Region needs its own to invest, says Sir Allan
Wednesday June 15 2011 | 05:44 AM

Caribbean people must invest more in their countries to make them more attractive for global investors. That’s the advice from Sir Allan Fields, chairman of the Commonwealth Business Council, at the launch of the two day Caribbean Investment Forum at the Hilton, Trinidad.

Local investment, he said, is one of the means of restoring confidence in the region. In his view, the region needs re-branding as it cannot be sold as just sun, and sea alone. It’s this position, said Prime Minister Kamla Persad-Bissessar, that led to the conference being titled Caribbean Investment Forum “since I am of the firm belief that our CARICOM partners must also be afforded the opportunity to benefit from potential investment into their countries.” “I have committed myself (and I do so again) to ensuring that Trinidad and Tobago has a special role to play in the economic growth of the region as a whole, a recognition of the interdependence of our Caribbean economies,” she said as she gave the feature address at the CIF’s opening yesterday.

This week, Persad-Bissessar said, is  Trade and Investment Week 2011. On Wednesday, the Trinidad and Tobago Manufacturer’s Association (TTMA) will host its Trade and Investment Convention at the Hyatt. “My Government is of the firm belief that events such as these will allow our region to attract businessmen and investors to the wide array of business and investment possibilities that we have to offer,” she said.

She told attendees at the event that her Government was cognisant of the private sector’s role in social and economic development and it is for this reason she has encouraged business delegations to accompany her “on my missions to market Trinidad and Tobago as a preferred destination for investments and for doing business.” She observed that the Global Entrepreneurship Monitor (GEM) suggests despite the recent global downturn in economic activities, many entrepreneurs (69.1 per cent) in Trinidad and Tobago believe they have good opportunities for starting a business in the next six months.

The role of her Government, she said, is that of an effective facilitator of business, and the creator of opportunities for the business sector. “In fact, the Government would prefer not to be in the business of business, but rather to construct an enabling environment for existing and new businesses, investors and entrepreneurs that is responsive, friendly and less bureaucratic. In Trinidad and Tobago we are acutely aware that there is global competition for investment dollars and that investors want speed with respect to the timeliness of decision making and responsiveness from the state authorities,” she said.

“You will therefore find that there has been a dramatic shift in the culture by which business is conducted by my Government. It is not just rhetoric when I proclaim that we are open for business. Our approach is to see those who are knocking at our doors as valued customers. We know that the knock is but potential which we must convert into investments,” she said. T&T, she noted, has been on a path towards privatisation of key sectors since the 1990s. “We believe that it is the responsibility of Government to be business facilitators for and not business competitors with the private sector,” she said.