Local manufacturers must prepare for competition by developing quality products whether they are exporting or selling in the local market, Norris Hebert, deputy permanent secretary of the Ministry of Trade and Communications said yesterday.
"Competition today will meet you at your doorstep. That is one of the things you need to bear in mind. Although you do not export, the importers will come at your doorstep and compete with you. Sometimes your competitors compete at a price that is very competitive given their own scale of production," he said when he spoke on behalf of Trade Minister Vasant Bharath at a T&T Bureau of Standards (TTBS) National Consultation at the TTBS Auditorium, Macoya.
Hebert said Government has already taken steps to create an environment for local business people and manufacturers to grow.
"We have begun making T&T a more attractive for local and foreign investors. In this regard we have improved infrastructure, like e Teck Park. We are constructing a number of industrial parks in the hope it will result in more investments in the future. We have to maximise our bilateral and multilateral trade agreements. We are involved in a number of initiatives aimed at creating an environment that will facilitate market expansion for future trade opportunities and help in the ease of doing business" he said.
Hebert said T&T has trade agreements with several countries in the region, as well as in Europe, Latin America and other regions of the world that would assist local businesses once they expand."Once you improve your products, you improve your market positions, and begin your exports then sales will increase as the market in T&T cannot create the kind of scale you really need in today's competitive world. It is important to create that market space," he said.
Hebert urged local manufacturers to create standards for their products for key stakeholders. He said the TTBS is important in this process.
"This is important as without appropriate assessment approvals there will be complaints from suppliers for government procurement contracts. Local manufacturers must improve their efficiency, innovation, and quality to penetrate new markets and maximise existing trade agreements. The TTBS is mandated to develop and promote the development of standards which support quality and industrial efficiency," he said.