Trade Minister Sees Opportunity, Not Crisis, In Nestlé Restructuring
Despite concerns over Nestlé’s restructuring, Minister of Trade, Investment and Tourism Satyakama Maharaj insists investor confidence in Trinidad and Tobago remains strong and says the country must continue pursuing economic diversification.
Speaking at the Trade and Investment Convention, Minister Maharaj said businesses across various sectors are looking to expand beyond traditional industries.
He added the Government remains committed to strengthening local industries as key drivers of growth.
« I think investor confidence has gone through the roof. People I speak to, everybody is seeking to expand. Everybody understands that the days of relying on one industry are over. The whole world has come to that realisation that everybody realised that we did have a diversified economy. We used to manufacture everything here at one point. We have to go back to that. We have to protect our local manufacturers, our local farmers, our local service providers. »
Responding to questions about the impact of Nestlé’s decision to restructure parts of its operations and its implications for local farmers, Minister Maharaj said the development should be viewed as an opportunity for local entrepreneurs and investors to step in and grow the sector.
« Nestlé is restructuring their business and focusing on other areas, but it isn’t closing anything. They are selling it and hoping that our local entrepreneurs and business people will step up and fill that gap. »
