Gopee-Scoon lauds Pennywise contribution to economy

Trade and Industry Minister Paula Gopee-Scoon has praised Pennywise for its "increasing contribution to the local economy."

This as Pennywise welcomed its second shopping complex which spans 36,000 sq ft, with 22 store fronts and represents a multi-million dollar investment.

Gopee-Scoon delivered the feature address at a thanksgiving ceremony of Pennywise Cosmetics outlet in Charlieville on Sunday evening. "This business venture will not only add to the diverse product base available to the Chaguanas community and beyond, but will also create an estimated 500 employment opportunities for persons within the area and neighbouring communities," she said.

This substantial investment in people, plant and community, she added, is welcomed. The Pennywise business, she said, came from very humble beginnings at the Chaguanas market and expanded to ten stores and six pharmacies nationwide. The retail industry, she said, plays a critical role in creating and maintaining stability in the economy.

As minister, Gopee-Scoon said it is very gratifying to see ongoing substantial investments being made by businesses such as Pennywise to the country. She reminded that in her contribution to the budget debate, she revealed that data collected by her ministry showed that from 2016 to 2021, approximately TT$7.6 billion could be generated and 3,108 jobs created in the retail sector.

“This injection of capital spans several non-energy sectors including construction, manufacturing, services, maritime and agri-business and reflects strong confidence in the Trinidad and Tobago economy, now and in the future,” she said.

She said one of the major concerns in Chaguanas is traffic congestions and that the Works and Transport Ministry has undertaken several projects to deal with this issue, in five phases. “In phase one, the roundabout to Prize Plaza was built and another built near the ANSA McAL compound.

The roundabout was built close to the office of the Ministry of Agriculture Lands and Fisheries building in Charlieville, she said, and the parallel road to the Endeavour interchange completes phase two. In phase three, an interchange will be built on Munroe Road in fiscal 2021 and phases four and five will see overpasses constructed at strategic locations in central.

“The ambition, the foresight and the national pride of the businesspeople behind the Pennywise brand are worthy of emulation by other entity in the private sector,” Gopee-Scoon said.