Minister Bharath: T&T services sector on a sustainable growth path
November 04, 2014: On Monday 3 November, 2014 the Trinidad and Tobago Coalition of Services Industries (TTCSI) hosted its 4th Annual Excellence in Service Award Ceremony at the Trinidad Hilton and Conference Centre. In delivering the Keynote Address at the Ceremony, Senator the Honourable Vasant Bharath Minister of Trade, Industry, Investment and Communications spoke of the role of the TTCSI in contributing to the growth and development of the Services Industries in Trinidad and Tobago. He noted ‘By the end of 2014, it is projected that the non-petroleum sector contribution to national GDP will increase to 60.9%. Of this, the Services Sector’s contribution is projected to be 51.8%. The Services sector provides essential inputs and public services for the economy. Moreover, international trade in services can improve economic performance and provide a range of traditional and new export opportunities’.
The Minister added that ‘For this Government, the development of the services sector as well as diversification of services exports is seen as necessary to reposition the domestic economy within the global economy and multilateral trading system. In fact, no other Government in the history of Trinidad and Tobago has been more aggressive in its bilateral trade agenda in seeking to secure expanded market access for local manufacturers and service providers’. Bharath urged the Services Award nominees to maintain its competitive edge to survive in today’s unprecedented economic climate and made a call to ‘consider the implications of the National Services Week themed ‘Building Bridges’, in the context of T&T’s trade performance which in 2013 continued to remain robust and achieved a total balance of visible trade in 2013 of TT21.2 Billion, whilst trade with CARICOM countries were recorded at a total trade balance of TT18.4 Billion in 2013’.
Mr. Franco Sui Chong, Chairman, Trinidad and Tobago International Financial Centre (TTIFC) highlighted the mandate of the TTIFC which is to ‘attract and facilitate foreign direct investment in the Financial Services Sector and to enhance growth and diversification of the economy by creating sustainable employment through the pursuit of two strategies namely the development of financial institute services and the development and expansion of the countries capital market’. He encouraged the awardees to ‘continue to push, think outside the box, and above all, build bridges that will allow T&T to take its rightful place on the global market’.
Mrs. Camille Sears-Carter Wells, CEO TTCSI and Ms. Angela Lee Loy, President TTCSI both joined in congratulating awardees on a job well done and gave the assurance that the TTCSI will continue to identify market opportunities to grow and expand the services sector in Trinidad and Tobago.
Receiving awards at the Awards Ceremony were RSC International Ltd – Best New Service; Inspired Technologies Ltd – Young Service Provider of the year; Trini Trolley.Com – Best Use of Innovation in Services; Dykon Developments Ltd – Service Exporter of the year; Trinidad and Tobago Chamber of Industry and Commerce – Service Association of the Year; Trinbago Unified Calypsonians Organisation – Service Association of the Year (the Ramesh Sarabjit Award); Mr. Jesse James – Service Provider of the Year (individual) and Massy Technologies – Service Provider of the Year (organization).
For further information please contact:
Corporate Communications Unit
Ministry of Trade, Industry, Investment and Communications
Level 17, Nicholas Towers
63-65 Independence Square
Port of Spain.