News from the previous period
The Ministry of Energy and Energy Industries (MEEI), along with its responsibility for the strategic development of the energy and mineral sectors, monitors and reports on; crude oil & condensate production, drilling, completions and workovers, natural gas production and utilization, crude oil - imports, exports and refining, natural gas processing and petrochemicals. The Ministry re-launched the reconstituted Permanent Local Content Committee with a mandate; to continually and closely monitor activities in the energy sector to ensure that all projects include opportunities for the development of the expertise of nationals and maximizes the level of local content and local participation. MEEI constantly conducts extensive onshore and offshore surveillance of the entire nation seeking early detection of oil spills.
The Ministry of Agriculture, Lands and Fisheries was reunited to create the appropriate structure in which policies and services could be delivered and focus on good governance and in particular the work of the Agriculture Development Bank (ADB), NAMDEVCO, the Praedial Larceny Squad and all the ministry’s agencies have a clear mandate and are held accountable. The Ministry, based on dialogue with and recommendation by the local livestock farmers and industry experts, will implement an embryo transfer programme to assist with the improvement of local breeding stock. In other related news affecting the fishing industry, samples from various species of fish from the South and northwest peninsula of the nation have been sent to the US Food and Drug Administration (FDA) laboratory for testing on toxins.
The Ministry of Labour and Small Enterprise Development (MOLSED), along with its primary objective for the continuous encouragement of a sustainable, productive, and stable industrial relations climate in the nation for employees, employers and entrepreneurs. The Ministry pledges to developing the Friendly Societies movement, hosted numerous meetings with unions and the other business associations to forge relations, met with stakeholders of the Credit Union and Co-operative Societies to advance policies and facilitated discussions on the layoff of hundreds of contract employees at the Arcelor Mittal Steel Company, to ensure that this never happens again. The Ministry launched the Domestic Workers Register Campaign and a nationwide sensitization campaign to raise awareness amongst workers and employers on the increase in the national minimum wage and the related benefits and entitlements. The Ministry’s programme Enterprise Investment Fund (EIF) provides funding to well structured, innovative business support programmes targeting the Micro and Small Enterprise and Co-operatives (MSEC) Sectors.
The Ministry of Planning and Development, focused on national development based upon a framework for economic, social and environmental progress reinforced by the work of its technical and supporting units, launched CARIRI’s CARISupport, a one of a kind helpdesk meant to provide quality ICT support to Micro Small and Medium Sized Enterprises (MSMEs) that do not have full access to this in-house. The Ministry’s Town and Country Planning Division observed a developing pattern to convert residential homes into homes for the elderly and intervened to set policies. The Environmental Management Authority EMA is constantly call upon to identify the source of oil discharged. The Central Statistical Office (CSO) announced the release of the Labour Force Bulletin and the release of the monthly Index of Retail Prices.
The Ministry of Foreign and CARICOM Affairs, the nation’s eco-socioeconomic relations with foreign governments, regional and international organizations, through negotiations and monitoring of the relevant agreements and treaties, comprises its missions and consuls abroad and locally based foreign representatives. The Ministry received numerous diplomats and many representatives presented credentials abroad. The Ministry announced the appointment of two new High Commissioners to head Trinidad and Tobago’s Missions in Canada and Jamaica. The Ministry hosted discussions, focused on developing the bilateral relationship between the Republic of Trinidad and Tobago and the Kingdom of Saudi Arabia. The ministry facilitated its Prime Minister at the United Nations General Assembly.
The Ministry of Trade and Industries (MTI) is leading the drive to position Trinidad and Tobago as a manufacturing base, and the business, trade, and financial hub of the Americas. MTI agency FashionTT, in collaboration with the National Entrepreneurship Development Company Limited (NEDCO), awarded certificates to the first cohort of graduates of its Entrepreneurial Development Programme. The Ministry launched its new trade policy document detailing the government’s vision for trade, as well as, introduces new elements focused on green industries, the services sector and trade development in Tobago. MTI has as part of its mandate to ensure fair pricing in the marketplace through its Consumer Affairs Division (CAD). The Ministry is responsible for attracting inward investment especially in the non-energy sector and creating an enabling environment to retain such investment.
