Jun 2010 Financial News

Cadiz: Services industry is huge business

Jun 17, 2010

With diversification high on the Ministry of Trade’s agenda, Line Minister Stephen Cadiz said his mandate will be to ensure that manufacturing and the service industry made higher contributions to the country’s Gross Domestic Product (GDP).

Cadiz said the country has traditionally been very dependent on the energy sector but TT had much more to offer.

“There is the services industry which is huge business, which right now represents 50 percent of the GDP and we have to keep expanding that. There are services in TT that we can sell outside of TT not only regionally but extra-regionally in all areas including IT, the construction sector, management,” he said.

Speaking to the media following a luncheon hosted by the Rotary Club of Port-of-Spain at Goodwill Industries, Fitzblackman Drive, Port-of-Spain on Tuesday, Cadiz said there had to be streamlining industries and facilitating and creating additional opportunities in the manufacturing sector .

Previous talk of diversification also highlighted tourism and this, he said, was one area where a “good mix” was needed.

Cadiz said employment in manufacturing and service sectors was higher than the energy sectors.

Commenting on another project, he said the Tamana Industrial Park was still being pursued.

“Much work had been done in putting the infrastructure in Tamana but the concentration has to be on getting tenants for Tamana. That is as far as the focus will be as far as e-TecK is concerned,” he said

The 1,100-acre Tamana eco-industrial park planned to feature state-of-the-art information and communication technology infrastructure and value added services. It was expected to expand local ICT capability and support the e-government services.

Cadiz said his Ministry was well-organised and he will be implementing the plans which are already in place such as already-signed trade agreements. He said the Single Electronic Window is one of the main pillars of the ministry. Cadiz said much of the work was implementation.


Source:
Newsday
Thursday June 17, 2010

http://www.newsday.co.tt/business/0,122590.html