00:00According to the head of the Greater San Fernando Business Chamber, Kiran Singh,
00:04the move by the European Union to take this country off its tax jurisdictions list
00:10opens the door to expanded market access within one of the world's largest trading blocks,
00:16creating new opportunities for local firms to engage European markets.
00:22If we remain on the blacklist, our trade opportunities shrink, it gets worse for us,
00:29especially within the SME sector.
00:31We have so many opportunities that we can explore with the EU.
00:34It's a huge trading block that can compete with the North American trading block,
00:39which although the USA means our largest trading partner,
00:43we have to diversify our trade initiatives.
00:46And of course, the challenges that we have within the energy sector,
00:50the economic diversification that we have been speaking about for decades,
00:54can be realized through enhanced trade with the European Union.
00:59He points to opportunities such as cocoa operations in France as evidence of the potential that exists abroad,
01:07while stressing the need to improve the ease of doing business at home.
01:11They want to do business with us.
01:13We just have to have our ease of doing business on a higher level that invites foreign investment,
01:21makes business people feel more comfortable,
01:24and the investment regime more open to the new business,
01:30new opportunities from outside of the region.
01:33Saying further notes, the projections by the IMF
01:36that Trinidad and Tobago could see approximately 3% economic growth over the next two years,
01:44noting that despite this outlook,
01:46forex shortages remain a persistent challenge.
01:49They realize the challenges we face from the SME sector in particular,
01:54that our challenge remains dependent on foreign exchange,
01:59because a lot of products that the retail sector sells to the public,
02:06we don't manufacture it.
02:08And the reality is that they are import dependent.
02:12Looking ahead, SING forecasts 2026 to be a challenging year,
02:17underscoring the need for sustained focus and deliberate action.
02:22But the IMF did predict that we should see growth of 2.9% next year,
02:26going to 3.5% in 2028.
02:29So it means that this year may be somewhat challenging for us,
02:33and we may have to hold some strain,
02:35but we can use this opportunity to adapt.
02:38You know, the successful businessman will always say that
02:43during these times, we have to find new opportunities,
02:46we have to retool, rebrand,
02:48find new ways of cost-cutting measures.
02:51Nicole M. Romany, TV6 News.
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