THE Trinidad and Tobago Manufacturers Association (TTMA) yesterday expressed its hope that measures announced by Prime Minister Kamla Persad-Bissessar in her address to the nation on Thursday night will “spur increased growth for manufacturing in 2015 and beyond, as we continue to play our part in diversifying the economy.” “ With the right diversification framework set by the Government, the TTMA is confident that its manufacturing sector will continue its upward trajectory in a sustainable manner,” the TTMA said in a statement. The Association added that it, “expects the Government to follow through on its intention to reduce expenditure, shore up the non-energy sector and diversify the economy.” The TTMA said Persad-Bissessar’s reference to greater business participation in the economy through public private partnerships will redound to the benefit of the country “by creating the framework for growing enterprises in Trinidad and Tobago.” Observing that the non-energy sector has contributed “a robust nine percent of Gross Domestic Product (GDP),” the TTMA was confident that “ with the right diversification framework set by the government,” the manufacturing sector “will continue its upward trajectory in a sustainable manner.” The TTMA welcomed Government’s decision to revise the budgeted oil and gas prices from US$80 per barrel and US$2.75 per mmbtu to US$45 per barrel and US$2.25 respectively. The TTMA also applauded Government’s decision to reduce expenditure on infrastructure (PSIP) projects for which financing have not yet been committed. “We consider this to be a prudent and responsible fiscal measure. Further, we fully support continued investment in long term projects which will generate increased economic activity,” the TTMA said. Saying it supported the philosophy of privatization of certain state owned companies, the TTMA believed that the Government’s intention to divest specific state owned enterprises, namely shares in Phoenix Park Gas Processors Limited through the stock exchange, “ moves our country in the right direction.” The TTMA shared the Prime Minister’s view that “such an initiative will allow for direct participation in the energy sector by the citizens of Trinidad and Tobago.” Observing that lower oil prices will positively impact economies that are net importers of oil, the TTMA called on its members to seek out these economies and capitalize on the available opportunities.
Posted on: Sat, 10 Jan 2015 14:51:17 +0000
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