00:00The Confederation of Regional Business Chambers says it is not opposed to foreign investment,
00:06but believes questions must be asked about the long-term impact on the country's limited U.S.
00:12dollar supply. CRBC Chairman Vivek Charan says while international brands can bring benefits,
00:21franchise fees, royalties, and imported products all require foreign exchange at a time when many
00:28local businesses are struggling to access the U.S. dollar. The organization is calling for a
00:35transparent and equitable foreign exchange policy that prioritizes productive sectors,
00:42local enterprises, and export-generating businesses. Chief Strategic Officer Angie Jairam pointed out that
00:50while there are many foreign franchises operating in TNT, quote, they were established before the
00:57national forex crunch, end quote. She said, quote, we are just concerned about the need for more forex
01:05when established franchises and local suppliers are having problems securing U.S. to pay their
01:13foreign suppliers, end quote. Charan added, quote, as one of our member chambers representing businesses
01:21in communities that generate forex also pointed out, even sectors that are expected to generate foreign
01:28exchange have concerns about creating additional dependence on our limited U.S. dollar reserves to
01:35support franchise fees, royalties, and other recurring overseas payments, end quote. He said the issue is much
01:44larger than the brands themselves. Charan said, quote, it is about ensuring that TNT's scarce foreign
01:52exchange is managed strategically and fairly in the best long-term interest of our economy, end quote.
02:01The Greater San Fernando Chamber of Commerce shared similar concerns with President Kiran Singh,
02:07saying the discussion should focus less on the brands themselves and more on the broader foreign exchange
02:15issue that continues to constrain economic activity. He says manufacturers, distributors, retailers,
02:23and service providers have all faced challenges obtaining foreign currency, leading to higher costs,
02:31supply chain disruptions, and reduced competitiveness. But while business groups
02:37are urging caution, economist Dr. Valmiki Arjun believes the overall economic impact will depend on how
02:45deeply the franchises integrate into the local economy. He says if the restaurants heavily rely on imported food
02:53and equipment while paying significant royalties abroad, the main benefit will be employment, tax revenue,
03:01and consumer choice. However, he says, wider and more lasting gains can be achieved if the businesses
03:10source products from local farmers, agro-processors, and manufacturers. He said, quote, even if food is purchased
03:19from local distributors or supermarket chains, many of those products are themselves imported. Reports suggest that
03:28franchises plan to source supplies through a local supermarket, but much of that inventory is imported,
03:36end quote. He is also recommending long-term purchasing agreements with farmers, incentives for local sourcing,
03:44and support to help suppliers meet international franchise standards. According to Arjun, the investment also
03:52signals confidence in T&T's hospitality sector. He expects the restaurant to create jobs for cooks,
03:59savers, managers, security personnel, and delivery workers. Chief Executive Officer of Premier Restaurant
04:07Holdings Limited, Vishnu Maharaj, who brought the international brands to T&T, said he does not view
04:16access to Forex as an immediate or foreseeable challenge for the operation. He said, quote,
04:24not at the moment. Our food supply is coming through Massey distribution. Massey has access to foreign
04:30exchange. Our main foreign exchange bill is for food supply, and that is coming through Massey, end quote.
04:39The Express contacted the Massey Group for comment on this arrangement, but there has been no response as yet.
04:46Vishwana Pogu, TV6 News.
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