THE TT Chamber of Industry and Commerce (TT Chamber) president Kiran Maharaj says the challenge of foreign exchange (forex) shortages must be addressed "with honesty and transparency," among the business community and government.
Maharaj, delivering welcome remarks at the chamber’s post-budget meeting at Hyatt Regency, Port of Spain, on October 1, issued several calls to action to the business community.
Addressing the forex challenge, she said, "Open dialogue and collaborative problem-solving are essential to stabilise our economy and restore confidence among investors and citizens alike."
In his September 30 budget presentation, Imbert noted that the country’s foreign reserves stood at US$5.5 billion, providing over seven months of import cover.
The TT Chamber was among the country’s largest business lobby groups having issued the government a wide range of recommendations ahead of the budget, resulting in "some small wins," according to the chamber.
However, Maharaj said drastic societal changes were needed to improve the business and social climates. She also said the time had come for constitutional reform to be considered.
"Our governance structures must evolve to reflect the aspirations and needs of our society. A constitution that empowers and protects its citizens is foundational to our collective success.
"In this journey towards progress, we express our unwavering willingness to explore all avenues for public-private sector partnerships. Such collaborations (drive) innovation, infrastructure development, and social programs that uplift our people."
Maharaj opened by addressing crime, among the most impactful issues hindering local and foreign investment, economic growth and the country’s reputation.
"Crime is not just a social ill; it is an economic adversary that erodes the very foundation of our prosperity," she said, adding that urgent collaboration with the government and other business service organisations is critical.
Maharaj highlighted eight arms of "this chaotic octopus," needing urgent attention to develop impactful solutions to crime, including law enforcement, legislation and the judiciary, the prison system, community engagement, the use of technology, policy co-ordination, and education and youth prevention.
She described the ease of doing business as more than a catchphrase but "a lifeline for economic growth and opportunity for all citizens.
"We must champion the implementation of solutions that streamline processes, reduce bureaucracy and embrace digital innovations. By moving towards digital platforms, we (will) not only enhance efficiency but also promote transparency and inclusivity in our economy.
"We will support productivity," Maharaj said, adding that social services and education gaps must be addressed to develop a more skilled workforce.
She also stressed the untapped potential of agriculture and the creative industries to diversify the economy.
Maharaj implored the membership to "speak up, lend support and forge a way forward that we want."
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