Trade and Industry Minister Stephen Cadiz said Wednesday the food and beverage sector will play an important role in Trinidad and Tobago’s drive toward ensuring food security.
Cadiz spoke at the Hyatt hotel in Port of Spain at the opening of a visiting food and beverage trade mission and exhibition from the United Kingdom.
He said the government is committed to further developing the sector to generate revenue and to ensure a sustainable future for citizens.
“We believe that appropriate policy and financial support can solve the problem of food production and significantly increase food security in Trinidad and Tobago,” he said.
He added that as part of efforts to diversify the local economy away oil and gas is ministry has identified the Food and Beverage Industry as a sector with major growth and export potential.
Cadiz said a Food and Beverage Industry Development Committee (FBIDC) has been established to implement a strategic plan for the industry over the longer term.
It comprises personnel from both the public and private sectors, with its mandate including food safety, export market access, value chain analysis and industry competitiveness.
The minister noted that studies have highlighted major economic opportunities created by food and beverage industries, including increased revenues, employment and capital investments.
“Worldwide, the food and beverage industry continues to report consistent growth over the years and has been fairly resilient throughout the recent global economic crisis,” he said.
The value of earnings from that sector globally in 2008 was US$5.7 trillion and it is expected to increase to more than US$7 trillion by 2014, Cadiz said.
He added that in Trinidad and Tobago the industry is considered a “stalwart of the non-energy manufacturing sector” with average growth rate between 2005 and 2009 at 13 per cent. In 2009 there was an increase of eight per cent, he said, with the sector accounting for 52 per cent of GDP for the manufacturing sector.
He said statistics show that about 430 firms are involved in the sector locally, providing jobs for about 11,000 workers.
Cadiz pointed out that a sign of greater significance for the sector is that in developed countries major food companies are revamping their product lines to focus on more nutritional items to cater to the needs of the rising health conscious consumer.
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