Unemployment in T&T at 3.5%: Tewarie

Dr Bhoe Tewarie (Guardian Photo)

The national unemployment rate in Trinidad and Tobago is 3.5 per cent - the lowest it has ever been. And that's because of the efforts of the government and the private sector.

Planning Minister Dr Bhoe Tewarie disclosed that Thursday at a forum on Driving Innovation Forward at the Arthur Lok Jack Graduate School of Business, Mt Hope. 

 

He also provided statistics in education. "The participation rate of in tertiary education is 57 per cent and we want to increase that to 60 per cent by next year. Our graduation rate is 38 per cent. In 2013 we generated 2,200 new businesses,” he said. 

 

"Development is taking place,” he said but advised that for development to continue, certain conditions must exist. 

 

“What is required for development are entrepreneurial experience, technical competence, the absorption of technology and the ability to generate new ideas and businesses through technology. We need to think of what we need to achieve the per capita income required and grow the Gross Domestic Product (GDP),” the minister said.

Tewarie cited is bureaucracy as the country's main problems. He compared T&T to China.

“China has 1.3 billion people with a large production base, while T&T has 1.3 million people. We are a small country. The question does arise about small size and competitiveness. Geographical size has not limited Luxembourg. T&T has close proximity to the US and Canadian markets and historic ties with Europe,” he said. 

 

He said countries need to work together. "The truth is the world is changing. Countries are trading and investing more and more with what is being described as their neighbourhood.

“That is why we must do trade with the countries around us. The Caricom market has become a limited market for us yet we have not engaged fully with the countries of Central America and South America as we should,” Tewarie said. 

(source: Business Guardian)