The T&T Manufactuer's Association (TTMA) said it continues to have confidence in the economy even though there has been a continuous decline in the oil prices and now is the most opportune time for energy companies to invest.
"I have confidence in T&T's economy for many different reasons. Our macro economic indicators are as strong as ever, unemployment remains at 3.6 per cent, inflation is in the single digits, the exchange rate is stable with over 14 months of import cover," TTMA president Nichiolas Lok Jack said in the feature address at the launch of the 16th Trade and Investment Convention (TIC).
Lok Jack said in December Standard and Poor's had reaffirmed T&T's 'A' rating as an investment grade country. He added that the country should not "rest on its laurels," and a "course must be charted for T&T to continue improving on its economic success and beyond."He said the manufacturing sector must be recognised as one of the key components in building the economy as a contributor to other sectors.
"The dynamic manufacturing industry contributes nine per cent of GDP. It is the country's second largest direct employer after the Government of T&T. It contributes significantly to the preservation of foreign exchange through import substitution and companies that generate net foreign exchange," Lok Jack said.
He said the TIC, which has as its theme this year, Building Bridges, Connecting the World, will continue to serve as conduit for business interaction and growth The Guardian group is the newest sponsor to TIC, joining TSTT, First Citizens and the Ministry of Trade.