Tobago Chamber wants meeting with Prime Minister

THE TOBAGO Business Chamber wants a meeting with Prime Minister Kamla Persad-Bissessar.

The chamber’s chairman Martin George said there are several front-burner items the organisation would like to discuss with the UNC-led coalition government as it relates to Tobago’s budget allocation and outlook for fiscal 2025-2026.

He said one of its main priority items will be the "immediate and unconditional" repeal of the Foreign Investment Act.

This, George believes, would free up the way for direct foreign inflows to the island and, by extension, Trinidad.

“We are in a forex crisis. That is undoubted. So therefore, it is only logical and practical that the government would try to repeal this anachronistic and archaic legislation which has stifled our direct foreign investment to Tobago,” George said in WhatsApp video on May 6.

He said the chamber would also like to discuss how the business sector can work together with the government to boost the resilience of Tobago’s economy.

“We would love to get to a place where Tobago is self-sufficient financially, where Tobago is fiscally independent. But the point is we need the assistance, guidance, support and leadership from central government in order to do so.

“It is the desired outcome because at the end of the day, once we achieve that sort of financial independence then we would now be able to make several decisions on our own without the need to constantly be asked for permission, so to speak.”

George said the chamber also wants to attract major international hotels to Tobago.

“There were talks which started with the Sandals group and they are still in their infancy. We, of the Tobago Business Chamber, were very much a part of that grouping and we intend to play our role in supporting any such initiatives and would love for the government to sit with us and have discussions as to how, from a governmental level, they would try to attract these major hotel investments into Tobago because we have a brand new airport terminal and its beautiful.

"But the point is, it is going to be a white elephant if we do not have the passenger throughput to justify it.”

He continued, “The only way you get that is if you have sufficient room stock on the island. And you need sufficient quality room stock. That is a must. We must get that major hotel investment coming into Tobago. And once we get that then the airlines and the airlift will follow.”

George said the World Bank reported recently that St Vincent has the fastest growing economy in the English-speaking Caribbean.

“Guyana still has the fastest-growing economy in the western hemisphere but in terms of the chain of islands in the English-speaking Caribbean, St Vincent is leading the way and that has been propelled mainly by that Sandals investment, the flights that it attracts and the visitors, the throughput, the expenditure and the income that comes in the form of foreign exchange.”

He said there is no need to reinvent the wheel.

“We need to diversify our economy in Trinidad and Tobago and the first thing is to focus on tourism, and Tobago is uniquely poised to be the leader in that regard.”