News day reporter
The American Chamber of Commerce has presented a proposal to the government on how nearshoring can drive more investment in Trinidad and Tobago.
The chamber developed the policy document – Nearshoring Framework & Rationale for The Government of Trinidad & Tobago which its executive presented to Minister of Trade and Industry Paula Gopee-Scoon at the ministry in Port of Spain on May 13.
Nearshoring is the practice whereby a company outsources its operations to another company in a neighboring country.
“The document outlines several factors that make TT highly favorable for investment and attracting new business through a proximity strategy that should warrant government consideration,” Amcham TT Chairman said Thursday, Toni Sirju-Ramnarine, in a statement.
“Amcham TT is committed to this strategy as we believe its execution will provide major economic opportunities for TT. By working together with the government, we are confident that we can build new pillars of economic growth in TT,” she said.
Sirju-Ramnarine and Amcham TT CEO Nirad Tewarie met with Gopee-Scoon and Ministry Permanent Secretary Francis Signoret, along with a team that included the Chamber’s Deputy Chair of the Digital Transformation Committee, Anna Henderson (CEO, Amaranth Business Solutions), Digital Transformation Committee Member, Vitra Gopee (COO, Digital Era Group) and Head of Technology Community and Projects, Rey-Anne Paynter-Mendez.
The discussion focused on the recommendations contained in the document and how a proximity strategy could lead to more investment in TT. Amcham TT reiterated its commitment to work with the government to design and execute a outreach strategy to accelerate efforts to diversify the economy, find new and sustainable ways to increase GDP and mitigate the negative impact of the pandemic on citizens and businesses.
Gopee-Scoon commended the efforts of the private sector to collaborate with the government on initiatives to boost investment in TT.
“Much can be accomplished when government and the private sector work together,” she said. “I look forward to continued engagement with Amcham TT and the wider private sector to continue to build on recent successes to attract more investment and create more jobs through a deliberate outreach strategy.”
Tewarie said the chamber felt encouraged by the discussions.
“The benefits of public-private partnerships cannot be overstated and Amcham TT appreciates the open relationship we have with the Honorable Minister. At the end of the meeting, we agreed to focus on exploiting offshoring opportunities in IT services, logistics and distribution, and specialty manufacturing. Immediately, we will start working to strengthen capacity building to support the growth of these sectors and define the elements of the strategy,” he said.