Gopee-Scoon tells businesses: ‘Take lead in diversification’

MINISTER of Trade and Industry Paula Gopee-Scoon has encouraged entrepreneurs to take the lead in diversifying the economy by creating internationally competitive products for export.

She made the call in her address at the closing ceremony of the Fit For Europe II workshop, a 16-month programme aimed a giving businesses the capacity to export successfully to markets in the European Union (EU), at the Trinidad Hilton on November 18.

“A vibrant private sector serves as the dynamic heart of any economy,” she said. “Specifically, when businesses create high-value products and services that can compete in international markets. The private sector is encouraged therefore to take the lead in driving diversification initiatives, while the government plays a supportive role in fostering development while creating an enabling environment.”

The Fit For Europe II initiative picked 20 businesses out of 100 applicants and trained them in different areas, including branding, market entry strategies, propositioning and EU standards, through workshops, mentorships and market research.

Gopee-Scoon noted that 11 out of the 20 businesses selected were women-led.

She said trade agreements provide avenues to develop linkages across markets and grow the economy.

“Diversification in trade is crucial, not only for promoting growth and resilience but for stability,” she said. “This is especially important for small island developing states (SIDS) like ourselves, that continue to face challenges and remain susceptible to global shocks.”

She said the Fit for Europe II project is strategically aligned with several initiatives including TT’s national development strategy 2016-2030, and supports the Roadmap for Recovery, phase 2, which aims to cultivate globally competitive businesses and establish linkages to promote export diversification.

She added that in 2008, TT signed on to a partnership with the EU and Cariforum, a sub-group organisation of the Organisation of African, Caribbean and Pacific States. One of the primary objectives of that partnership is the promotion and export of non-energy goods to the EU.

“To translate this agreement into tangible and productive results it is essential to implement effective planning and capacity building initiatives aimed at enhancing the effectiveness of our local companies, in terms of both goods and services.”

Gopee-Scoon added that TT’s newly formed trade and investment promotion agency, an amalgam of ExporTT, InvesTT and CreativeTT, will set the groundwork for a third Fit for Europe initiative which will be bigger and better.

“Fit For Europe projects executed under the new agency present opportunities to create a robust Fit for Europe III that addresses capacity-building needs of the agency in a co-ordinated manner. This initiative can therefore target more companies, enhancing the project’s reach and helping more businesses to enter the EU markets.”