PETER CHRISTOPHER
Senior multimedia reporter
peter.christopher@guardian.co.tt
If all goes to plan, a Memorandum of Understanding (MOU) signed by the Trinidad and Tobago Stock Exchange (TTSE) and the Trinidad and Tobago Chamber of Industry and Commerce should encourage some new names to be listed on the TTSE.
The MOU, which was signed yesterday, is geared towards encouraging small and medium enterprises (SMEs) to develop their businesses and giving them tools that could see these SMEs become listed companies.
"This collaboration is not merely a ceremonial act; it is a commitment, a shared vision rooted in the development of opportunities for SMEs and businesses aspiring to be listed on the TTSE. Today's MOU signifies our joint dedication to providing the necessary support and capacity-building initiatives essential for realizing this objective," said Eva Mitchell, CEO of the TTSE during the signing ceremony at the Chamber's office in Westmoorings.
Currently, only two SMEs are listed on the TTSE, CinemaOne Limited which was listed on November 21, 2018, and Endeavour Holdings Limited which was listed on December 12, 2019.
Mitchell is hopeful this partnership will increase this number significantly.
She said, "Our belief in the transformative power of collaboration is the driving force behind this partnership. By combining the resources and expertise of the TTSE and the Trinidad and Tobago Chamber of Industry and Commerce, we aim to create a synergistic environment that fosters growth and innovation within our business ecosystem."
Mitchell said, "Entrepreneurs and businesses are the backbone of our economy, and the TTSE stands as a beacon of financial stability and growth. Through this partnership, we seek to amplify our impact, providing entrepreneurs and SMEs with access to capital markets, enhanced visibility and the means to contribute significantly to the economic prosperity of our nation."
Chamber President Kiran Maharaj was also optimistic that the partnership would foster growth amongst SMEs, particularly those who had struggled to find funding.
"This cooperative agreement between the Trinidad and Tobago Chamber of Industry and Commerce and the Trinidad and Tobago Stock Exchange, to me is a milestone because what it really signifies is the fact that you have an advocacy group coming together with the financial institution so that we could really collaborate to be able to empower SMEs even more," said Maharaj, who said several SMEs had shown interest in getting listed prior but struggled to get the requirements to achieve such.
Minister in the Ministry of Finance, Brian Manning, was present for the signing. He said this development augured well for the economy, as he noted it was among the latest efforts to increase activity in the business sector.
"This is a fantastic initiative and we are happy that the stock exchange and also the business chamber have come together to really develop this program to promote SME development in Trinidad and Tobago. The Ministry of Finance, the government of Trinidad and Tobago is a strong supporter of the SME sector and this is one of the initiatives that we are happy to see happen within our economy," he said.