Economist Dr. Vaalmikki Arjoon Urges Strategic Investment To Diversify Tobago’s Economy
Economist Dr. Vaalmikki Arjoon has outlined several recommendations aimed at strengthening Tobago’s economic prospects under the newly-elected Tobago House of Assembly.
He said the island’s future growth will depend on forward-looking policies, improved fiscal discipline , and strategic investment, particularly in sectors that can generate sustainable employment and diversify the economy beyond its traditional revenue streams.
« What they could consider going forward is setting a more predictable funding schedule for Tobago with clear rules because when you know how much financing you’re going to get in advance, or likely to get in advance, you can plan ahead for several of your infrastructural projects that will span several years. There is a lot less uncertainty. Projects can be executed much faster, costs are controlled, private sector contractors, they can plan and they can invest with more confidence. »
Dr. Arjoon indicated that speed and clarity in the decision-making process are also essential tools that are needed to unlock the economic opportunities in Tobago.
« Tobago now needs to become more easy and predictable to do business in. Investors, they do care about things like incentives et cetera, but they care more about certainty. Can I get approvals on time? Are land rules in Tobago clear enough? Will I be stuck in bureaucratic limbo? This means streamlining processes in Tobago. Faster planning permissions, having a single investor facilitation window at the THA that could coordinate effectively with the central agencies in Trinidad. »
Dr. Arjoon also suggested the establishment of a break-bulk port in Scarborough to help reduce the high cost of food, construction materials , and other goods on the island.
« If we were to have now in Tobago a dedicated break bulk port, that could help to flip the script because you have direct imports of food going straight to Tobago, building materials going straight to Tobago from their original source, inputs for businesses, et cetra and we cut out the middle man entirely. »
At present, all goods that are imported into Tobago first goes to Trinidad where they are unloaded, stored, and processed before they are sent to Tobago, often incurring additional costs.
