You are here
Govt to spend US$3b on maritime projects
Government is embarking on two major maritime projects as a cost of US$3 billion. This is just one of the several initiatives aimed at creating an investment climate for trade to take place. Trade Minister Vasant Bharath announced when he addressed a conference on Improving the Ease of Doing Business in T&T at the Hyatt Regency in Port-of-Spain. He said his ministry is on an aggressive path of putting T&T on the world stage and the two projects are being funded by two local private sector companies with an international presence.
Bharath said he could not identify the two companies as he was subjected to a confidentiality clause. The two projects are a transshipment port in La Brea at a cost of US$1.7 billion and a maintenance ship repair facility just off Sea Lots. The second project is estimated to cost US$1.2 billion.
“We are in the final stages in doing due diligence and would be taking it to Cabinet in about two to three weeks time,” Bharath said. He said government’s role in this initiative is to create the enabling environment by fast tracking approvals, including the Environment Management Authority certificate and the granting of licenses for the required land. Once approvals are granted work should begin in 2014, he said.
New initiatives include:
• April 1 is the deadline for the merger between the Single Electronic Window and the ASYCUDA (Automated Systems for Customs Data) system for Customs
• Amendment of the Customs and Excise Act to be taken to Parliament in the next two weeks. This will allow for sharing of information across all ministries and advance manifest information on vessel entering and leaving the nation's ports.
• In January, as part of the Finance Act, it was included in legislation that National Insurance Board and Board of Inland Revenue cannot take more than one day to issue national insurance and VAT certificates to new and existing employers. Previously it took 30 days.
• Trade negotiations with Canada and Caricom should be concluded and signed off as it expires at the end of 2013.
• The European partnership agreement which was signed in 2009 but not rationalised, will soon go to Parliament.
User comments posted on this website are the sole views and opinions of the comment writer and are not representative of Guardian Media Limited or its staff. Guardian Media Limited accepts no liability and will not be held accountable for user comments.
Please help us keep out site clean from inappropriate comments by using the flag option.
Guardian Media Limited reserves the right to remove, to edit or to censor any comments. Any content which is considered unsuitable, unlawful or offensive, includes personal details, advertises or promotes products, services or websites or repeats previous comments will be removed.