity”, the nations of the Americas must connect in unprecedented ways, perhaps now more than ever, in our aim for development and prosperity.
"Our Caribbean Investment Forum is focused on opening up the Caribbean to the World; accessing the World through the Caribbean and candidly discussing targeted sectors with the potential to drive profitability and maximize sustainability," the Prime Minister said.
"With particular reference to Trinidad and Tobago, as you know in matters of trade and the ultimate prosperity of our nation, we have embarked on a robust strategy of diversification.
"My Government remains committed and determined to move away from our dependence on the energy sector.
"We must actively continue to prepare ourselves for a future without or with reduced energy reserves.
"Of course, we do recognise that energy revenues may continue to dominate our economy for many years to come.
"But with the maturity and wisdom which comes from a Nation about to celebrate 50 years of Independence; we also understand that we must allow other business sectors to flourish, thereby increasing the range of skills and services we can offer to new markets.
"That being said, Government, through the Ministry of Trade and Industry has established invest, our national investment promotion agency, whose mandate is to grow Trinidad and Tobago’s non-oil and gas sectors significantly and sustainably.
"InvesTT is an important corollary in support of the marketing thrust which remains a key element during any overseas State Visit which I undertake, or when my Ministers and I participate in Ministerial or Head of Government meetings...
"My Government is ensuring that Trinidad and Tobago creates more space for itself on the world stage, while remaining attentive to our commitments as part of CARICOM.
"How we actualize the goal of diversification unfolds along two interrelated paths: Economic Diversification and Market Diversification
"This Forum, for example, underscores our move towards greater Economic Diversification.
"Over the next two days we will take a frank look at the investment opportunities and expansion possibilities in areas such as Maritime Services, Creative Industries, ICTs, Agri-Business and Renewable Energy.
"Drawing on the experience and expertise of local and international entrepreneurs and scholars; CIF delegates can explore issues of marketability and financing, with a view to increasing company profitability and collectively strengthening the economic output of the Region.
"Market Diversification, ladies and gentlemen, is where we make our push into non-traditional and emerging markets such as those of Latin America and the BRICS – Brazil, Russia, India, China and South Africa - enabling us to look beyond the United States and Europe.
"But we must build our capacity in new sectors, which will allow competitive entry into these new markets...Trinidad and Tobago is perfectly positioned as an investor location for companies that are looking to serve the Caribbean and Latin America.
"Our strategic geographic location between North, Central and South America will allow for the maximization of efficiencies for investment, finance, manufacturing and transhipment.
"We have a highly skilled and literate work force, a favourable investment environment and we have one of the highest growth rates and level of per capita income in the Region.
"We are open for business…your business!"
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