T&T Manufacturers' Association (TTMA) president Dr Rolph Balgobin claims the private sector is contributing to the "strain" in the supply of foreign exchange by "moving US currency out of T&T in excess of their requirements."
He also said the private sector is "taking tax avoidance to new heights," in that many large businesses are paying "far less tax than you might think.'
"The question of a Common External Tariff which, many of us enjoy the protection of ...I do wonder if there are parts of the private sector which are in fact being subsidised by the State instead of contributing to it by way of taxes. I wonder whether we are smart enough, we have never managed to work this out," he said when he addressed a Banking Week event in Port-of-Spain earlier this week.
Balgobin also questioned the willingness of T&T private sector to export. Referring specifically to the US$24 million shipment which left T&T for Venezuela last week, he said Venezuela was willing to spend much more than that, but T&T could not supply more goods.
"The Venezuelans came here with US$50 million and we could only sell them US$26 million. We still have US$24 million more on the table. Then there is going to be another US$50 million after and another US$50 million after that."
Balgobin, who accused members of the private sector of sitting and waiting on Government to find opportunities for export, added: "We had a great alignment with government but to my surprise there are elements in the private sector which seem unwilling and unable to do business at the level where they are earning foreign exchange.
"I find that quite remarkable because it is the same elements in the private sector that want to curse everyone in sight when they can't get US dollars to buy."
He said there have been too many instances where the private sector has found itself "unready to meet challenges at precisely the time when we need to take the burden off the Government."
"What is its role other than waiting for the government to say what we should be doing?" he asked.
"You are asking me to speak about business and banking but I am also thinking of business and the society."