00:00The Trinidad and Tobago Chamber of Industry and Commerce is calling for Budget 2026-2027
00:06to focus on fixing the business environment, unlocking private investment and creating jobs.
00:13It says government cannot carry the burden of economic development alone
00:17and is proposing a stronger public-private partnership.
00:23The TMT Chamber says its budget submission is built around one central question.
00:30How can Trinidad and Tobago improve the business environment, stimulate private investment,
00:36create jobs and accelerate growth in a non-energy economy?
00:40The Chamber is calling for immediate action on issues affecting businesses,
00:45including VAT refunds, natural gas pricing, beverage alcohol duties and customs reform.
00:52On VAT refunds, the Chamber wants a system that would allow verified VAT credits to be offset
01:00against certain statutory liabilities, releasing working capital to businesses
01:05while reducing the state's outstanding obligations.
01:08On natural gas pricing, it is proposing an indexed formula with a floor, cap and periodic reviews
01:16instead of a substantial one-time increase for light manufacturers.
01:22And following increases in duties on imported alcoholic beverages,
01:26the Chamber is recommending a phased structure beginning at 25% and increasing over time.
01:33But the Chamber says fixing immediate business constraints is only part of the solution.
01:39It wants diversification to move away from individual projects and towards industry clusters.
01:47Its first proposed clusters are food and agribusiness through its Flavor of Change initiative
01:54and the Orange Economy, initially focusing on screen and animation services
01:59and music exports for agriculture.
02:02The Chamber says the focus must go beyond getting farmers to produce more
02:07and urges stronger links between farmers, processors, supermarkets, hotels, restaurants,
02:14exporters, financiers and research institutions.
02:19The Chamber points to a food import bill of $7.3 billion recorded in October 2024,
02:27arguing that reducing imports will require investment in processing, standards, storage, logistics,
02:36financing and market access.
02:38The Chamber is also proposing re-establishing a national hotel and hospitality school,
02:44improving Tobago's air and sea connectivity and attracting greater private tourism investment.
02:50In healthcare, it is proposing a health technology assessment agency and a pharmaceutical innovation hub,
02:59alongside stronger e-health capacity and access to modern treatments.
03:05And it wants government services to become fully digital,
03:09including business registration, licensing, tax filing and procurement.
03:14It is proposing dedicated custom managers, clear responsibilities between government and the private sector,
03:21private co-investment, 90-day implementation sprints and a public dashboard to track progress.
03:29The first 100 days would focus on setting baselines, assigning responsibilities and launching priority projects.
03:37After 12 months, an independent assessment would determine what should be expanded, redesigned or discontinued.
03:45The Chamber says its recommendations are not a call for government to fund everything.
03:51Instead, it wants government to create the enabling environment while the private sector invests
03:58and co-invests in commercially viable opportunities.
04:02For Shauna Pogu, TV6 News.
Comments