The
nation's revenue generating activities are encouraged and facilitated via
Economic Drivers, which designs, implement and review the conditions for
investment, employment and, the resulting, taxation earnings. Economic Drivers
operated on 4.17%
of the nation’s total expenditure, as reported by the office of the Auditor
General 2017 and 3.39% in the 2018 revised estimates,
while estimating 4.53%
for 2019 up by 36.74%, as published by
the Ministry of Finance. These Economic Drivers are administered by the Ministries
of Planning and Development, Energy and
Energy Industries, Foreign and CARICOM Affairs, Labour and Small Enterprise
Development, Tourism, Trade and Industries, Agriculture, Lands and Fisheries.
The resulting, taxation earnings revenue, to offset its total annual
expenditure, comes from the collections of taxes, duties and royalties; taxes
on (personal income) salaries and wages, on (consumption) sales and value
added, on (operations) business levy and green fund, on (corporation) profits,
etc.
Pulling
Policies, Projects and Programmes all together, mapping out the details,
costing and pricing, making it feasible, with a modest initial public sector
investment, starting with essential State Enterprises 100% locally owned, idea
to industry, expanding towards divestment, as an Initial Public Offering in 3-5
years. The Ministry of Planning &
Development, utilizing 13.34%
of the Economic Drivers funding, aims to drive the transformation of the nation
by defining, coordinating & facilitating the implementation of the National
Policy Agenda, concentrated on four main pillars
which are economic development, social development, spatial development and
environmental development, for sustainable development and prosperity
for all stakeholders. Strategies in harmony will each other and built out of
current expenditure.
With
energy and commodities international prices beyond the nation’s control,
extractive industries especially petroleum exporting nations, must focus on
other sectors and industries to generate its foreign earnings. The Ministry of Energy and Energy Industries
(MEEI), utilizing 21.07%
of the Economic Drivers funding, is responsible for monitoring, controlling
and regulating the energy and mineral sectors, developed over the last century
and cannot easily be replaced as the nation’s main earner, but the effort to do
so must start NOW! Not just by investment in renewables but through a mixed of
economic drivers. MEEI, will strengthen commitment to progressing and deepening
technical collaboration between the two countries, Venezuela and Trinidad and Tobago, in a number of areas including
Reservoir Unitization; Joint Field Exploration and Development; the sharing of
Infrastructure for Hydrocarbon production and monetization; and coordinated
environmental protection and emergency response.
The Ministry also invites proposals, via Build Own Operate Transfer
(BOOT), for Renewable and Waste-to-Energy.
Tracking
each and every trade and service with prudent useful feedback to guide
improvements and efficiencies, protecting the nation’s brand and engaging the
nation’s icons, all to disseminate, negotiate and contract new markets. The
foreign policy of the nation is pursued, utilizing 10.46% of the Economic Drivers budget,
through the activities of the Ministry
of Foreign and CARICOM Affairs’ Headquarters, its Missions and its Honorary
Consuls. The Ministry aims to expand and intensify the country’s relations
through bilateral and multilateral initiatives by seeking environments that are
conducive to trade, tourism and investment for the nation.
Utilizing
unskilled workers, organized into training units, subsidizing the cost, linked
to leadership, given progressive tasks to produce, and compete for export markets.
The Ministry of Labor and Small Enterprises Development, utilizing 14.75% of the Economic
Drivers funding, must structure programs
to provide harmonious relationships between employers and employees while,
incubating numerous qualified Small Enterprises for expansion grants, aimed at
building enterprises, which can earner foreign currency from exportable labour
and subsequently, pay taxes.
The
brand itself, in partnership with all service providers; National Icons, Pan
Musicians, Designers, etc., is a continuous invitation to visit the nation’s
Carnival, ecological, environmental, event and medical recuperation tourism.
The Ministry of Tourism, utilizing 3.18% of the Economic
Drivers funding, will develop sub-sectors policies to guide the development of
various tourism niches.
Incentivizing
vertical integration in manufacturing, utilizing cheap energy as a competitive
advantage, to process mostly local raw materials into cross sector inputs, such
as; fertilizers. Encouraging the construction of green houses, due to the
effects of climate change, for kitchen gardens or farms to manage year-round
production, operate bulk purchasing programs to manage quality grading and
distribute a Single Brand for export to contracted and approved resellers. The Ministry of Trade & Industries, utilizing
6.30% of the
Economic Drivers budget, must continue to promote the nation as an Investment
hub; through its ease of doing business programs, and through Trade Missions
and Export incentives to penetrate and access new markets for the nation’s
(Goods & Services) products.
On
the production side, using the best technology, the most efficient process and
every available land space, much can be done to meet market demands, for
example; Cocoa and Seasoning for export, Chickens and Egg hatcheries for domestic,
Waste to Bio-Gas. The Ministry of
Agriculture, Lands and Fisheries, utilizing 30.90% of the Economic Drivers budget, must focus
on desperately needed tax credits, land regularization and production leases, a
crime (larceny) prevention plan and borrowing incentives to simply meet the
demand of the local market and offer national food security.
Rationale
T.A.J
& Associates Company Limited
uses this occasion to comment on topics that have been covered, both academically
and by the mainstream media, to add its opinion and point out investment
opportunity, not to invoke any social action.
