To overcome the country's economic challenges, it is important to begin "attracting new sources of revenue, higher quality streams of investment, encourage the development of non-traditional sectors, cut unproductive and illegitimate transfers and subsidies, and change the way we perceive things," Trade Minister Paula Gopee-Scoon told members of the Couva/Point Lisas Chamber of Commerce at their recent business forum.
She said the most fundamental change, reducing Government's expenditure pattern, is already taking place.
"One of the key principles of this restructuring is the reassessment and reshaping of the roles of both Government and the private sector," she said.
Gopee-Scoon said budgetary measures such as the tax on online purchases and additional income tax on individuals and companies with incomes and profits of more than $1 million are intended to "tackle the unavoidable issue of income inequality."
She said the minor increase in diesel fuel and reintroduction of the property tax at a flat rate are not punitive measures but natural and expected transitions that any market-driven, modern country must take.
The minister further explained that to fill the gap left by falling energy revenues, the development of new, viable industries in the non-energy sector remains a priority with a focus on the maritime, creative, tourism, manufacturing and agriculture sectors.
She encouraged the business community to take advantage of incentives in these areas.
"Our policies and initiatives are not meant to improve specific indicators for specific periods, but provide the foundation for long-term and sustained growth and the improved well-being of all citizens," she said.
Liaquat Ali, president, Couva/ Point Lisas Chamber of Commerce, in his opening remarks, called on the Government for a listening ear.
"The chamber is going to take a proactive approach to national discussions by formulating a policy for the development of the central and south areas of Trinidad with their stakeholders and present it to the Government," she said.