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Economic Restructuring and Transformation
308.
For fiscal 2014, Government will invest $140.7 million from both the IDF and
Consolidated Fund to support industrial initiatives and business development in order to
continue restructuring and diversifying the economic base.
309.
One strategy for transforming the economy is the development of new Growth
Centres in Central, the South West Peninsula, East Port of Spain and the North Coast in
Trinidad and the North East Region of Tobago. It is intended that each Growth Centre
will focus on developing a (different cluster of business/industry). The sum of $2 million
will be provided to continue projects relating to the development of these Centres.
Complementary to the Growth Centre initiative is the development of the Invaders‟ Bay
Waterfront to encourage investors in the area. The sum of $50 million will be provided
for infrastructural work at the Bay.
310.
The Creative Industries Sector is one of the seven priority areas for
diversification. In 2014, $20 million will be allocated in support of the film, fashion and
music industries. Financial support will be given to CREATIVETT to develop a strategic
plan for the Creative Industry and to support the overall growth of the fashion, film and
music industries through its subsidiaries MusicTT, FashionTT and FilmTT.
311.
Another aspect of the diversification strategy is the development of the Creative
Industries for which $20 million will be allocated in support of the Film, Fashion and
Music Industries. Financial support will be given to the Creative Industries Company of
Trinidad and Tobago (CREATIVETT) to develop a strategic plan for the Creative
Industry and to support the overall growth of the fashion, film and music industries
through its subsidiaries MusicTT, FashionTT and FilmTT.
312.
The Food and Beverage Industry will also benefit from an injection of $1.5
million to increase market access through promotion, increase food safety awareness to
undertake research and development and innovation, and host and participate in events to
build awareness among stakeholders.
313.
Several projects will continue in fiscal 2014 aimed at facilitating business and
industry and promoting the diversification effort in Tobago. These projects include:
Enterprise Development
Business Incubator Programme
Venture Capital
Establishment of Fish Processing Company of Tobago
