Central Bank, Energy Chamber identify new areas for collaboration

AS part of its ongoing stakeholder engagement sessions, the Central Bank met with representatives of the Energy Chamber TT on August 13.

This follows similar engagements with the Confederation of the Regional Business Chambers, the TT Chamber and Amcham.

In a release, the Central Bank said the discussions identified key areas impacting the energy sector such as shortages of skilled labour, supplemental petroleum tax and VAT refunds.

Central Bank governor Larry Howai recognised the importance of the chamber’s insights into the challenges and opportunities facing one of TT's most vital sectors.

"The Energy Chamber is a leading voice in the energy sector, representing nearly 400 member companies committed to building competitive and sustainable business across the nation.

"We are committed to working together to find practical, forward-looking solutions to issues facing the industry," Howai said.

He explained that the forum is an opportunity for the bank to get a clearer understanding of what’s happening on the ground.

Representing the Energy Chamber, president Dr Thackwray Driver, thanked the Central Bank for its engagement and committed the chamber’s support to work with key stakeholders in the best interest of TT.

During the meeting, the chamber also identified opportunities for improvements in the sector’s performance through the restructuring of the VAT system, accelerated capital allowances, streamlining the approval processes for greater efficiency, transitioning of the Green Fund to a Carbon Fund and greater equity in electricity pricing.

The disequilibrium in the foreign exchange market was also raised.

As a means to increase the forex reserves in the long term, a suggestion was made to develop a system that enhances opportunities for investments by the services sector of the energy industry.