Business groups in forex talks with Imbert

THE Confederation of Regional Business Chambers met with Minister of Finance Colm Imbert on February 4, to discuss matters surrounding foreign exchange (forex).

President of the confederation Vivek Charran told Newsday the ministry had invited the confederation to discuss the matter after similar discussions with the TT Chamber of Industry and Commerce (TTCIC) and the TT Manufacturers Association (TTMA).

In a phone conversation with Newsday on February 4, Charran said the confederation’s members, which included the TTCSI, the Maritime Association, TT Retail Association, Siparia Chamber of Commerce, the Fyzabad Chamber of Commerce, Tobago Chamber of Commerce, Chaguanas Chamber of Commerce and the Eastern Business and Merchants Association, were given the opportunity to speak about their experience with forex.

“We spoke and gave some insight to what the forex situation is, with regard to their sphere of understanding and influence in each of their particular chambers. We were explaining some of the issues we were facing. We also had some discussion on some solutions.”

He said the confederation is expected to compile suggestions and solutions and deliver them to the team at the Ministry of Finance, where they will be considered. Charran said the group also suggested a forex window specifically for small and medium enterprises (SMEs). The minister said he was looking into it.

He said individual chambers also raised several issues, some of which the minister told them were not in the remit of the ministry itself.

“We had discussed issues with customs and excise, where the Maritime Association said they wanted there to be a more efficient means for yachties going through immigration at Chaguaramas.

“Other islands have digital solutions, and this presents some difficulties. The minister said he agreed, but noted it fell under the scope of customs to make those changes."

He said the Tobago Chamber also spoke about foreign investment in Tobago, which could bring in forex.

“They spoke, in particular, to things that prevent purchases of land by foreigners in Tobago. The minister said that really falls within the ambit of the THA."

In November Imbert said the ministry is engaging various chambers of commerce, as well as the TTMA, on whether the system by which forex is distributed should be changed.