00:00Permanent Secretary in the Ministry of Trade, Investment and Tourism, Abigail Boyne, says
00:05Trinidad and Tobago remains heavily dependent on the energy sector, which accounts for nearly 70% of export earnings,
00:13leaving just 30% coming from non-energy industries.
00:17Speaking at the Fair Trade Commission at Nicholas Towers, Boyne called on the non-energy sector
00:22to significantly increase export production as government pushes for economic diversification by 2030.
00:29The non-energy sector. We've been talking it, but we haven't been able to take the necessary calculated steps
00:38to make economic diversification a reality.
00:43Under this administration, the Honorable Satya Kama Maharaj has set a bold target,
00:50and we are taking measured, calculated, laser-focused steps to achieve that elusive, so far, economic diversification.
01:06By 2030, we are aiming for 50-50.
01:09She stressed that the situation is urgent, warning that economic growth and foreign exchange earnings
01:15now depend heavily on the performance of the private sector.
01:19It's a very real situation we are in, and we need to, for the non-energy sector, the private sector,
01:28we need for businesses to thrive like they have never thrived before.
01:33And that starts with businesses understanding that they are key, they are the ones to expand,
01:43to grow, create more jobs, create more exports, to create the foreign exchange.
01:50She said this year's theme, institutional resilience, as a catalyst for economic diversification,
01:56is timely and necessary.
01:58At the Ministry, the Permanent Secretary noted that efforts are now focused on an immediate economic development plan
02:05aimed at increasing growth, expanding trade, attracting investment, and transforming the tourism sector.
02:12Ease of doing business through efficient and competitive trade facilitation.
02:20Modernization initiatives, including the continued strengthening of digital platforms and inter-agency processes,
02:28must translate into a smoother experience for citizens and businesses,
02:34particularly micro, small, and medium enterprises.
02:38Meanwhile, for the past eight months, the Fair Trading Commission has been operating without a board.
02:44Executive Director Vivan Narain Singh says the absence has not stalled the Commission's work.
02:50Not to my knowledge. I, of course, am the Executive Director.
02:54I'm not a, um, not a, um, not a, that, that's, that's separate, that, that would be a decision by the government.
03:00But at the end of the day, the Commission has continued its work for the last eight months without a board.
03:06Our work has been very focused on advocacy, as well as public education.
03:12Government officials says boosting non-energy exports will be critical to reducing economic vulnerability
03:18and ensuring long-term sustainability.
03:21Charlotte Kisto, TV6 News.
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