In making financial decisions on a national level it must be noted that investments that bring in real money–money from foreign sources–are more beneficial than local investments. Local investments are important where they reduce the need for foreign exchange like in agriculture.
Apart from taxes on foreign companies in the energy sector there is not much in T&T that brings real income. Tourism is one area where real income is earned. It must be noted that apart from the attraction of Tobago, no other product attracts as many tourists–and consequently real income–like Carnival.
Additionally, there is real income from the export of locally produced goods and services. In this area our major markets are our Caricom neighbours.
Each Carnival, our hotels are filled, our car rental companies are booked up, mas bands are booked up with as much as 40 per cent foreigners in some cases, and local businesses like restaurants, small breakfast and lodging units are utilised by foreigners.
All of this leads to earning real income (foreign exchange) for T&T. In such light any forward-thinking government will invest in Carnival. To those who are so clouded by their myopic vision and prejudices that they choose to see Carnival as some sectoral thing I say that contrary to their view, Governments have not invested enough in Carnival.
A properly packaged Carnival that is well marketed can increase our present foreign exchange from Carnival by as much as 200 per cent. So in other words, what is needed is more and not less investment in Carnival.
Steve Alvarez
via e-mail