00:11government says small and medium-sized enterprises will play a central role in diversifying trinidad
00:19and tobago's economy speaking at the catalyst sme conference hosted by the trinidad and tobago
00:26chamber of industry and commerce today planning and development minister kennedy swartzing said
00:32smes remain critical to the country's economic transformation across this country there is no
00:39shortage of talent ideas entrepreneurial ambition what is required is a structure the support systems
00:47and the partnerships that allow these strengths to translate into sustainable businesses
00:53competitive industries swartzing also noted that cabinet recently approved the development of a
01:01strategic national development plan for 2026 to 2030 which will guide the country's development
01:08over the next five years these pillars are designed to create an environment in which businesses can
01:14grow innovate and compete globally however national transformation cannot be delivered by government
01:21it requires strong collaboration with the private sector entrepreneurs financial institutions and
01:29development partners the minister also pointed to agriculture and the creative sector as key
01:36opportunities for diversification trinidad and tobago possesses one of the most recognizable cultural
01:42brands in the world through carnival beyond its cultural significance carnival represents a complex
01:49ecosystem of creative industries that includes music costume design fashion event production
01:56digital media marketing and tourism he added that the global creative industries generate approximately
02:03u.s 2.3 trillion dollars annually but tnt's contribution remains minimal meanwhile trade industry and tourism
02:15as a minister satyakama maharaj emphasized the need to build export driven businesses
02:21he said the focus must be on companies that earn foreign exchange penetrate new markets and carry trinidad and tobago
02:29to the world
02:30we're speaking about building businesses that earn foreign exchange
02:35penetrate new markets and carry trinidad and tobago to the world
02:39that includes manufacturing agro processing digital services creative industries marine services he noted the
02:48country's strategic geographic advantage and question why tnt is quote not the capital of the hemisphere
02:57maharaj also urged smes to take advantage of digital tools and international trade opportunities as 22 percent of global
03:07global retail is now online and it's growing the minister also assured that government intends to work
03:13closely with smes to strengthen their global competitiveness
03:18for shana pagu for inside business
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