THE TT Chamber of Industry and Commerce (TT Chamber) and the US Agency for International Development (USAID) signed a memorandum of understanding (MoU) to address key development challenges in TT.
In a release, the TT Chamber said the MoU, signed on Monday, addresses key areas such as crime and security, inclusive economic growth for small and medium enterprises, mitigating the effects of climate change, health and the covid19 response.
Participants are expected to partner in the current USAID programmes, identify and share innovative products and business models, address developmental challenges, explore integrating the chamber’s members corporate social responsibility grant funding with USAID and identify and cultivate partnerships with private sector member organisations to leverage financial and other resources.
The MoU is expected to come into effect from the date of signing and would go on for five years.
Charge d’Affaires at the US Embassy Shante Moore said the MoU was evidence of a shared commitment between the embassy and the chamber to seeking solutions to the challenges.
“This partnership augments with the ideas ongoing in agricultural programming in TT to advance animal and horticulture, production and marketing and climate smart technologies with farmers and SMEs agro processes. This partnership will also complement us and be supportive in initiatives including the TT Entrepreneurship Hall, and the Academy for Women Entrepreneurs,” he said.
TT Chamber president Charles Pashley said the partnership will allow SMEs and MSMEs access to financing, strengthen their resilience to market changes and shocks and their capabilities to pursue digital transformation and green technologies.
“As an energy-based economy, we have experienced considerable volatility in our economic fortunes due to fluctuations in the prices of energy and energy-based products. TT is in a position where we need to stimulate economic growth through trade and investment, particularly in the non-energy sectors. This requires robust private sector involvement. This partnership will allow us to frame our cooperation priorities and allow us to collaboratively explore opportunities to address unique needs and constraints of the private sector, in particular, MSMEs,” he said.