Selection of Stuart Young as PM – Mixed views from business community

MINISTER of Energy Stuart Young’s selection as the next Prime Minister is drawing mixed reactions from the business community.

While some business chambers have welcomed the news, and one waits with anticipation to hear his policies and plans, others are calling on Young to place crime-fighting policies and economic stabilisation at the top of his to-do list.

Although many of the chambers wished him well, with last year’s record murder toll of 624 still fresh in the minds of many, several businessmen said crime remains a burning issue they hope to see addressed.

President of the Chaguanas Chamber of Commerce Baldath Maharaj said the decision comes at a critical juncture for the nation.

Maharaj said violent robberies and extortion facing businesses in Chaguanas have created an environment of fear and uncertainty, hindering investment and economic growth. Some businessmen have already left the country.

“As someone who has held the portfolio of national security, minister Young is acutely aware of the impact that crime has on businesses and communities.”

He said Young, as a featured guest, would have heard firsthand, at the chamber’s recent end-of-year awards function, the challenges facing the borough.

“The issues of crime, traffic congestion, and the ongoing threat of extortion to small and medium enterprises (SMEs) were raised as urgent concerns by members of the business community.”

He added, extortion, coupled with economic challenges such as forex shortages, has the potential to devastate the business community with many businesses struggling to stay afloat.

He described the situation as unsustainable and said it demands decisive and innovative action.

“We urge minister Young to prioritise strengthening law enforcement, expanding community policing initiatives, and fostering stronger collaboration between the police and business owners to address these issues head-on.

YOUNG CAN BOOST B'NESS

Pointing to Young’s knowledge of law and finance, head of the San Fernando Business Chamber Kiran Singh said the PM-in-waiting is well-equipped to boost business.

“He's the son of one of the country's most successful bankers and has been the architect of the Dragon Gas deal, which shows he's adept at high stakes negotiations. I have the confidence he will do more than a good job.”

Singh expects Young’s energy, enthusiasm and diplomatic skills to bring him success but said he must prioritise.

“We would want him, upon being appointed as Prime Minister, to immediately address crime and stabilize the economy.

“I think he has already shown he has the characteristics of a good leader, with sober judgment and a skilled politician to handle the cut and thrust of the dynamics of our politics, I have no doubt he will succeed.”

Tobago Business Chamber head Martin George is also in approval of the Young’s elevation to the post saying he has the chamber’s “fullest support”as he believes the appointment will augur well for the development of business in Tobago.

“He comes from a strong business family and he has demonstrated, in several different portfolios within the government, his capacity and ability to take charge of situations and to stabilize scenarios where there may otherwise be a crisis looming.”

George, however, urged Young to consider, as his first act of office, an unconditional repeal of the Foreign Investment Act. He said this will help to address the forex shortage facing the nation.

“If this legislation is repealed completely, there will be mass foreign direct investment into Tobago and all of this will spill over and redound to the benefit of TT because that investment will be spent in both islands.

“Any goods or services that someone needs to establish a guest house, a villa, a small hotel…they will have to source quite a few of those things from Trinidad. So it's going to be a win win all around.”

Head of the Arima Business Chamber Christian Rampersad took a more “wait-and-see” approach as he said Young’s ascension to the post comes as no surprise.

“Over the last few years it has become clear that Dr Rowley was grooming him for the job, to the point he was dubbed the Minister of Everything. So this has seemed to be in the making for some years now.”

Rampersad said he had no expectations of Young as he believed he needs time to implement his own vision.

“I try not to be too presumptuous with respect to expectations from the government and try to look at the positives first and then possibly the negatives from what they're trying to do.

“I believe in allowing the individuals in power to do what they think is best and bring it to the people as they go forward.”