Central Businesses Call For Action On Forex, Traffic And Real Estate Regulation
Businesses in Chaguanas and environs are calling for urgent action to tackle persistent challenges, including foreign exchange shortages, traffic congestion and the lack of regulation in the real estate sector, warning that these issues continue to hinder growth and investment.
President of the Chaguanas Chamber of Industry and Commerce, Baldath Maharaj, highlighted several challenges facing businesses at the Ministry of Trade, Investment and Tourism’s “Diversification in Action” initiative on Monday evening.
He noted that businesses often encounter significant hurdles before products even reach store shelves and called for urgent improvements to the Customs process.
« I understand what the business community goes through, and apart from getting your goods on the shelf and being competitive, there are major issues before the goods get to the shelf. I think those are some, I mean, yes, there are a lot more, but first-hand, I will say, let’s fix Customs. »
President of the Cunupia Business Chamber, Ryan De Castro, emphasised the need for greater regulation of the real estate sector, which contributes between 4% and 5% to Trinidad and Tobago’s GDP.
« With this value, we need to ensure that we can regulate this industry, cut the unwanted spending in terms of uncompliance, in terms of money laundering, and bring back value to the ways that we need it to be. And the SMEs believe that through not only diversification, but in terms of creative thinking within the box, rather than outside the box, the Government can generate revenue and work that generation internally. »
Parliamentary Secretary in the Ministry of Trade, Investment and Tourism, Dr Colin Gosine, acknowledged the concerns raised by the business community.
« Whether it is the bureaucracy, delays, regulatory hurdles, or administrative inefficiencies. Our objective is to improve the entire business ecosystem. This means creating an environment that inspires us, inspires consumer confidence, business confidence, investor confidence. »
Dr Gosine said the Government remains committed to creating a more efficient business environment that inspires consumer, business and investor confidence.
He added that achieving economic transformation will require stronger collaboration between the Government and the private sector.
« We cannot succeed without each and every one of you here. We need the business community to continue doing what they do best, building businesses, creating jobs, innovating, and producing quality goods and services. However, we also need to do it in a more coordinated manner and build more resilience. »
The Ministry said stakeholder consultations will continue as it works with the private sector to develop policies aimed at boosting business growth, enhancing competitiveness and advancing economic diversification.
