The importance of tourism to the Tobago economy was among the issues highlighted when Secretary of Finance and Enterprise Development in the Tobago House of Assembly (THA) Joel Jack hosted the first round of annual budget consultations with various stakeholders on the island. The session was held at Victor E Bruce Financial Complex, Scarborough.
The issue was first raised by the representative for the Bankers Association of T&T (BATT), Gregory Hines, general manager at Scotiabank. He focused on Tobago's role in the long-term development and diversification of the country's economy and tourism's potential contribution.Sharing similar sentiments was Christopher James, president of the Tobago Hotel and Tourism Association, who said tourism can rapidly stimulate growth in Tobago compared to most other activities, since it is the fastest growing industry in the world.
Chairman of the Tobago Division of the T&T Chamber of Industry of Commerce Diane Hadad said resuscitation of the tourism industry was critical to the island's development and had been identified in the THA's Comprehensive Economic Development Plan–the economic roadmap for the island.
Representatives of the Tobago Agro Processors Association spoke about the major challenges being experienced by the sector and recommended further grant assistance for small businesses on the island.The asssociation's president, Darilyn Smart said: "In order to become competitive with our regional counterparts, our businesses require additional equipment, machinery and working capital."
At the start of the talks Jack said it provided an invaluable opportunity for stakeholders to share sector-specific information for inclusion in the THA's upcoming fiscal package."This event is in keeping with a consultative approach adopted by the Assembly to further develop the island," he said.
Chief Secretary Orville London emphasised the value of the activity to the entire budgetary process.
"All sectors must be involved in the island's governance," he said."We are all partners in this exercise."