By COREY CONNELLY Sunday, July 15 2012

Business leaders have expressed confidence in the appointment of economist J’wala Rambarran as the new Central Bank Governor, saying he had the expertise and wherewithal to help Trinidad and Tobago survive in gruelling economic times.

The Trinidad and Tobago Chamber of Commerce yesterday welcomed Rambarran’s experience and expertise as the country grapples with economic stagnation.

“At this juncture in Trinidad and Tobago’s development, where we are seeking to weather the ongoing storm of economic stagnation that plagues our nation, Mr Rambarran’s many years of experience in applying macroeconomic research and analysis to business, budgetary and investment planning, as well as his understanding of financial institutions, are certainly welcomed at this time,” the Chamber said in a statement.

The Chamber said Rambarran has worked closely with the organisation on several projects related to national and economic development over the years.

“We are confident that Mr Rambarran will continue the principles of pragmatic and intellectual leadership of the Central Bank during his tenure and will be instrumental in shaping the country’s economic success,” the Chamber added. Thanking the outgoing Ewart Williams for his stewardship, the Chamber urged Rambarran to move swiftly in encouraging growth and development of the economy.

“As we have always done in the past, the Chamber is ready to contribute to the success of this great task,” it added.

Past president of the Supermarkets Association and Arima Business Association, Balliram Maharaj, regarded Rambarran’s contributions as meticulous and strategic, particularly in the context of globalisation of the world’s economies.

“His challenge will be to re-engineer major transformation, especially within the alleged depletion of natural gas and crude oil in the crucial role of diversification of our economy to other areas which can increase our foreign exchange,” he said in a statement.

Saying he was present at several workshops in which Rambarran had made sterling presentations,

Maharaj said: “I am convinced that this new approach the Government has taken by bringing in non-partisan technocrats with impeccable track performance from the private sector, in the personalities of Larry Howai (new Finance Minister) and now J’wala Rambarran, surely will bring positive results for this country.”

Maharaj said the future of the country lies in the hands of the private sector “and I am calling on all the parties involved to join together with these two gentlemen in giving them the support in order to take our country’s economy to a sustainable level, thereby increasing our Gross Domestic Product (GDP).”

Taran Singh, new Tunapuna Chamber of Commerce president, said Rambarran was an excellent choice, having performed creditably in regional and international jurisdictions.

“We are confident that he would be a good successor to (Ewart) Williams, who has done a good job,” he told Sunday Newsday.

“Given his relationship with Mr (Larry) Howai, I think they are in a good position to carry out the work that is necessary in introducing monetary policies so that the country can navigate the turbulent times.”

Meanwhile, president of the Joint Consultative Council (JCC), Afra Raymond, said Rambarran was an esteemed economist. He said although he had never met Rambarran, “he has been very informed in his analysis over the years.

“He certainly had a lot of penetration as to what were the strategic issues in terms of governance and public finance. I wish him well because we are entering a very challenging period,” he said, adding that the JCC will welcome an opportunity to have an audience with Rambarran.