00:00Former Minister in the Ministry of Finance and Opposition MP Brian Manning says
00:04Nestle Trinidad's planned closure is the latest sign that the country's manufacturing sector is under pressure.
00:11It's a very difficult time in the manufacturing sector of Trinidad and Tobago at this point.
00:16We recently heard of Nestle and what's happening there,
00:19where they're attempting to divest their local assets here in Trinidad and Tobago.
00:25But that shouldn't come as a surprise to anyone who has been paying attention.
00:29The divestment of local Nestle's operations would, of course,
00:34bring great consternation to many of the farmers in Trinidad and Tobago.
00:39Manning says the ripple effects extend far beyond the plant itself,
00:43warning that livelihoods throughout the agricultural sector are now at risk.
00:48There were 60 dairy farmers attached to Nestle and, of course, all of their dependents.
00:53They're the main producer of fresh milk in Trinidad and Tobago.
00:59It causes concern in that industry.
01:01And when we look at what it is this government has done in the manufacturing sector across the board,
01:07I think it's safe to say that the Trinidad and Tobago government has created a hostile environment
01:12for manufacturers in Trinidad and Tobago.
01:16The opposition MP argues that the sector has become less competitive
01:20because of what he describes as increased costs imposed by government.
01:25Manning says the previous B&M administration gave manufacturers priority access to foreign exchange
01:31through the Exim Bank because they were among the country's largest foreign exchange earners.
01:37He claims that policy has since been removed.
01:40They also added an electricity surcharge.
01:43Now, manufacturing is an energy-intensive business, which means it mainly depends.
01:48One of its largest costs would be electricity.
01:51Trinidad and Tobago has the largest manufacturing sector in the Carricom region.
01:56Now, that is because of the competitive advantage of low-cost electricity.
01:59This government saw it in its wisdom to dramatically add a commercial electricity surcharge
02:06to all manufacturers and commercial operators in Trinidad and Tobago,
02:09which has dramatically reduced that competitive advantage.
02:13Manning says unless those policies are reversed,
02:16more manufacturers could struggle to remain competitive in TNT.
02:20Urvashi Tiwari, Ruknarain, TV6 News.
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