00:00The National Security Ministry announced on Friday, November 8, 2024, that the duration
00:06of the work permit exemption granted to Venezuelan nationals in Trinidad and Tobago has been
00:11extended to December 31, 2025.
00:15In a media release, the National Security Ministry said that, in the coming weeks, a
00:19list of approved ministers' permits will be posted in tranches to the Ministry of National
00:24Security's website and social media pages.
00:27That list will indicate when persons holding those work permit numbers must visit the relevant
00:33immigration office to collect their new minister's permit and update their registration cards.
00:39The ministry said information on the collection requirements and process will be outlined
00:44to registrants in a subsequent media release.
00:48This year, the participation of Venezuelans in the Trinidad and Tobago economy was raised
00:53by former Planning Minister Dr. Bohindradat Tiwari last month during a virtual post-budget
00:59discussion which was hosted by the Trade and Economic Development Unit of the University
01:04of the West Indies St. Augustine campus.
01:07We have immigration now from Venezuela, from the region, from elsewhere.
01:11That is only going to increase.
01:12It's going to increase all over the world.
01:15It's going to increase all over the hemisphere and we might as well prepare and organize
01:20for it and develop a strategy for it because it can be an asset that we build in order
01:27to build the economy and the opportunity and the diversity of opportunities.
01:35Economist Professor Roger Hussain also addressed the issue as he referred to 2023 and 2024
01:41finance ministry data which he said showed, quote, a clear change in the structure of
01:46production of non-tradable goods in favor of non-energy non-tradable goods which in
01:52turn will put a substantial amount of pressure on the stock of foreign exchange, end quote.
01:58No one seems to be paying attention to the impact of the unregistered Venezuelans on
02:06the structure of production.
02:08We will change the probabilities of where the Venezuelans work if we insist that they
02:14are registered because when you are unregistered, the literature is clear, you would go and
02:19work in the informal part of the non-tradable sector.
02:22And by insisting that they are registered, we increase the probability that they would
02:26migrate into the formal part of the tradable sector.
02:30Economist Dr. Rebecca Gokul-Boseland said there was a missed opportunity in the government's
02:352025 budget.
02:37We can also pick up from this framework that the stock of migrants have been allowed to
02:42assimilate into sectors that do not generate foreign exchange, but rather absorb it.
02:48And in the context of declining output in sectors, that sustainability or sustainably
02:56generating foreign exchange is needed.
02:59And in that regard, the context and in that regard, the stock of migrants is not being
03:06efficiently utilized at the national level.
03:10Earlier this week, the Finance Minister spoke on the issue of foreign exchange and said
03:15he is set to begin talks with local business chambers and other stakeholders to determine
03:20whether the honour system for the distribution of forex, which has been in place for the
03:24past 25 years, should be replaced with a more regulated one.
03:29Jule Brown, TV6 News.
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