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T&T unemployment at five per cent —Trade Minister
Although there are some hurdles to the ease of doing business in T&T, Trade Minister Vasant Bharath says the country experienced positive growth during the period 2012-2013. Inflation has been reduced, unemployment rate currently stands at five per cent and the Heritage and Stabilisation Fund has increased from US$3.62 billion to US$4.7 billion.
The minister, who delivered the inaugural address at the Third Annual Business Forum hosted by the High Commission of India, in collaboration with the Trinidad and Tobago Chamber of Industry and Commerce (TTCIC) and invesTT on Wednesday, said that there are ten indicators of the ease of doing business, one of which is starting a business. He said after consultations and meetings with relevant ministries and agencies, the length of time to start a business has been reduced from 43 to three days.
Malay Mishra, High Commissioner of India said the configuration of the world’s economy is changing with regards to technology, services, investment. “We must exercise vision to embrace these changes to remain competitive,” he said called for more investments and trade between T&T and India, saying both countries have a lot to offer in terms of entrepreneurship and technology.
Catherine Kumar, CEO, TTCIC, in welcome remarks, encouraged the business community to take advantage of the opportunities the Forum presented so that actionable items can be identified to move forward with a national effort to achieve sustainable economic activity and growth in T&T.
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