Growth for TT in shipbuilding, repairs industry, tourism sector

After the reading of the 2018/2019 annual budget on Monday, Public Utilities Minister Robert Le Hunte today said in the government’s vision for 2030 areas of growth were identified in the shipbuilding and repairs industry, and the tourism sector.

Addressing credit union leaders on strategic intent of the 2018/2019 national budget, hosted by the Central Finance Facility Co-operative Society of TT at the Hilton Trinidad, Le Hunte said tourism has always been touted as the “sleeping giant,” and in the midst of stabilising the economy, there is a need to continue to lay the foundation for the industry to be operationalised.

For example, Le Hunte said with the Sandals Project many people have expressed misgivings about the world-renowned hotel chain establishing a presence in Tobago.

“But the truth is that Sandals is first-in-class in the hotel industry. And an investment into Sandals is also an investment into the people of Tobago, and the many businesses that will benefit from the hotel’s operations on the island.

“Sandals will have up to 2,000 permanent employees with significant linkages to the local economy and its economic impact will be substantial, including an estimated income to the government of US$80 million (TT$480 million) per year in taxes and other payments.”