Business confederation: Government must play role as facilitator for growth

The Confederation of Regional Business Chambers said it is open to all ideas that will benefit the micro, small and medium enterprise sector (MSME).

With the 2021/2022 budget set for October 4, stakeholders from various sectors have been putting forward suggestions to Finance Minister Colm Imbert to consider.

The confederation’s coordinator Jai Leladharsingh told Sunday Newsday that government needed to play its role as the facilitator and seek assistance of the private sector to create an enabling environment for businesses to survive and eventually thrive.

“The government cannot be the engine of growth. It is the business sector that must be the engine of growth and wealth creation,” Leladharsingh said.

He said the economy was ravished by the impact of the covid19 pandemic and in order to achieve high, sustainable, and inclusive economic growth, there needed to be diversification toward the non-energy tradable sectors and macroeconomic adjustments.

Leladharsingh said, “A successful management of these challenges would enable TT to transition toward a renewed path of economic and social development, re-ignite inclusive growth, build resilience to external and domestic shocks, and diversify sources of income and foreign exchange earnings.

“However, such a step must be accompanied by setting up of a national committee for overseeing the improvement of the ease of doing business. This committee must consist of both private and public sector decision makers.”

He pointed to several factors that can improve the business landscape and promote a culture of entrepreneurship.

These included dealing with construction permits, registering property, getting credit, paying taxes, trading across borders, market labour regulations and enforcing contracts, among others.

Additionally, Leladharsingh said economic diversification required structural transformations to be carried out by the private sector with the active support of public policies.

“Public policy has a major role in setting up an adequate infrastructure to facilitate logistics and mobility, as well as in shaping a business environment where entrepreneurs can thrive.

“The 2021/2022 budget must also support the government’s initiatives to build consensus around public and private actions necessary to preserve stability and to share sacrifices proportionately during the period of macroeconomic adjustment,” he said.

Reform of the banking sector, Leladharsingh said, was also needed in areas of reducing interest rates and removing or reducing service charges.

He said the recommendations put forward by Gabriel Faria, TT Chamber of Industry and Commerce CEO, were fully supported by the confederation and hoped that smaller chambers would be included in economic recovery discussions in the future.

Members of the Confederation of Regional Business Chambers are San Juan Business Association, Greater Tunapuna Chamber of Industry and Commerce, Eastern Business and Merchants Association, Gasparillo Chamber of Commerce, Greater San Fernando Chamber of Commerce, Cunupia Business Association, Penal/Debe Chamber of Commerce, Siparia Chamber of Commerce, Point Fortin South Western Chamber of Industry and Commerce, Petroleum Dealers Association, Petroleum Dealers Cooperative Society, Yachting Marine Services Association. The Supermarket Association is an independent affiliate member.

Attempts to contact the confederation’s newly elected president Vivek Charran were unsuccessful.

Sunday Newsday also attempted to contact the Chaguanas Chamber of Commerce, which is not a part of the confederation and was also unsuccessful.

President of the Couva/Point Lisas Chamber of Commerce Mukesh Ramsingh said its members will meet on Tuesday to develop a proposal to present to Imbert.