Calypso tents have been losing audiences over the years, but the state of the economy is taking a further toll on this Carnival tradition.
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World Investment Report 2014: T&T misses out on global increase
T&T received very little of the increased global investment recorded last year, Racquel Moses, president of InvestTT said yesterday. “Globally there was a nine-per cent growth in investments but we did not see that growth in T&T and we did not see that growth at Invest TT,” she said at the launch of the United Nations Conference on Trade and Development (Unctad) World Investment Report 2014 at the Arthur Lok Jack School of Business, Mt Hope.
Moses said Unctad was projecting a ten-per cent growth in global investment this year and 13-per cent growth next year. T&T is expected to capture some of that global market, she said.
“We believe that we will catch up in terms of that growth. Developing nations now have a serious share of the global investment but it is a peak that is not anticipated to continue. That means for T&T, the Caribbean and our region it will begin to get more competitive. From an investment promotion standpoint it is already competitive in attracting investment,” she said. Moses said T&T does not have brand recognition which would help foreign investors quickly recognise opportunities in this country.
“So we do not make the long list that T&T is being considered and it is even more difficult to get on the short list,” she said. The InvesTT president, who wants investors to work with Government on sustainable projects, added: “We want to show investors that investments into sustainable investments programme is good business. “We want investors to partner with us to generate returns. What that requires is a partnership among the Government, investors and other.”
She said agreements with T&T’s Caricom neighbours were also important. “When your neighbours and customers do well, so do you. It is important for us to get into agreements with Caricom to ensure that as we do well, so do they. Two of the projects we are looking at for the next year, we are looking at doing them with Caricom. Alone we cannot do it, we do not have the resources,” Moses said.
According to Unctad’s World Investment Report 2014, global foreign investment flows increased by nine per cent to US$1.45 trillion in all major economic groupings—developed, developing and transition economies.