PM Kamla praises India's economic performance, tells business leaders T&T is open for business

Edited speech given on Friday by Prime Minister Kamla Persad-Bissessar at a luncheon with leading Indian businesses - FICCI, CII AND ASSOCHAM

No nation that is aggressively moving to develop its economy to the benefit of its citizens can overlook the promise of India. 


India is one of the world's fastest growing major economies with robust foreign exchange reserves, positive financial sector reforms and a liberalised investment regime, which provides impetus to India's trade. 

Since opening up to the world in 1991, India has recorded one of the fastest growth rates in the world and your economy is one of the few to have weathered the recent global financial crisis.

With our historic links and the excellent diplomatic and cultural ties long enjoyed between our two countries, my Government believes that India is one of the emerging markets, which offers Trinidad and Tobago the potential for technical co-operation and direct foreign investment, through public and private sector partnerships.

Indeed we have titled the Trade Mission component of this visit, Trinidad and Tobago “India 2012: Partnering for Diversification, Innovation and Investment.”

Upon assuming office in May 2010 my Government immediately put into effect a framework for sustainable development built upon seven interconnected Development Pillars, intended to ensure prosperity for all citizens of our country.

Accordingly our Development Pillars are:

1. People-centred development in which the focus is on lifelong learning, skills building, institutional strengthening and the building of a competitive economy 
2. Poverty eradication and social justice which seeks to close the divide between the rich and the poor and eradicating what is often termed as abject poverty 
3. National and personal security where we will focus on human security and the establishment of a regime of peace, security and prosperity on a sustainable basis for Trinidad and Tobago 
4. Information and communication technologies (ICTs) since this is fundamental to the development of every modern, progressive society 
5. A more diversified, knowledge-intensive economy, which is needed in a world in which innovation is the decisive competitive advantage. Human initiative and creative capacity represent an enormous asset 
6. Good governance that will enhance democratic processes by strengthening existing institutions and by establishing new institutions or appropriate infrastructure to support accountability, transparency, consultation, participation and consensus-building and more meaningful representation. Emphasis will also be placed on restructuring existing government delivery systems to make our government more responsive to the needs of the people 
7. Foreign policy through which we secure our place in the World. We are one of 84 countries in the world with a population size below three million and it is imperative that we structure our foreign policy to support and advance our objectives which are inclusive of sustainable national development, progress, peace and security 

We see the international arena and the world system as a space of opportunity to build partnerships, to leverage resources and to influence the direction of decision-making regionally and globally.

Partnering with India offers great potential for the advancement of key sectors within our economy.

Currently India is Trinidad and Tobago's fourth largest source of investment. We are already host to some major Indian businesses such as the New India Assurance Company, the Arcelor Mittal Steel Plant and more recently the Intercommercial Bank Limited and Bank of Baroda.

When we looked at the steady growth of the Indian economy and the sectors in which you were leading through innovation and research, my Government identified several areas within our economy, which may benefit from public and private partnerships with the Republic of India.

These areas include the fashion, film and animation industries, agricultural research, ICT content development, the maritime industry, renewable energy; science, education and medicine.

We do envision mutually beneficial arrangements as Trinidad and Tobago also has much to offer to India, in spite of our small size.

Trinidad and Tobago is perfectly positioned as an investor location for Indian companies that are looking to serve the Caribbean and Latin America.

We offer easy access to the Indian Diaspora in North America and Europe.

As well, our strategic geographic location between North, Central and South America will allow for the maximisation of efficiencies for investment, finance, manufacturing and transshipment.

In addition we have extended a visa waiver facility to Indian citizens for a period of 90 days in a move designed to enhance and encourage business and tourism links between the two countries.

We have a highly skilled and literate work force. We have some of the most cost-competitive rates for ICT enabled services in our Region

We have 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!

I invite you to speak freely and candidly with the members of my delegation. Our team of experts is willing and able to address your queries and concerns.

We value and welcome your input and look forward to developing with you new avenues for wealth creation in both our countries.