Manufacturers look to double exports by 2025

The country's manufacturing sector aims to double exports by 2025 and grow its contribution to GDP which now stands at 19 per cent. President of the TT Manufacturers' Association (TTMA), Franka Costello, will update membership on her plans when the organisation holds its annual general meeting on April 8. The meeting itself will be historic as it is going to be the first to be done virtually due to the covid19 pandemic. the TT Manufacturers Association (TTMA) will host its first ever virtual annual general meeting on April 8. In a statement, the TTMA president was enthusiastic about the digital transformation push that is happening across the sector since the onset of covid19. Costelloe has been a long-time advocate of technology, recognising it as the lever for improving business efficiencies and reliability.

As a mother of two, TTMA president,. a director of two family businesses and of First Citizens Bank, Costelloe has been using technology to get it all done. The statement said the TTMA management and secretariat have been ahead of the digital shift in utilising software and technology at TIC 2019, for membership data analytics and for communicating with stakeholders.

As the second biggest contributor to GDP, at around 19 percent, the manufacturing sector aims to grow those margins by doubling exports by 2025. Costelloe said this will " require us to actively recognise new demands coming out of covid19 and adapt our products and services to these opportunities."

She added it will not be enough to recognise the new demand. "We must respond quickly and efficiently, with scrupulous attention to value-added. There will be no room for unnecessary costs and delays by any stakeholder that is integral to the process. Technology, with retooled labour, is key."

TTMA CEO Ramesh Ramdeen said 500-plus members should be logged in on April 8 to hear Costelloe deliver her report and update on plans. Members will also vote for five open positions on the board and directors will collectively determine the two principal roles.”

The voting will be done prior and managed separately by an external auditing firm – all done remotely by pre-registered voters. Ramdeen said, "Despite the impositions of Covid-19 and the impending challenges in the recovery period, the manufacturing sector is focussed and determined in its ongoing quest to be a formidable contributor to the economy.”

Trade and Industry Minister Paula Gopee-Scoon will also address the TTMA's membership on April 8 and answer questions using the digital platform to adhere to ‘social distancing.”

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