Stories by
Senior Reporter
sascha.wilson@guardian.co.tt
At the official opening of the US$104 million Phoenix Park Industrial Estate yesterday, Prime Minister Dr Keith Rowley expressed optimism about the country’s economic outlook for 2024.
In his feature address, Rowley said the country’s new economic generator is the most modern in the Caribbean and will create jobs and new direct foreign investment.
The facility was built under the One Belt One Road Initiative which T&T signed onto in 2018 during Rowley’s visit to China. He said it was a symbol of the blossoming relationship between two nations celebrating 50 years of diplomatic relations this year.
As part of the commitment by the Beijing Construction Engineering Group to design and construct the park, there is an agreement to secure at least ten investors to help drive the productive capacity of the facility and raise its international profile.
“This will not only create new jobs, but new foreign direct investment which will bring with it new ideas, new business models and new products and services,” he said
Rowley boasted that the estate is already home to one of the best luggage brands in the world.
“The manufacturing of new products such as these will satisfy new export markets and drive the demand for new skills serving as a catalyst for added value and growth,” he said.
Noting the IMF’s recent World Economic Outlook figures projecting growth declines, Rowley said last week the Central Bank reported steady economic recovery during the first nine months of 2023, led by non-energy sector activities. He said this is in line with the outlook by major credit rating agencies.
Rowley said a major contributor to this stability is international trade and T&T’s total exports increased by 53 per cent from $58.3 billion to $89.1 billion, with locally made goods being sold in 143 markets worldwide.
He also outlined several projects and initiatives the government is pursuing in the energy and non energy sectors and described the industrial park as an investmen in critical economic infrastructure for the people and businesses in T&T.
Rowley also announced that the 540-bed Central Block at the Port-of-Spain General Hospital will be completed by next March.
“These are just some of the key projects that we have done and aim to complete in the near future to help boost our people and economy. The Minister of Finance has already indicated that significant capital spending is prioritized for fiscal 2024,” he said.
In addition, Rowley will be meeting with various ministers to finalize the housing programme.
Trade and Industry Minister Paula Gopee-Scoon said the 144 acre industrial park is an attractive investment hub and manufacturing base within the Americas.
She admitted there were challenges during construction, including the COVID-19 pandemic, weather conditions and squatter problems.
She said the estate is sub-divided into 78 leasable lots and five modern factory shells and 18 investments have been committed for the facility totalling $458.5 million, with the creation of 861 jobs.
China Ambassador Fang Qiu said the estate will make remarkable contributions to the industrial transformation and upgrading of T&T, as well as the friendship between both countries.
In his welcome remarks, eTecK chairman Imtiaz Ahamad said by the end of this year they will have 23 industrial parks in T&T, covering more than 1,000 hectares of industrial land space.