Sep 2009 Financial News

Chamber: No incentives for diversification

Sep 08, 2009

The Trinidad and Tobago Chamber of Commerce believes that the fiscal budget for 2009 to 2010 did not address the problem of building a diversified economy.

“Whilst we welcome the incentive to manufacturers, there were no real incentives for diversification should oil and gas prices continue to be unstable,” the release said. The Chamber’s release also said there was no mention of public sector reform to increase productivity, improve efficiency and enhance competitiveness in the budget.

The Trinidad and Tobago Manufacturers’ Association (TTMA) is welcoming the measures that the Government proposed for the manufacturing sector in the Budget Presentation for fiscal year 2009 to 2010. In their release yesterday, the TTMA said that Finance Minister Karen Nunez Tesheira’s announcement that local contractors would be given the opportunity to provide services to the Government in its infrastructure development programme would provide much needed stimulus for the sector.

Article by: Raphael John-Lall
Source: Trinidad Guardian
http://guardian.co.tt/business/business/2009/09/08/chamber-no-incentives-diversification
Date Published: Sept-08-2009.