Gopee-Scoon: More importers, manufacturers can keep down cement prices

MINISTER of Trade and Industry Paula Gopee-Scoon told the Senate on Wednesday that four more companies could soon import cement, bringing competition to the market to offset the 15 per cent price hike recently announced by Trinidad Cement Ltd.

Replying to an urgent question by opposition Senator Wade Mark, she also hoped for more activity among regional manufacturers to the same end of keeping down cement prices.

She said on learning of the intended price rise, Cabinet mandated her ministry to approach COTED (the Council for Trade and Economic Development in Caricom) to move the rate of duty from 50 per cent (due to end at year-end) to 20 per cent for the year 2022.

Her remarks reflected a ministry statement last Monday that: "These public policy adjustments will allow for additional volumes of extra-regional cement to enter Trinidad and Tobago at a lower rate of duty so as to ensure that cement remains competitively priced.

"These measures will also ensure the continued viability of the local cement manufacturing industry (which is a net foreign exchange earner and currently provides employment to over 315 persons directly and engages approximately 450 small contractors for services)."

Gopee-Scoon said Cabinet had also agreed to increase the quota for cement imports from a current 75,000 tonnes per year to 150,000 tonnes, effective from January 2022.

"The Government sought to bring relief to the citizenry of TT, bearing in mind of course that competition will keep the market in check and therefore prices would remain the lowest possible with the entry of extra-regional cement into the country. Again, we recognise the importance of keeping the price of cement low, at the lowest possible."

She said four more companies had been licensed to import.

Gopee-Scoon also said there was interest in the region in cement manufacturing.