May 2016 Financial News

No change in T&T's competitiveness

May 30, 2016

T&T’s position in the Global Competitivenesss Report remains unchanged from last year at 89 out of 140 countries. This was revealed by Peter Mitchell, who represented Planning and Development Minister Camille Robinson-Regis at a on Moving into the future with IC” at the Centre For Enterprise Development in Freeport.

Mitchell said although T&T has made strides in technological adoption and integration in the small and medium-enterprise sector (SMEs), significant room for improvement

“There can be no dispute that there are critical areas of deficiency at the micro-economic level, such as sub-par innovation levels and the relative under utilization of ICT by the small business sector. Unless our SME’s become more competitive they will remain firstly, unable to withstand the onslaught of globalization and secondly, unable to contribute with any significance to the diversification of the national economy,” he said.

The main focus of the seminar was improving the performance of SME’s through the application of ICT in their operations.

Commenting on T&T’s stagnation in competitiveness Mitchell said: “One of the key pillars contributing to this country’s less than stellar performance in the global competitiveness report was innovation where, on a scale of one to seven, Trinidad and Tobago was ranked 3.1” He said greater levels of research and development are necessary for SME’s and the wider private sector and the government has a huge role to play in advancing the utilization of ICT.

“The report clearly identifies that government needs to significantly enhance its procurement of advanced technology products for use in the public service,” he said.

Source:
Andre Worrell
Trinidad Guardian
Monday May 30, 2016

http://www.guardian.co.tt/business/2016-05-30/no-change-tt%E2%80%99s-competitiveness