Government to invest US$12b in maritime sector

News Mya Quamie An Hour Ago

Yachts anchored at the Chaguramas Bay from the Western Main Road, Chaguramas on July 1. - Faith Ayoung

Finance Minister Davendranath Tancoo has said the government will invest US$12 over seven years and create 3,000 jobs as it looks to revamp the maritime sector.

He said the maritime sector will also be repositioned as a regional hub.

"Through simplified immigration and customs procedures, digital clearances and PPP-driven marinas and super yacht facilities will expand tourism and investment."

He said idle and distressed state assets will be repurposed for revenue, including the redevelopment of Caroni racing complex into a "world-class" convention centre. This is being done in collaboration with the TT Manufacturers' Association (TTMA).

He also announced the development of a new export academy, which promises to build 100 export-ready firms every year.

He said the government will work in partnership with the TT Chamber of Industry and Commerce and the Inter-American Development Bank to train SMEs in trade facilitation, financing, e-commerce and global marketing.

"The Eximbank will return to its proper mandate of supporting its exporters through foreign currency loans.

"For the first year, the payments will be made in TT dollars and then in the currency of the loan.

"Transparent eligibility criteria and public reporting will ensure fairness, especially for SMEs," Tancoo said.

He also announced the launch of a national registry of exporters and a buy local campaign, and noted partial scope agreements being advanced with India and West Africa.