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New IFC boss, Varun Maharaj: We can create thousands of jobs, add $1.2bn to T&T
Varun Maharaj, the chief executive of the T&T International Financial Centre, says he is confident that the company can fulfil its mandate to generate 3,000 new, high-paying jobs in the financial services sector within five years.
Maharaj, a certified public accountant and a chartered investment manager, joined the TTIFC as CEO at the start of 2013 after spending seven years as an executive director at ANSA Merchant Bank.
“Our estimate is that if we were to add the 3,000 jobs in five years, in the course of that period, we could see being added to the economy in the region of $1.2 billion a year, given the present propensity to consume,” Maharaj said in an interview with the Business Guardian in his Port-of-Spain International Waterfront Centre office.
Maharaj says the mandate of the IFC, which is an investment promotion agency, is to develop the country’s financial services sector “and in so doing, create long-term, meaningful jobs that are well paid.”
He said: “Our focus is to develop a new industry, on the one hand, and on the other hand, to develop the local capital markets.”
Maharaj said the IFC’s role is to contribute to the diversification of the T&T economy.
Financial services currently contribute about 14 per cent of T&T’s GDP and that sector has been growing faster than the average growth rate of the local economy.
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