00:00The Trinidad and Tobago Chamber of Industry and Commerce is raising the alarm over a looming contraction in the country's
00:07manufacturing sector.
00:08The warning comes after a 77% increase in the price of natural gas, a key input for many manufacturers.
00:17Any contractions or partial shutdown within our manufacturing sector will result in job losses. And we are looking at from
00:27200 to 500 job losses in the immediate term. The broader ripple effects across the supply chains will be significant.
00:40While the chamber acknowledges reform in the energy sector may be necessary, its members are frustrated by the way the
00:47changes were implemented.
00:48Our manufacturing members reported that a revised rate were presented in a very regimented manner without the opportunity for meaningful
01:01discussions.
01:02Contracts were signed under commercial duress and included escalations in 2025, 2026, 2027, resulting in an overall increase in approximately
01:17100% in natural gas over a three-year period.
01:21The financial impact has been immediate.
01:23The immediate impact is substantial. Our members estimated that the increased cost of production for them is between U.S.
01:34$500,000 to U.S. $1.2 million per annum.
01:40These are not marginal adjustments that can be simply absorbed by our members.
01:48The likely consequences are higher consumer prices, reduced export competitiveness, potential job losses, contractions in our manufacturing sector.
02:02Some manufacturers are even exploring the possibility of relocating operations to other territories to stay competitive.
02:09We respectively call for structured engagement between the government, ANGC, and stakeholders.
02:20Transparency regarding pricing formula, long-term energy policies, and a phase- and rules-based implementation framework rather than sudden
02:33decisions.
02:33The Trinidad and Tobago Manufacturers Association represents around 650 members, 70% of which are small and medium-sized enterprises.
02:45We talk about the national gas price increase, and that affects the manufacturing sector in the main.
02:52We talk about the increases in the excise duties. That affects the cultural sector, the bars, the restaurants.
03:02We spoke about the pharmacy issue. That affects members of the community in that sector.
03:08So we're talking about a cross-sector impact.
03:12Dialogue with government is ongoing, but chamber officials say tangible results are still pending.
03:18The chamber remains fully committed to continuous engagement with the government, the NGC, and all stakeholders.
03:27Our aim is to arrive at measurable solutions that minimize economic strain while advancing national development objectives on all our
03:37advocacy issues.
03:39With energy costs surging, Trinidad and Tobago's manufacturers are now facing critical decisions that could shape the future of the
03:47sector.
03:47Overshid Tawari, Rupanarain, TV6 News.
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