Gopee-Scoon: Investment forum can help SMEs hit by covid19

TRADE and Industry Minister Paula Gopee-Scoon has said local small and medium enterprises (SMEs) which have been hard hit by the covid19 pandemic could benefit from new opportunities provided through the Trinidad and Tobago Investment Forum 2021, which takes place from November 2-3.

Speaking at the virtual media launch of the forum on Wednesday, Gopee-Scoon said, "It is no unknown fact that covid19 has disrupted much of the world’s economy and provoked a decline of global investment by as much as 42 per cent during 2020-2021."

But she added that foreign direct investment (FDI) reports have shown that disruption forces created by covid19 and a cyclical comeback by certain sectors that have been heavily battered by the pandemic have triggered a new investment cycle.

"The impact of the pandemic has created fertile ground for the emergence of new ideas and a reconfiguring of the old ones." Gopee-Scoon said, "Such paradigm shifts are expected to drive new investments in the near future in areas such as renewable energy, communications, software and IT services, consumer product manufacturing and bio technology."

She added that SMEs could use the forum to explore opportunities in this forum.

"We really want them to transition from the micro into small..small into medium. It is very important that they have a wider view of the landscape."

Gopee-Scoon said Government wants to see SMEs moving and growing.

"The economy is going to be very dependent on their growth."

She also said the Caribbean Export Development Agency (CEDA) has a grant programme for small businesses.

Gopee-Scoon said in recent talks with CEDA chairman Deodath Maharaj, she learnt that TT small businesses are "high on the uptake of these grants as well." CEDA is also a participant in the forum. Gopee-Scoon said local SMES have additional opportunities for growth through the funding arrangements provided by CEDA.

Underscoring the importance of improving the ease of doing business in TT for both foreign and local investors, Gopee-Scoon said the Digital Transformation Ministry provides one example of Government's efforts in this area.

"This whole question of technology is going to be a significant part of their growth."

For SMEs to compete globally in an advancing, commercialised world, Gopee-Scoon said, "We have to be technologically advanced and of course, we as a government, must provide that additional environment."

She said her ministry is continuing with initiatives such as improvements to its TT BizLink and the Single Electronic Window (SEW) to improve the ease of doing business in TT.

Caribbean countries, she pointed out, are competing for the same share of investment from top source nations such as China, the US and Western Europe.

"We all have similar island economies and assets."

She was confident that through the forum, Invest TT will present "a value proposition so compelling that the investor is inclined to go nowhere else but to TT to establish or expand operations."

With TT's borders reopened in July, Gopee-Scoon said InvestTT can facilitate site visits to investors who comply with the covid19 protocols.

Expressing confidence in TT's history of resilience in difficult times and the dynamism of its economy, Gopee-Scoon said, "I am confident that we can prevail over any difficult circumstances." TT, she continued, remains open for new and increased investment as Government continues to implement strategies to build the economy.

InvesTT chairman Franka Costelloe said, "There is no investment that is too small that would not be considered by Invest TT."

She added the company is here to support industry growth in TT.

"It certainly starts with the SMEs. We are seeing so many new, innovative SMEs out there right now."

Costelloe said InvesTT will hold the hands of these SMEs and "really take them through the different processes to help them grow...help them learn about all the different opportunities that are there by the Government to encourage SME growth and sustainability as well."

InvesTT president Sekou Alleyne said, "We do expect this to be a valuable event for SMEs as well." Alleyne said some SMEs are already working in sectors highlighted by Gopee-Scoon for investment. He said the forum can also provide opportunities for SMEs to gain information about their respective sectors that they do not already know and seek possible joint ventures with foreign investors who are looking at TT.