Empowering SMEs: A roadmap for growth

KIRAN MAHARAJ

As we look to the future, the TT Chamber remains steadfast in its belief that progress leads to prosperity for all.

Our 145-year history as the voice of business in TT attests to the chamber's commitment to driving policies and initiatives that enhance the nation's economic landscape.

Our strategy is clear – we must increase economic participation and create new opportunities for shared prosperity.

This means focusing on key areas such as social infrastructure improvements via environmental, social and governance (ESG) mandates, embracing emerging technologies, promoting digital adoption and fostering innovation. We also aim to uncover hidden opportunities that can drive economic advancement and inclusion, especially for our MSMEs and untapped sectors.

Global aspirations

Our ambition is to align TT with the most progressive emerging countries. Unlike many of these nations, we have had the advantage of a robust energy sector.

But sustainable economic progress requires a broader approach. This year, our Business Outlook meeting provided valuable insights from both the private sector and state actors on how best to support entrepreneurial success.

Innovation, risk-taking, strategic planning and productivity improvement are crucial for thriving business models.

While we remain optimistic about our economic trajectory – thanks in part to significant contributions from non-energy sectors and ongoing digital transformation – we understand that SMEs need more support. This includes better access to finance, improved public service infrastructure and enhanced capacity to leverage growth opportunities.

Strategic partnerships

Our collaboration with the TT Stock Exchange's small and medium listings initiative exemplifies our commitment to supporting SMEs.

We are also facilitating discussions around venture capital, guiding angel investors, exploring public-private partnerships and joint ventures with foreign direct investment.

Our focus extends to nurturing youth potential and upholding the ideals of diversity, equity and inclusion, aligned with the sustainable development goals of the 2030 UN Agenda.

Expanding market opportunities

From April to June, the TT Chamber led trade delegations to key international destinations to explore new market opportunities.

Our trade mission to Las Vegas, US, which included participation in the NAB – the world's largest broadcast and entertainment expo – aimed to boost our orange economy.

Creative TT's incentive scheme supports our diverse content creators, positioning us for significant growth in this sector.

Trade missions to Guyana and Jamaica highlighted our dedication to strengthening ties within the Caricom region and opening new commercial avenues for export-ready firms.

Following our successful mission to Barbados in October 2023, we have seen many companies secure export orders, while others are actively pursuing promising leads.

We continue to monitor and support their progress.

Supporting SMEs

The chamber's Trade and Business Development Unit is focused on understanding and addressing the needs of SMEs nationwide.

This groundwork is essential for forming partnerships that provide targeted support.

Events like the recent Digimark Conference, organised by our NOVA committee, and the upcoming SME conference next year underscore our commitment to this sector.

Looking ahead

As part of the global community, TT faces familiar challenges but has shown remarkable resilience.

Through collaboration with local and international stakeholders, we strive to maintain our nation's attractiveness as a destination for investors and strategic partners.

TT has immense potential beyond the oil and gas sector. Now is the time to embrace risks and seize new opportunities.

As the collective voice of business, representing the strength of hundreds, we are dedicated to advocating for the prosperity of our members and our country.

Originally delivered as the opening address at the 2024 Business Outlook meeting by Kiran Maharaj, president of the TT Chamber on July 18.