Trade Ministry dismisses retail closure figures by chamber

Minister of Trade and  Industry Paula Gopee-Scoon - Photo by Ayanna Kinsale
Minister of Trade and Industry Paula Gopee-Scoon - Photo by Ayanna Kinsale

The Ministry of Trade and Industry has dismissed claims by the Confederation of Regional Business Chambers that 6,000 retail businesses will remain permanently closed.

In a media statement on Wednesday, the ministry said it was concerned about the accuracy of the figures presented by the chamber.

“It is deeply concerned about the reliability and credibility of the figure quoted and wishes to advise that this information cannot be substantiated by either the Ministry of Labour or the Central Statistical Office (CSO) at this time. In addition, the ministry is yet to be furnished with a copy of the purported survey undertaken by the confederation," it said.”

The chamber, in a report carried by the Trinidad Guardian on Wednesday, said a survey it did revealed about 6,000 out of 17,000 small and medium enterprises were facing permanent closures.

Its co-ordinator Jai Leladharsingh said, “Based on a survey that the confederation did, I say 6,000 businesses are going to permanently shut their doors. Restaurants, in-house dining, spas, beauty salons. It is sad, especially because many of these businesses are run by women. They need some help.

“The Ministry of Legal Affairs says there are 28,000 registered businesses in Trinidad and Tobago. This is the formal sector but there is also a large informal sector that has to be studied. Out of that 28,000 – 17,000 – are micro, small and medium enterprises. From the 28,000, it is estimated that 9,000 are from the retail sector.”

The retail sector is scheduled to reopen on August 16, as the government slowly lifts the ban on business operations under the covid19 regulations.

The ministry said it expected the retail sector to stir further revitalisation of the economy with its reopening as it was a catalyst for economic activity.

“According to the CSO as at 2019, the sector comprised approximately 8,656 business establishments, contributing an estimated 13 per cent or approximately TT$20.3 billion annually to the country’s gross domestic product and employs in excess of 78,000 people. It is therefore unrealistic that 6,000 business entities in the retail sector will remain closed.

“From the outset of the pandemic, the government sought to maintain some degree of business operations within the retail sector by allowing discount stores, markets, supermarkets, fruit stalls or shops, vegetable stalls or shops, agricultural shops, bakeries and “parlours”, pharmacies and hardwares to be opened. Additionally, energy, manufacturing and other sectors remained substantially opened,” ministry said.

It said government implemented a myriad of support measures for affected businesses from stimulus loan programmes, amnesty and refunds to capacity building for all sectors.

“The government will continue to implement various measures targeted at the retail sector as articulated in the Roadmap for Trinidad and Tobago: Transforming to a New Economy and a New Society and urges all businesses to continue to follow the public health regulations.”

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