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TTMA welcomes NGC fund
The Trinidad and Tobago Manufacturers’ Association (TTMA) said yesterday that it was pleased that the Industry Fund which was signed by the TTMA and the National Gas Company (NGC) in September 2005 is being revisited, as there are significant gains for manufacturers. In a release to the media yesterday, the TTMA said that manufacturers have so far not taken advantage of this facility.
On Thursday NGC President Indar Maharaj urged manufacturers to access the $ 24 million. TTMA stated: “However we hope to work with the National Gas Company (NGC) to review the criteria for accessing the fund and to encourage participation by members of the Association.” The NGC Industry Fund for the Development of the Light Industrial and Commercial Sector of Trinidad and Tobago was established by the NGC and TTMA for the following purposes:
(a) The funding of technical studies for the improvement of plant, operational efficiencies and energy optimisation studies.
(b) The undertaking of expansion studies where natural gas usage as a fuel would be increased and/or optimised.
(c) Strategic Marketing studies to facilitate growth and expansion initiatives for development of new domestic and export markets.
(d) Research and Development studies to develop new products.
(e) Funding of initiatives for the establishment of an Institute of manufacturing or its equivalent.
According to the TTMA, it envisions that recycling initiatives such as tyres plastics, use of alternative energy and establishment of a photovoltaic industry are some of the potential projects that could be financed by the LIC fund. Such projects will have a lasting impact on our environment, in addition to contributing to national economic development.
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