MTI ColumnPublished January 2005 | |
Government Initiatives For New Industrial DevelopmentGOVERNMENT'S VISION FOR THE transformation of Trinidad & Tobago into a developed country - its Vision 2020 Programme - has at its heart the improvement of the quality of life and standard of living of every citizen of this country. Every facet of national life will be impacted by the changes and initiatives necessary to bring about the 'Vision 2020 reality', and such an exercise will call for a major re-orienting of thinking and attitudes, ways of doing business, and indeed, the productive sectors that generate economic benefits. Industrial development within the non-petroleum sector has emerged as one of the factors critical to the achievement of Vision 2020. In May 2003, the Government established the Standing Committee on Business Development (SCBD), chaired by Prime Minister, the Honourable Patrick Manning. The Standing Committee serves as an advisory committee to Cabinet, and its main focus is to address the development of key industries in the non-petroleum sector. In addition to Government officials, the SCBD comprises key persons responsible for business growth and development in the private sector - representing a perfect marriage of the public and private sector. The Ministry of Trade and Industry provides technical and administrative support to the Committee. Identification of Priority Industries The Standing Committee has targeted the following seven (7) industries for growth and development: 1. Yachting 2. Fish and Fish Processing 3. Merchant Marine 4. Music and Entertainment 5. Film 6. Printing and Packaging 7. Food and Beverage Development Teams were established for each of the targeted industries. Each Team comprises a mix of public and private sector representatives, and is responsible for preparing a Strategic Plan for the development of their respective industry over the medium term. These Plans are developed in consultation with stakeholders both at the executive and industry level, thus ensuring that invaluable input is obtained at the earliest stage of the planning process. These development initiatives - the Standing Committee and the Industry Development Teams -are designed to re-ignite growth in the Non-Petroleum sectors to facilitate long term, sustainable economic development of our country, and reduce our economic dependence on the Energy sector as the major source of revenue generation. Yachting During the last decade, the Yachting Industry in Trinidad & Tobago has shown tremendous potential for growth and revenue generation. Between 1990 and the year 2000, yacht arrivals increased over 400%, from 637 to 3,249. This industry has the potential to generate revenues of TT$123 million to TT$154 million annually. Most importantly, Trinidad & Tobago's location outside of the hurricane belt is a major competitive edge over our CARICOM neighbours. In addition, we have now emerged as the yacht repair centre of the Caribbean. Fish and Fish Processing The Fishing Industry earns on average TT$62 million in export revenue annually, and remains a vital sector of the Trinidad & Tobago economy. It continues to supplement the growing demand for seafood locally, and provides an important employment opportunity for many of our citizens, particularly in rural communities. Government believes that the local Fishing Industry can evolve into a competitive, sustainable and profitable in the future, one which is inclusive, equitable and supportive of the local fishing communities. While the industry is yet to realize its full potential, its strategic, economic and social significance require that it be given priority, hence its inclusion on the list of industries receiving special attention from the Standing Committee. Merchant Marine Our strategic geographic location between North and South America, and our robust economic performance both in the energy and non-energy sectors, give Trinidad and Tobago a good foundation on which to become a major player in the global shipping trade. In the past, this country's ports have won regional awards for service excellence. Even more recently, Government has initiated plans to develop a maritime faculty at the campus of the new University of Trinidad & Tobago. As this country continues to make investments in the development of our ports and human resource, the focus will be on joint venture partnerships and strategic alliances to develop additional areas of the maritime cluster, such as Ship Building and Repair, Bunkering Services, Marine Environmental Services, Ancillary Legal, Financial and IT Services. Music and Entertainment The local Entertainment Industry is mainly service oriented and covers Music (including Pan), Drama, Dance, the Arts, and Festivals such as Carnival - each component complementing and supporting the other. Traditionally, Trinidad and Tobago is a nation rich with talent in these creative industries, which have served as an effective means of poverty alleviation and employment generation for many. The Music Industry alone has over 7,000 employees, and generates some US$50 million in direct and indirect earnings. The Entertainment Industry has also displayed significant export potential, as seen by the proliferation of Trinidad-style Carnivals around the world, and the introduction of Pan in countries such as Japan. This country has yet to maximize on the benefits to be derived by further developing its Entertainment Industry. The Standing Committee on Business Development and the Entertainment Industry Team intend to change this. Film Trinidad & Tobago' Film Industry is roughly 50 years old, and includes Television, Film and Video. This industry plays a major role in the country's economic and social development, not only because of its revenue generating potential, but also because of the powerful influence Television and Film have shaping the cultural values and social norms of a nation. Films and documentaries shot on location can serve as a potent strategy for increasing awareness of the country as a destination for tourism and investment. Overall, the Film Industry can complement and assist the further development of the Entertainment Industry, given that Film is a component of the Entertainment Sector. Printing and Packaging The Printing and Packaging Industry in Trinidad is currently at a mature stage of development. It is a highly competitive, technical and capital-intensive, with more than 200 firms operating in the printing sector, and over 25 firms in the packaging sector. Printing has been revolutionized through digitisation and through the dominance of computers at every stage of the print production process. On the Packaging side of the equation, the Plastics Sector focuses primarily on import substitution, supplying the market with low price and low margin goods. The Printing and Packaging Industry is working to overcome the threats of globalisation and trade liberalization in order to capture niche markets and reap economies of scale. The Food and Beverage Industry This industry is perhaps one of the most competitive and successful sectors in the Non-Petroleum arena. Businesses operating in this sub-sector range from Meat Processors to Candy Manufacturers, to Brewers of alcoholic drinks. The Standing Committee hopes to take this sector to the next stage of industrial development, enabling industry leaders and potential leaders to become international champions, while at the same time assisting the smaller, newly developing stakeholders to meet international standards for competitiveness and efficiency. Those companies that choose to move out of the Manufacturing Sector will be given the necessary support and guidance towards alternative business opportunities in new and emerging sectors. ? This article is part of the public education program of the Ministry of Trade and Industry. Please send feedback and requests for further information on this topic to: industryteams@tradeind.gov.tt | |
For further information, contact: Corporate Communications Specialist Ministry of Trade & Industry |
