TOBAGO stakeholders have welcomed the PNM government's selection of Energy Minister Stuart Young as Trinidad and Tobago's next Prime Minister.
During a news conference on January 6 at the close of the government's parliamentary retreat at the Magdalena Grand Beach & Golf Resort, Lowlands, Tobago, the Prime Minister announced that Young would replace him when he steps down.
Dr Rowley said the selection of a successor was one of the main items on the agenda at the two-day retreat, which came on the heels of his announcement on January 3 that he intends to step down as the head of government before the end of the parliamentary term in August.
Saying Young received the majority support from the party's parliamentary caucus, Rowley said Planning and Development Minister Pennelope Beckles-Robinson had also offered herself for the position.
In a video sent to the media on January 7, Tobago Business Chamber chairman Martin George said Young comes from a strong business family and has 'demonstrated in several different portfolios within the government his capacity and ability to take charge of situations and to stabilise scenarios where there may otherwise be a crisis looming.'
Saying Young's selection augurs well for the development of business in Tobago, George said the chamber will be seeking a meeting with him to discuss the repeal of the Foreign Investment Act.
'One of the things we would definitely want to place on the agenda for discussions with him would be the immediate and unconditional repeal of the Foreign Investment Act as one of his first decisions and actions when he does assume the office of Prime Minister, for him to have the Cabinet agree on that because the nation is facing a forex crisis,' he said.
'We are in a scenario where there is a scarcity of foreign exchange. So therefore if this legislation is repealed completely there will be mass direct foreign investment into Tobago, and all of this will spill over and redound to the benefit of TT, because that investment will be spent in both islands.
'Any goods or services that someone needs to establish a guesthouse, a villa or hotel by way of their direct foreign investment, they will have to source quite a few of those things from Trinidad. So it is going to be a win-win all-around.'
The Tobago Chamber of Industry and Commerce also endorsed Young, saying the appointment 'signifies the priority of the party to prioritise continuity and expertise in critical sectors, particularly energy.'
In a WhatsApp voice note, the chamber's president Curtis Williams said, 'His appointment can be seen as a calculated decision to maintain stability and booster investor confidence in the country, particularly in the energy sector.
'Mr Young's experience in energy, diplomacy and negotiations, particularly with the energy giants, positions him well to do business in TT.'
Williams said Young's ability to expand beyond the energy sector will be critical.
He said Young must seek to implement policies to diversify the economy, improve ease of do