Tuesday, March 26, 2013

Investor confidence in T&T high; $5B energy investment coming

PM Kamla Persad-Bissessar: "Your Government is working for you! And we shall not stop until you are satisfied."
Prime Minister Kamla Persad-Bissessar said on Monday investor confidence in Trinidad and Tobago is on the rise. And to illustrate the point she announced that a new $5.4 billion methanol to DME plant will soon be built in La Brea.

Speaking at a political meeting at the Carapo R.C. School in Arima, she said on Thursday Cabinet approved the Project Development Agreement for the new petrochemical plant, which involves the Mitsubishi Corporation, Mitsubishi Gas Chemicals and Neal and Massy Limited.

She said the plant, which is to be located at the Labidco Industrial Estate in La Brea, represents Foreign Direct Investment of $US 850 million and would provide 180 permanent jobs. She added that 3,000 jobs would be available during construction, which begins in 2014.

The Prime Minister said this move to diversification of the energy sector is the catalyst for industrial development in the South Western peninsula.

She said the decision by one of the world's biggest financial corporations 
to invest in Trinidad and Tobago "speaks volumes about investor confidence in this country".

She added that it "dove-tails nicely" with plans for the South West peninsula, which includes the re-activation of the South West Soldado oilfield.
"Your Government is working for you! And we shall not stop until you are satisfied," she declared. 

Persad-Bissessar also provided statistics from the Central Bank to show that the economy is on the move and that life for citizens is getting better. She noted that since 2009 poverty has declined by four percent, from 18.9 per cent in 2009 to 14.8 per cent in 2012.

She also stated that the economy grew by 1.5% in the third quarter of 2012 and the Current Account for the country continued to remain strong, with a US$1.8 billion surplus in the third quarter of 2012. That coincided with inflation falling to 5.1 per cent in February 2013.
"The fact is that within two and a half years we have begun the turnaround of this economy which the prophets of gloom and doom want you to ignore," she said. 

"I am happy to report that Trinidad & Tobago is leading the Caribbean in Education, Manufacturing, Construction and our Low rate of unemployment. 

"For this reason, I ask all of you to continue to have faith in the government you voted for and to also have patience as we go about reconstructing the infrastructure in Trinidad and Tobago," Persad-Bissessar stated

She urged her audience and the country to pay attention.

"Since my Government and I took office in 2010, we have started to turn things around. Even though we had to first clean up the mess created by the PNM, through a lack of enforcing cooperate laws which that lead to a $25 Billion financial hole from Clico.
"The PNM want to cast the blame of Clico on us when it is their total lack supervision that caused this country to lose $25 Billion... I want you to think about that for a second. 25 BILLION DOLLARS is half of our national annual budget," she said. 
"Tonight I report to you that the debate as to who can better manage the affairs and assets of Trinidad and Tobago is over.
And that is this People’s Partnership Government, your Government, has proven that we are in fact the best solution for the future of this country! 

"The last thing you want in TT is the return of the opposition.
You voted against them both in the Local and General Elections of 2010. You voted against them because they did not think that your needs were important."

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Jai & Sero

Jai & Sero

Our family at home in Toronto 2008

Our family at home in Toronto 2008
Amit, Heather, Fuzz, Aj, Jiv, Shiva, Rampa, Sero, Jai