May 2009 Financial News

Manufacturers worry about job cuts. Greig Laughlin named new TTMA president.

May 07, 2009

Almost 10,000 workers could lose their jobs in the manufacturing sector during the next two years because of the effects of the global economic downturn on Trinidad and Tobago.

An analysis of the local sector, commissioned by the Trinidad and Tobago Manufacturers' Association, recently showed that exports were also expected to decline annually by 7.8 per cent over the same period, immediate TTMA past president Karen de Montbrun said yesterday at the association's annual meeting at the Hilton Trinidad, St Ann's.

During the meeting, Port of Spain businessman, Greig Laughlin, was also announced as the new TTMA president.

The outlook for manufacturing was positive in 2007, de Montbrun said during her address, but one year later the global financial crisis intensified and today, "the local manufacturing sector is being faced with extraordinary challenges, uncertainty and volatility".

She said the TTMA had put forward concessions manufacturers were prepared to make to weather the storm. These included avoiding lay-offs and doing their best not to increase expenses.

Newly-installed TTMA president Laughlin said Government's support was critical to the future of the manufacturing sector.

"While I commend the Government for its valiant strides forward in its 2020 national development thrust, I believe that more can be done by way of creating the right policy and legislative environment," he said.

Trade Minister Mariano Browne said at the meeting that the State was considering how best to assist manufacturers now. He said highs and lows were a feature of any economy and what was important was how the country handled the highs and lows.

Browne said Government would also continue its expenditure, particularly as they related to social development and training programmes like GATE, HYPE and MUST.


Source:
Curtis Rampersad
Trinidad Express
Thursday, May 7th 2009

http://www.trinidadexpress.com/index.pl/article_business?id=161474213