18 Hrs Ago
Trade, Investment and Tourism Minister Satyakama Maharaj. – File photo
DESPITE mounting diplomatic tensions between the Trinidad and Tobago and Venezuelan governments over this country’s support of US military action against narco-terrorists and traffickers from that South American nation, Trade, Investment and Tourism Minister Satyakama Maharaj has described Venezuela as a potential “gold mine” once it can sort out its socio-political and geopolitical issues.
“It is a big, open market where our manufacturers are chomping at the bits to do business in, if and once things could be normalised,” he said. “If things get sorted out there it is a huge market we can capitalise on instantly. We could have trade missions heading there the next day.”
He made this clear while delivering the keynote address at the Institute of Chartered Accountants’ (ICATT) annual international finance and accounting conference at the Hyatt Regency in Port of Spain.
Asked whether geopolitical tensions between the US and Venezuela have affected foreign investment interest in TT, he said people are “very comfortable” with investing in TT.
In his speech, Maharaj said non-energy exports account for 30 per cent of TT’s overall exports and he announced plans to increase that to 50 per cent within the next five years.
“Let us make no mistake, the days of the oil and gas boom are over. Our exports are 70 per cent energy and 30 per cent non-energy. We have to diversify this economy.”
Asked later about diversification plans, he said the government has a portfolio of opportunities which they plan to leverage.
“The revitalisation plan is a basis for it, but there are also a lot of things contained in the UNC’s general election manifesto which has since been adopted as policy guidelines for the next five years. So you will see a lot of projects there.
“I just came back from Saudi Arabia and Europe and there are projects for which we are looking for funding – major projects. So I am very confident we can increase imports to 50 per cent.”
Maharaj said his biggest challenge as minister is the fragmented manner in which the private sector approaches the ministry.
“You have the TTMA (TT Manufacturers Association) coming one day, the Chaguanas Chamber coming another day, the Confederation of Chambers coming another. We are solving that. I have initiated the formation of the private sector organisation of TT where we will combine all chambers, all accounting firms, ICATT and top legal firms.
“We will have the private sector speaking as one voice, just like the inter-religious organisation speaks with one voice.”
PM PRAISED FOR TARIFF REVERSAL
Both during his speech, and later while speaking to reporters, Maharaj praised the prime minister for taking a personal interest in lobbying for the removal of the 15 per cent tariff by the US, on ammonia, urea and methanol.
“The prime minister personally and rightfully took the bull by the horns and relentlessly lobbied to have it removed,” he told reporters.
US Secretary of State Marco Rubio and Prime Minister Kamla Persad-Bissessar at the State Department in Washington, DC on September 30. –
“She was in New York and she got a meeting with (US Secretary of State) Marco Rubio and jumped on a train for four hours – that is no comfort eh – sacrificed her comfort, because you couldn’t get a flight and she lobbied and lobbied and lobbied.”
He said the government “lobbied everyone,” noting he too, also personally had conversations with US congressmen on the matter.
“You see the response. Amcham, Proman and everyone. They are all making the Sign of the Cross (in relief) now.” The US tariffs on TT were announced in August.
Prime Minister Persad-Bissessar met with Rubio to engage in high-level discussions in Washington, DC after the tariffs were imposed. Minister of Foreign and Caricom Affairs Sean Sobers and Permanent Secretary and head of the Foreign Service Randall Karim met with officials in the office of the US Trade Representative to lobby for the reversal of the tariffs.
A media release from the Ministry of Foreign Affairs on November 16 said the conversations resulted in the exemption of US taxes on TT fertilisers.