Given the global challenges facing many countries, which may affect trade relationships, the American Chamber of Commerce (Amcham) is seeking to expand its market and network base to Colombia.Simon Aqui, president of the local AmCham said T&T's business community could stand to benefit from Columbia's booming economy.In order to take advantage of this opportunity, Aqui said, Amcham is hosting a trade mission to Colombia in June for its members."The business community could benefit from these trade relations as Colombia has recently experienced increased growth in its Gross Domestic Product(GDP), as well as its stabilised economy," he said. This, he added, will augur well for trade opportunities and direct foreign investment between the two countries.
Aqui was speaking on Thursday during the organisation's welcome reception for its 12 new member companies at Scotiabank's suite at the Oval, Port-of-Spain. The 12 new companies will bring AmCham's membership to over 300.Meanwhile, Aqui said crime remained the foremost concern for its members.However, he noted that AmCham made representation to the Government via the Security Minister and the Commissioner of Police. He said that AmCham was willing to lend support in order to help curb the escalating crime. Another concern his members were experiencing was the long delays in VAT refunds. He explained that some of the smaller companies, which are mostly affected, rely on the VAT refunds as a means to generate cash flow. Thus, they were appealing to the relevant authority to have the vat refunds returned in a timely manner.
"VAT refund is in a way stimulating the economy by generating cash into these companies, so that they can invest into their employees, infrastructure and additional projects for their own business," Aqui explained.