Food and beverage can be export winner—Cadiz

As efforts continue to diversify the Trinidad and Tobago economy away from the energy sector, the Ministry of Trade and Industry has identified the food and beverage industry as a sector with major growth and export potential. This was revealed yesterday by Minister of Trade and Industry Stephen Cadiz in his address at the opening ceremony for the UK Food and Beverage Trade Mission and Exhibition, at the Hyatt Regency, Port-of-Spain. In attendance was British Minister of State for the Foreign and Commonwealth Office Jeremy Browne and British High Commissioner Eric Jenkinson.

Cadiz said in recognising the food and beverage industry’s importance in diversifying the economy, the Trade Ministry had established the Food and Beverage Industry Development Committee (FBIDC) which is charged with developing a strategic plan to make the industry more competitive in the global market and increasing exports. Cadiz said there were approximately 430 local food and beverage firms employing approximately 11,000 people and the industry had a 13 per cent growth rate between 2005 and 2009, totalling 52 per cent of the manufacturing sector’s contribution to GDP. (AL)