The Ministry of Tourism serves as a catalyst to help make the nation a premier tourist destination. The Ministry’s data collection effort is the Tourism Baseline Survey Project. The survey consists of two (2) major components - international visitor expenditure data collection and primary tourism business data collection. The Ministry divided its international promotion activities amount two boards. The Tourism Trinidad Destination Management Company Limited which, focuses on attracting Business and Conferences, While Tourism Tobago is to concentrate on the traditional tourist products.
Within this current period
The Ministry of Energy and Energy Industries (MEEI), utilizing 24.14% of the Economic Drivers funding, is well advance with negotiations and implementation to access a sustained and sufficient supply coming from the Venezuelan fields, upon a solution to their internal crisis, which will be processed in Trinidad and Tobago, and offer supply of an export product into our current and other markets, helping to supply the Caribbean with natural gas. MEEI is also in the process of finalizing the sale of the old Mothball PETROTRIN refinery.
The Ministry of Agriculture, Lands and Fisheries, utilizing 28.19% of the Economic Drivers budget and with access to numerous tax-free concessions, hosted discussions between Trinidad & Tobago and Venezuela focused on the areas of fishing and maritime concerns of mutual relevance to both countries. This ministry must also focus on land leases and exportable prestige products to earn foreign exchange, to offset the very large importation of basic food bills.
The Ministry of Labour and Small Enterprise Development, utilizing 16.89% of the Economic Drivers funding, will undertake a National Manpower Audit and give consideration to the Labour Economic Alternative Plan (LEAP), the prioritization of labour legislation, representation on state boards and the issue of back-pay. The Co-operative Development Division of the Ministry of launched its Co-operative Agribusiness Networking Exercise (C.A.N.E.) to develop co-operatives in the agricultural sectors to address the issues of poverty alleviation, employment creation and the empowerment of vulnerable groups.
The Ministry of Planning and Development, utilizing 11.26% of the Economic Drivers funding, is participating in the Global Environment Facility (GEF) funded Regional Project 'to reduce Persistent Organic Pollutants (POPs) and Integrating Water, Land and Ecosystems Management in Caribbean Small Island Developing States'. The Ministry has also gotten Cabinet approval to launch a National Protected Areas Systems Plan, proposing to protect approximately 20,000 square kilometres of protected land and marine space in the nation. The Ministry is also receiving technical support from the European Union (EU) under the "Technical Assistance to the Environment Programme.
The Ministry of Foreign and CARICOM Affairs, utilizing 10.14% of the Economic Drivers budget, must execute foreign policy accordingly seeking to maintain, develop or enhance relations with strategic countries at the bilateral, regional and multilateral levels and to participate actively in the multilateral arena: (The United Nations, its Specialized Agencies; the Non-aligned Movement; the Group of' 77; the Commonwealth; the Organization of American States; the African, Pacific and Caribbean Group of states (ACP); World Trade Organization (WTO), etc.). The Registration System for Nationals Abroad (RSNA) is a free service provided by the Ministry for nationals travelling overseas or living abroad.
The Ministry of Trade and Industries (MTI), utilizing 5.76% of the Economic Drivers budget, is engaged in the Strengthening of the Single Electronic Window for Trade and Business via an Inter-American Development Bank Loan. The Ministry’s Business Development Directorate point to clusters in the Creative Industries; Film, Fashion and Music, in the Maritime Sector; Commercial and Yachting, etc.
The Ministry of Tourism, utilizing 3.61% of the Economic Drivers funding, attended the World Tourism Cities Federation (WTCF) Fragrant Hills Tourism Summit, which took place in Qingdao, China. The Ministry continued its data collection initiative with the recent launch of the business data component of the Tourism Baseline Survey project, met with many of T&T soca stars regarding brand promotion, and hopes to welcome as lease manages both Apple Leisure Group Inc. of the Magdalena Hotel and Sunwing Travel Group of the Turtle Beach Hotel in Tobago.
Looking forward
The nation’s Economic Drivers are mandated and empowered to diversify the economy and balance revenue resulting from Energy, Agriculture, Trade and Tourism, while attracting investment and creating jobs with the necessary support from strategic planning and international relations.
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.
