TTMA gives its 2019 wish list

As the TT Manufacturers’ Association prepares for a more prosperous 2019, including expanding brand TT to more international markets, it is encouraged by the sector’s growth in 2018 – including a 5.6 per cent increase in food and beverage and tobacco production.

TTMA president Christopher Alcazar said in a statement. “The TTMA looks to 2019 as a year of greater opportunities both locally and internationally. We expect to see our members becoming more dynamic and efficient in their operations in order to successfully compete in the world’s markets. We will strengthen our ties and intensify our efforts in international markets such as the US, Jamaica, Suriname, Panama, Canada and Costa Rica in order to expand our market shares.”

Alcazar acknowledged uncertainty among consumers, especially with major restructuring at state enterprises. This, coupled with Government’s conservative expenditure and increased taxation, is not an incentive to growth, though the intent has been to stabilise the economy, he said. And while the economy remains heavily dependent on the energy sector, there must be a continued push for diversification, he added.

The organisation had a wish list, he said, some which had been addressed to some extent, and some yet to be implemented.

Among them were the incremental net foreign exchange export earning facility announced in the budget, as well as a revisitation of the EXIM Bank facility, both of which can help with foreign exchange constraints and access. Alcazar also reiterated a perennial concern for manufacturers in TT – the value added tax (VAT) rebate. Better customs and excise management, property tax not inclusive of plant and machinery, improved industrial relations climate and reduced crime rounded out the TTMA’s wish list.

“The country is going to experience some political activism from 2019 towards general elections in 2020. It our hope that our politicians put the country first, especially in the areas that cannot afford to be derailed, so that there is political and economic stability and there is business as usual even during these campaigning periods,” Alcazar said.

Children will be looking on at the actions of leaders during the campaigning season, he said, and the words and deeds of leaders will create indelible impressions on whether immoral or irresponsible behaviour is encouraged and tolerated in society.