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TTMA head: Businesses need to be competitive
Manufacturing support by the Government and its agencies is critical for the growth in the non-energy industry says president of the Trinidad and Tobago Manufacturers’ Association (TTMA) Christopher Alcazar.
He also made reference to Minister of Trade, Paula Gopee-Scoon’s initiative in this area.
“This pronouncement was further given life by the Minister of Trade’s articulation for the roll out of such a framework in January 2018. This initiative, coupled with the facility to be created at EXIM Bank, which allows for easier access by manufacturers/exporters for foreign exchange will serve as a catalyst for growing the non-energy sector in the country and the business community eagerly anticipates the operationalisation of these initiatives.”
This is according to a media release from the TTMA on the rebranding of exporTT’s head office on Charlotte Street, Port-of-Spain,
Alcazar recognised that allowances by themselves will not create competitiveness. He cited that other supporting initiatives may need to be explored including the realignment of the exchange rate and the need for the business community to recognise and take ownership of its role in building effective and optimal enterprises.
He explained that businesses cannot continue to operate as they would have in the past stating that: “We are living in a ‘new normal’ environment and so it is imperative this ‘new normal’ takes into account minimising waste, optimising production techniques and investing in research and development, which will allow firms to be on the frontier of production.
Most importantly, these will push businesses to harness the most precious resource of the business, its human resources.”
Alcazar also said that businesses, in today’s globalised environment, needed to be competitive, and that this ultimately means creation of a great product at a great price.
He, however, stressed that all hands are needed to be on deck to make this happen at a macro level.
“Firms, especially the SMEs of the country, would benefit from the export allowance as it assists to mitigate the risks associated with the respective investments of expanding businesses and trying to enter new markets.”
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