Head of the Tobago Business Chamber Martin George is calling for the repeal of the Foreign Investment Act, to address the forex issue in the country. More in this Elizabeth Williams report
00:00Of course the Tobago Business Chamber is very concerned about it and we have raised this issue more than once in our budget presentations, in our budgetary suggestions.
00:12We've raised it as a means of easing the forex shortage for Trinidad and Tobago by suggesting that the Minister of Finance and the government immediately and unconditionally repeal the Foreign Investment Act.
00:29Mr George said the issue has been too long on the law books.
00:34You have this anachronistic and archaic piece of legislation on the books which definitely acts as an impediment and a block to any direct foreign investment in Tobago,
00:49which obviously would then benefit Trinidad because if somebody is investing to construct a villa, a guest house, a hotel, whatever, and they are bringing in the foreign exchange,
00:59then obviously some of the purchases will have to be done in Trinidad for the goods and materials, so everybody is going to benefit from it.
01:06Mr George said the nation is no better for the challenges faced with forex.
01:11So there's absolutely no reason for this Foreign Investment Act to remain on the books, yet the government stubbornly and foolishly clings on to it for whatever reason, God alone knows,
01:23while the nation sinks into the abyss of a forex deficit daily.
Be the first to comment