BUDGET STATEMENT 2014
20
SUSTAINING GROWTH, SECURING PROSPERITY
In the coming year, we intend to build on these
successes and will commence discussions
with companies providing services within the
European Union to facilitate the movement of
similar-shared services facilities to Trinidad
and Tobago.
MARITIME: SHIP-BUILDING AND
SHIP-REPAIR INDUSTRY
We are also leveraging our facilities and assets in
the north-west peninsula in our quest to develop
the maritime industry. The requirements for
maintaining the range of naval and maritime
assets owned by the Government of Trinidad
and Tobago would represent an initial catalyst
for the roll-out of the maritime industry; our
focus will be initially on niche markets such
as the construction of tugs, workboats, small
luxury craft, platform supply vessels, launches
and barges.
Efficient port and dry-docking facilities are key
components for a buoyant maritime industry.
The Ministry of Trade, Industry and Investment
will execute a Memorandum of Understanding
with China Harbour Engineering Company
Limited for the development of additional
port and dry-docking facilities in Trinidad.
The Ministry will also sign a Memorandum of
Agreement with Trinidad Dry Dock Company
Limited for the establishment of comprehensive
dry-docking facilities and services which would
open new economic space in the Gulf of Paria,
near the city of Port of Spain. Thematerialisation
of these facilities would not only support
economic development in Trinidad and Tobago,
but also in the Caribbean region.
8. EVOLVINGMAJOR SECTORS
Mr.Speaker, I turnnowto theprogressmadeover
the last year with respect to the diversification of
the economy. Since our last Budget Statement,
we have made positive strides in undertaking
the necessary work for building those sectors
identified for growth and investment.
SHARED-SUPPORT SERVICES
INDUSTRY
Mr. Speaker, over the past year, we have
advanced the building of a financial institution
shared-support services industry. In our 2013
Budget, we committed to creating 3,000 jobs
in this sector within the next 5 years. Following
the tax incentive framework put in place in the
Finance Act 2013, I have signed the Order for
developing shared service centres in Trinidad
and Tobago. With the tax incentive framework
in place, Trinidad and Tobago can now
position itself as an attractive destination for
locating back and middle office processing for
financial companies.
In fact, during this year, close to 1,000 high
quality jobs were created in this sector.
Scotiabank Trinidad and Tobago Limited has
already employed close to 400 persons with
another 40 to be engaged in 2014. RBC Royal
Bank has employed 465 persons with another
135 to be employed in 2014. RBC Royal Bank,
which has been in the process of streamlining its
business model, has been able to save the jobs
of approximately 400 additional employees
who were transferred to their shared
services activities.
