A new private sector body has entered the national landscape — and it says its mission is to work hand-in-hand with Government to drive long-term economic solutions, rather than day-to-day fixes.
00:00There's a new private sector organization on the scene and it has already begun collaborating with government to advance shared national goals.
00:10From time to time, our efforts may not have achieved sustainable improvements for long-lasting outcomes too often.
00:18Opportunities have flipped through our fingers and the feedback we receive identified our lack of a single, cohesive, sustainable outcome.
00:27PSOT was created to change that.
00:31Chairman Richard Lewis says the private sector organization of Trinidad and Tobago, PSOT, is focused on strategic national level issues, not daily operational concerns.
00:43What will monitor the national impact to see if escalation to the PSOT level is necessary to require the involvement of PSOT to work together with the government to create and help implement solutions.
00:59We are here to consolidate, to coordinate, collaborate and to champion the interests of the private sector with one powerful voice.
01:08One of its priorities is strengthening regional trade links.
01:13Together, we will champion CARICOM integration, opening new markets for Trinidad and Tobago businesses.
01:21Picture our goods and services flowing freely across the Caribbean, building prosperity not just for us, but for our neighbors.
01:30That is regional leadership.
01:32And Lewis says that after decades of inconsistent engagement, he expects a deeper and more sustained partnership with the state.
01:40I was president of TTME, I think, in 1995, and there was a glimmer of hope at that time.
01:47But before that and after that, unfortunately, former governments never chose to make private sector an important part of the economy of Trinidad and Tobago going forward for whatever reason.
01:59Trade and Industry Minister Kama Maharaj says the government is aggressively pursuing solutions to the country's foreign exchange challenges with ambitious export targets.
02:11We inherited a serious foreign exchange challenge in this country.
02:15But I want to be very clear that we are not running from it.
02:20We are confronting it head on with a target of export revenue growth of $2 billion U.S. in two years and $5 billion U.S. in five years.
02:31Among the 10 priority pathways are export expansion and import substitution, including a planned investment in the T&T, iron and steel company.
02:42Aim to significantly ramp up domestic production and non-energy exports.
02:48This imminent investment, I hope, is envisioned to generate as much as $2 billion U.S. in exports over a seven-year period
02:58and provide inputs to local firms valued at over $200 million annually.
03:06Joint teams between PSOT and the government have already been formed in the marine and energy industries as both sides push for measurable economic outcomes.
Be the first to comment