Trade Minister Vasant Bharath yesterday called for more foreign direct investment (FDI) From Canada to stimulate the T&T economy.
He did so when he met with a 30-member Canadian delegation–led by Senator Don Meredith–which is in T&T looking at ways to strengthen trade and economic relations, as well as investment opportunities in various sectors.
Bharath, who met with the delegation at his office in Port-of-Spain, noted that Canada is T&T's fourth largest source of FDI, with some 30 companies investing in various sectors.
"The Government continues to roll out the red carpet and clear the bureaucracy in doing business in T&T which was evident by the World Bank hailing T&T as one of the top ten reformers in the world out of 189 countries. The Government is committed and flexible in ensuring that the necessary reforms are made to make certain the investment dollar stays on the shores of T&T," he said.
The minister also used the opportunity to thank the Canadian Government for their flexibility and patience regarding Caribcan, saying Government is extremely grateful for the continued co-operation with T&T and Caricom for extension of the arrangement which allows duty free access of products, including methanol, natural gas, iron and fish into Canada.
In his brief address, Meredith said he was very passionate about Canadian firms coming to T&T for investment opportunities and was certain that "solid commitments and tangible business would result from the visit to this country."
At the meeting with the Canadian delegation were Tourism Minister Gerald Hadeed, Norris Herbert, Permanent Secretary, MTIIC; Ms. Sandra Indar, Deputy permanent secretary at the Trade Ministry; Ramesh Ramdeen, TTMA CEO; Richie Sookai, president of the Chaguanas Chamber of Industry and Commerce; Robert Tang Yuk, chairman, exporTT Limited; Keith Chin, CEO, TDC and Christoper Lewis, CEO, exporTT Limited.
The delegation was accompanied by representatives of the Canadian High Commission in Port-of-Spain, senior trade commissioner Debra Boyce and political counsellor Barry Bristman.