Businesses Urged To Use Transparency Data To Navigate Economic Uncertainty
Businesses are being urged to use transparency data as a strategic tool in an increasingly uncertain economy.
That was the focus of a breakfast meeting hosted by the Trinidad and Tobago Chamber of Industry and Commerce and the Trinidad and Tobago Extractive Industries Transparency Initiative, examining how verified energy sector data can support better decision-making and accountability.
Chief Executive Officer of the Trinidad and Tobago Chamber of Industry and Commerce, Vashti Guyadeen, underscored the growing importance of data-driven decision-making for businesses navigating economic uncertainty.
« In today’s economic environment marked by uncertainty, fiscal constraints, foreign exchange pressures, and heightened ESG expectations, access to credible, timely data is no longer optional. It is a strategic necessity. This is particularly true for economies such as ours. »
She noted that transparency is critical in an economy where the extractive sector continues to shape fiscal outcomes and foreign exchange flows.
« Transparency is not anti-business. On the contrary, it creates predictability, reduces risk, and allows firms to plan with greater confidence. »
The Chairman of the Trinidad and Tobago Extractive Industries Transparency Initiative, Gregory McGuire, said the initiative’s core mission is to empower citizens and stakeholders through verified information.
« It’s our mission to promote greater transparency and a more effective management of the extractive sector by empowering citizens with relevant information. »
Mr. McGuire explained that TT-EITI operates under the global Extractive Industries Transparency Initiative, which sets international standards for accountability in the oil, gas and mining sectors.
« After our validation exercise in 2023, Trinidad and Tobago was ranked number one in the region and number four globally among the then 57 implementing countries, with a validation score of 87. »
He added that the data generated through the initiative is already being used to inform national policy.
