A Carnival economic plan

THE EDITOR: Over the years, the two major political parties have subjected TT to an economic structure that seems on the surface to cater for sectors of our society rather than the general population.

Income has been mainly from the energy sector, taxes and fees. When there is a shortfall in income from the energy sector the trend has been to increase taxes and fees. Expenditure has generally been loan repayment, paying for the public service, social programmes and mega projects that benefit the few.

What TT requires is a new economic approach. I call it a Carnival economy. Let us use for an example a typical all-inclusive fete. Such a fete with a target of 2,000 tickets can raise an income from sale of tickets of about $1,200,000 if the tickets are sold at $600 each. Assuming an expense of $1 million there is a net profit of $200,000.

There are many beneficiaries from this endeavour. There are the entertainers, the transport personnel, security personnel, construction personnel, the corn soup and doubles vendors, the multitude of food caterers, ice and alcoholic beverage suppliers. That one event provides economic activity for many and offers the investor a healthy profit.

Carnival is a good example of how money is generated and spread throughout the community from one major event. At Carnival the hotels, car rental companies, tour operators, media personnel, security firms, entertainment companies, taxi services, toilet rental companies, truck rental companies and contractors including welders and fabricators all share in an economic activity that benefits the masses. The Government’s foreign exchange is boosted and banks benefit from the increased economic activity.

That is the economic model that is required for TT. A model that maximises the talents, education and capital of our people and benefits almost every sector of the economy. Our private sector is begging the Government to partner with it in rebuilding TT.

The new economic model that is envisaged will see the Government facilitating economic activity through easy access to financing, improving infrastructure by expanding and improving the road network, providing a reliable water and electricity supply, and minimising the bureaucracy required for investment and operating a business in TT.

That model will see investments and focus on agriculture, tourism, sports, culture, manufacturing and the energy sector. It will encourage private investment and minimise the Government’s role in the economy to one of providing security, support services and improved infrastructure to transform the economy from a government-driven economic plan that benefits the few, to a government and business partnership that benefits the many.

The aim must be to ensure that, like Carnival, every sector of the community benefits even if it is just to take a wine.

STEVE ALVAREZ

political leader, DPTT