Despite the "pain" T&T's economy is going through because of low energy prices, the country has to continue to create a business-friendly environment to stimulate the economy, says American Ambassador, John Estrada.
"There is no denying that T&T is in a tough, tough position. One of my jobs here as ambassador is to help US companies operate in and export to T&T. So I will do what I can to ensure that T&T is a hospitable place for US companies to work. It is in the best interest of T&T and the United States for all of the businesses here to succeed and strive. We want Trinbagonians to start businesses, generate opportunities and grow," he said.
Estrada, who was born in Trinidad and emigrated to the United States at age 14, spoke yesterday at the American Chamber of Commerce of T&T (AmCham's) 23rd Annual General Meeting held at the Hilton Hotel and Conference Centre, St. Ann's.
He praised AmCham as being one of the country's leading business organizations that has promoted partnerships between the two countries.
Estrada was sworn-in as Ambassador on March 17, 2016 and yesterday's address to AmCham was his first major address to the local business community.
He said one of his main objectives as US Ambassador is to further trade and business ties between the two countries.
"T&T has benefitted tremendously from the oil and gas industry. It is obvious everywhere you look. The other side of this is that the country's economy is particularly vulnerable when energy prices go down. The falling energy prices are causing your country real pain and I can see it. Even if prices do recover 20 years from now, who knows what the oil and gas industry will look like. There is good reason to be concerned about T&T's future," he said.
Despite the downturn in T&T's economy, Estrada warned the Government and private sector not to fall into protectionism and urged all stakeholders to leave the economy open to foreign investment and also foreign competition.
"Where are the new jobs going to come from? I do not know where the new jobs will come from but you do. It takes collective wisdom to solve this challenge. T&T has a lot going for it such as the great educational system, English speaking, a democratic political system, close business ties with the UK, Canada and the US, a free press and a successful financial services sector," he said.
He also pointed out that T&T's business climate has changed a lot since he emigrated to the US in 1970.
"Every sector of society is dramatically different. Looking around Port-of-Spain there are vast changes in the business sector. It is very different from the capital of my years. There are signs of economic good times and also leaner times. I see massive public and private development where fields used to be. I see a busier waterfront and airport. I can also see the wear of economic downturn," he said.