Senior Reporter
geisha.kowlessar@guardian.co.tt
Newly re-elected president of the T&T Chamber of Industry and Commerce, Kiran Maharaj is questioning whether enough is being done to tackle the country’s worrying crime situation.
“We have to fix it. We know it is not an overnight solution. But are we really doing enough? Are we addressing it properly via public-private partnerships (PPPs)? Are we leveraging the strengths and resources of both the public and private sectors to enhance the effectiveness of crime prevention and law enforcement strategies? Is there room for technological collaborations, community-based initiatives, and resource and infrastructural support,” Maharaj asked while delivering remarks during the chamber’s annual general meeting at the Hyatt Regency on Thursday.
She also addressed other issues affecting the business community, including the ease of doing business, which continues to be problematic.
“How easy is it to register a business, or to ship cargo into or out of our country? What can we do to make the system easier? I do acknowledge and commend our Government on the digitisation efforts, in particular, the launch of the companies registry online system and measures taken to improve trade facilitation, but there are ongoing concerns that are consistently brought to our attention by our members and other key stakeholders,” Maharaj noted.
She said she hoped these issues could be resolved to ensure businesses, and by extension, the country, do not fall behind in the regional and international business landscape.
The chamber president said there is still much work to do regarding access to financing for small and medium enterprises (SMEs).
“Where is the public sector reform? I reference Singapore and what I consider to be a pro-business environment. The regulatory environment was business-friendly and had a strong framework to attract both local and foreign investment.
“Singapore has a remarkable ability to innovate and adapt to changing global trends. It actively invests in research and development, encourages entrepreneurship, and embraces new technologies to stay competitive. Are there lessons we can take away,” Maharaj asked.
She also addressed the challenge of VAT refunds.
According to Maharaj, while the impact spans all sectors of the chamber’s membership, companies operating within the construction, agro-processing and food manufacturing industries appear to be the most impacted.
She said the effect on cash flow and its knock-on impact on business operations cannot be over-emphasised.
“The question remains – What systemic changes are needed to restore equilibrium in the VAT payment versus VAT refund mechanism? I certainly hope that this challenge can be resolved this year and I know that our minister of finance has been working towards a resolution,” Maharaj added.
However, there remains hope for innovation.
Maharaj said this will be key to unlocking new opportunities and driving sustainable growth in the years ahead.
“Whether it’s harnessing the power of technology to streamline operations or developing new products and services that meet the evolving needs of the public we serve, to me, we must embrace innovation at every turn,” she added.
Coupled with this, Maharaj added that there needs to be greater collaboration to bring about more positive change.
“We know that our country is not in the place we would like to be. We acknowledge the uncertainty that exists. This is why we continuously call for collaboration and dialogue with all stakeholders, inclusive of Government.
“Collaboration is essential to overcoming the complex challenges we face as a nation. By working together across sectors and industries, we can leverage our collective strengths and resources to drive positive change and build a more resilient and inclusive economy. We need to do more in terms of public-private sector partnerships,” Maharaj added.