TTMA sets out to reach $7b in exports by 2025

The manufacturing industry has suffered a major blow and attempts to grow the industry to about $7 billion by 2025 must be restructured.

TT Manufacturing Association (TTMA) CEO Franka Costelloe on Friday explained that the impact of covid19 on the sector has now changed the way in which business has to be conducted not only in TT but in the Caribbean region.

She was speaking via a webinar session titled Heroes of Manufacturing at the second day of this year’s Trade and Investment Convention (TIC). The conference which was opened on Thursday was being held virtually for the first time.

Costelloe said to ensure global competitiveness labour, capital, policy, demand, supply, infrastructure, technology and innovation needed to be scrutinised closely.

“Being competitive globally is important so that we can make sure that our products are being priced competitively against our regional partners and even the US.

“Technology and innovation, digital transformation and e-commerce are so important right now because that is how we are getting (things) done, considering what the covid19 pandemic has done,” Costelloe said.

She added that in order to achieve a seven-billion-dollar export target by 2025 focus must be placed on small and medium enterprises (SMEs) and Caricom.

“Our strategic plan is based on a number of different things and we have to consider which business are best targeted to double that figure, where our new market share is and how to do this. In terms of exports our Caricom partners are very important to us," Costelloe said.

“The figures show 2019/2020 is not going according to plan but we have a plan to pick that up for 2021 and we are focused on stabilising the market back to $3.4 billion. We recognised that the private and public sector has been working well together. Demands are changing and we have to capitalise on this, we have to stabilise, strengthen and secure the sector.”

Costelloe said in order to create and maintain jobs in the SMEs innovation was critical as these businesses contribute to ten per cent of the working population.

“In the small business group we have 5,200 employees, in the medium 1,900 and in the large there are 45,000. The SMEs usually make up the bulk of our manufacturers, with 814 categorised as small, 76 as medium and 124 are large," she said.

“The SMEs are so important for turning our economies. The manufacturing industry exports $3.6 billion, that is a massive figure. The gross domestic product figure (GDP) is 19 per cent which amounts to about $30 million. So, there is no doubt that we are important to the livelihood of TT.”

Nearly 10,000 people, according to TTMA registered to participate in exhibitions, webinars and business-to-business meetings with local, regional and international partners.

The TTMA noted that due to the high traffic on the system, the exhibition platform experienced some technical difficulties and as such had to be postponed to November 11 to 13.

“The management team has met to discuss, and we have decided that in order to assure optimal user experience, we will be testing the system all of next week to ensure there are no further glitches.

“We do apologise for the inconvenience caused to the affected parties and promise a seamless event when we recommence on the 11th November. All registered names and businesses will be captured in the upgrade,” TTMA said in a media release.

TTMA said TIC was designed to foster intra- and extra-regional trade for regional business across the Caribbean, with strong links to Central and South American companies and to opportunities to a record 47 countries globally.

It seeks to address product launches, labelling standards, quality control, export market potential, incentives for manufacturing, trade facilitation, Intellectual property, equal opportunities, and doing business in the region.