On September 24, 2018, T&T will celebrate its 42nd anniversary as a republic. Forty-two years is a short time in the life of a nation; some may even argue that it’s too soon to compare our development to that of older, more developed states.
Yet, the country seems unusually introspective this year, as we examine the very meaning of our republican status. T&T is globally recognised as one of the most sophisticated economies in the English-speaking Caribbean.
We have modern infrastructure and communications systems, and enjoy high rates of connectivity to the internet.
Our steelpan music, the prowess of our athletes, our oil and natural gas resources and, of course, our Carnival, have all played their part in making our country well known on the world stage.
Despite our many achievements, opportunities to further advance our nation often slip from our grasp. So why not embrace this turning point in our history?
The closure of the refinery at Petrotrin, announced on the eve of Independence celebrations, was no coincidence.
It signalled the end of an era, and the dawn of a new reality. Whether the shutdown was the right answer is still being debated, but all parties to the tripartite process have, in fact, agreed that it is no longer business as usual: the company has been an acknowledged drain on the Treasury for far too long, and cannot continue in the same mode.
Change must come. Technological advancements are changing the economies of the future at a dizzying pace.
Every sector and every job stands to be affected; the impact is already being felt locally as companies seek to find their balance in a rapidly changing global environment. In order to remain competitive, many private sector companies are engaged in redefining, restructuring and re-engineering exercises. According to the McKinsey Global Institute, artificial intelligence (AI) is transforming societies, and change is “happening ten times faster and at 300 times the scale or at roughly 3,000 times the impact” of the Industrial Revolution.
In due course, this will have an effect on T&T, just as it will on all countries across the globe.
There remains a pressing need for a clear, comprehensive, diversification strategy for our economy, which is still in contraction mode. With the economic situation particularly dire in Tobago, we must make a greater effort to transform that island’s business sector into a thriving, self-reliant entity, especially given its tremendous potential in tourism and related industries.
For several years now, underpinned by issues of corruption, crime and reduced productivity, our twin-island republic has remained relatively static on the Global Competitiveness Index, but now recent improvements in some of the areas need to be sustained.
Increasing levels of violent crime continue to have a negative effect on the cost of doing business, on our country’s investment climate and its attractiveness as a tourism destination, and on the lifestyle of its citizens.
With the appointment of a commissioner of police after several years of only acting appointments, the T&T Chamber of Industry and Commerce is hopeful that there will be renewed vigour within the police service, along with an increase in detection and prosecution rates.
The upcoming 2018/2019 budget will be one of the most important for our country.
Much more than a financial document, it will present the Government’s template for development well beyond the fiscal year. Hopefully, it will also deliver solid initiatives that can help to boost national output and export capacity. Looking towards the next decade, we must acknowledge the role of youth as the new drivers of transformation.
Our political, social and business leaders all have a duty to pass on to the next generation a better T&T than they inherited and our young people must embrace their responsibility to take our country to the next level.
We can only guarantee our future by our own efforts. There will always be challenges, and we must be prepared to take them on, make the necessary sacrifices and seize every possible opportunity. There is no shortcut to success.
The T&T Chamber wishes the nation a happy 42nd anniversary as a republic.
As we reflect on the road we have travelled together, let us begin the next stage along our journey and uphold the values that have brought us this far: discipline, tolerance, and production.