BUDGET STATEMENT 2014
22
SUSTAINING GROWTH, SECURING PROSPERITY
these areas and likewise in other areas where
festivals, heritage and dance and theatre are
being developed.
AGRICULTURE
Mr. Speaker, we are continuing to give priority to
the agriculture sector in our efforts to enhance
the national income and to ensure food security.
We are sustaining food security through a
number of initiatives, in particular:
• the distribution of state lands to our 4,111
acres of lands formerly owned by Caroni
(1975) Limited and 100 acres of state lands
at Tucker Valley have been divided into
6 small and 8 large farms for distribution to
farmers; 3 of the large farms are already in
operation; and
• 5,800 acres of agricultural lands leased
to the former employees of Caroni are
being brought into production through the
Green Initiative: Growers Responsible for
Evolving and Enriching the Environment
which is managed by Caroni. Cultivation
and harvesting have already begun and
members of the public are benefiting from
the farm-fresh produce cultivated through
environmentally-friendly methods. At full
capacity,5,800acreswillbeundercultivation,
providing the national community with a
wide range of freshly-harvested produce at
affordable prices.
Mr. Speaker, we have also increased investment
through theAgricultural Development Bank with
the approval of over 1,066 new loan applications
and disbursement of over 1,400 loans valued at
approximately $150 million.
The shared-value business model represents
a novel approach to farming as we have
combined unutilised lands, capital from private
farmers and Caroni together with best-practice
techniques fromthe various learning institutions
into a profitable food enterprise. In 2014, we
are targetting a significant increase in local
agricultural production.
Very importantly, the greater use of this more
environmentally-friendly
fuel
will
reduce
our green-house gas emissions and make a
contribution to the lessening of the threat of
climate change.
We will also reap substantial financial and
economic benefits as this new CNG industry
becomes a significant driver of non-energy
growth, ensuring in the process major
budgetary savings arising from the reduction
of the petroleum subsidy on transportation
fuels as well as additional export revenues
from the availability of the redirected fuel for
export markets.
Mr. Speaker, we have provided a tax incentive
framework to promote a range of alternative
fuels, including CNG and when available LNG
and Di Methyl Ether (DME). As this process
evolves, the Government will sequence gradual
reductions in the fuel subsidy.
CREATIVE INDUSTRIES
The fiscal incentive framework for enhancing
the creative sector has been expanded with the
removal of customs duty and value added tax on
commodities imported to serve as inputs into
the production of final goods and services for
the creative industry.
Moreover, the institutional framework has
been strengthened with the establishment of
the Trinidad and Tobago Creative Industries
Limited which, with its appropriately-focussed
subsidiaries, the Trinidad and Tobago Film
CompanyLimited,theTrinidadandTobagoMusic
Company Limited and the Trinidad and Tobago
Fashion Company Limited, will spearhead
the growth and business development of the
creative industries in Trinidad and Tobago.
This governance model will allow for significant
synergies and stakeholder involvement for
branding Trinidad and Tobago in the areas
of film, music and fashion. We are already
witnessing substantial advancements in
