Last update: 12-Dec-2013 4:50 am
Thursday, December 12, 2013
Trinidad & Tobago Guardian Online
You are here
T&T able to diversify into new energy sectors says FCB CEO
Larry Nath, CEO, First Citizens Bank, says T&T has the ability to diversify its economy away from oil and gas to new sectors. “On his recent visit to this country, vice president of the United States Joe Biden pointed to possibilities for investment in renewable energy. The American vice president noted that T&T and the Caribbean were ideally suited for alternative energy industries based on our natural sources of solar and wind energy.
“Biden hinted that US investors could be persuaded to enter into joint venture arrangements with T&T partners. This provides an opportunity for diversification within the existing industry,” he said. Nath spoke yesterday at a post budget forum hosted by First Citizen’s Bank, at Casablanca Ballroom, Movie Towne. He said compressed natural gas (CNG) can be used as another way to diversify.
“The Government has signalled further incentives for both individuals and companies in the budget for conversion of vehicles from using expensive gasoline to CNG. The experts have noted that CNG is far less harmful to the environment. Moreover, local use of increasing quantities of CNG will free up gasoline for export and reduce the subsidy on petrol,” he said. Nath referred Finance Minster Larry Howai’s plan to reduce the food import bill by 2015.
“With the measure outlined in the 2014 Budget and a food import bill which amounts to over $4 billion, that will create opportunity. In order to achieve the diversification intended, transformation and expansion of the agriculture sector are required,” he said. He also said Howai played an integral role in the success of First Citizens Bank’s Initial Public Offering (IPO).
“Applications for the IPO were oversubscribed by approximately 3.12 times. This is the largest initial offering of any equity in the history of T&T. It is interesting to note that 12,149 accounts were opened at the Stock Exchange this year—8,165 were opened during the month of the IPO. This means two thirds of these brand new investors who opened accounts with the Stock Exchange were in relation to the First Citizens IPO,” Nath said.
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.