TTMA welcomes diversification initiatives from finance ministry

The TT Manufacturers’ Association (TTMA) has said it is pleased with announcements made by finance minister Davendranath Tancoo during his presentation of the Supplementary Appropriation bill for the financial year in 2025.

The minister presented plans to support the non-energy sector in his presentation of the mid-year review in parliament on June 18.

“The association appreciates the recognition of the non-energy manufacturing sector by the government, of the critical role it plays in export-led growth, which will assist in building a resilient diversified economy and unlocking new trade opportunities for our members,” the TTMA said in the release.

The TTMA highlighted the government’s intention to explore export allowance and export growth assistance programmes which will focus on expanding into non-Caricom markets.

It also took note of an export proceeds retention facility which would allow manufacturers to retain a portion of their earned foreign exchange for reinvestment and expansion.

It said it anticipates the government’s presentation of a roll-out plan for the long-outstanding payment of VAT rebates.

“These initiatives align closely with the TTMA’s long-standing vision to growth the non-energy sector, promote national self-sufficiency, create sustainable employment and increase the sector’s contribution to the GDP.