BUDGET STATEMENT 2014
10
SUSTAINING GROWTH, SECURING PROSPERITY
source of growth generating jobs and substan-
tial foreign exchange earnings for the country.
Our trade policy has as its primary goal the
expansion and diversification of the exports
of our goods and services. We have instituted
an aggressive agenda. To this end, we have
negotiated a Trade Agreement with the Republic
of Panama. In addition, we have concluded a
Partial Scope Trade Agreement (PSA) with the
Republic of Guatemala, which will enable our
exporters more favourable market access for
agricultural products.
In this context, I intend to continue to support
the International Trade Negotiations Unit of the
Trinidad and Tobago Chamber of Industry and
Commerce by providing a larger allocation to
the Unit in the next fiscal year.
GROWTH POLES
Mr. Speaker, I turn to give an update on the
growth poles. During the course of the last fiscal
year, we advanced technical and analytical work
relating to the development of the 5 Growth
Poles. The overall planning exercise is still to be
completed, although loan financing had been
identified some time ago. During the last year,
the cluster mapping pilot study for the Central
growth pole was completed.
This study has identified six areas of business
concentration for Central Trinidad – business
services; retail trade; agri-business; downstream
energy services; cultural and heritage tourism
sites and trade and logistics.
The Government has already begun a similar
study for the Southwestern peninsula growth
pole to determine opportunities for growth,
4. INVESTMENTAND INDUSTRIALISATION
Mr. Speaker, we have taken difficult decisions
to stabilise the economy. We have ensured that
our debt remains at sustainable levels. We have
adopted a complementary strategy for building
new sources of growth and strengthening
existing ones, including in the energy sector
and we are now moving to simplify the
regulatory system for doing business in Trinidad
and Tobago.
EASE OF DOING BUSINESS
My colleague, the Minister of Trade, Industry
and Investment will outline to this Honourable
House the steps he has taken to alleviate the
cost and to facilitate the ease of doing business
in Trinidad and Tobago; but suffice it to say that it
has become substantially easier to do business
here.. According to the World Bank’s annual
Doing Business Report, our world ranking has
improved from 76 in 2011 to 69 in 2013.
We expect an even better ranking in 2014,
as there have been significant efficiency
improvements through rapid responses for
starting businesses, registering for NIS and VAT,
obtaining work permits and certificates of origin,
protecting investors, paying taxes and trading
across borders, including cargo clearance.
Mr. Speaker, we are facilitating the development
of the non-energy sector by improving the busi-
ness climate through the creation of business
clusters. Over the years we have developed a
cluster of globally competitive companies ser-
vicing the Energy Sector. The future growth
and expansion of these companies will not
now depend solely on our domestic energy
sector. This represents a new and viable
