Former finance minister Karen Nunez-Tesheira is calling for fewer international franchises and more local products and companies as a way to boost the country’s economy.
Speaking last Friday (September 23) at a virtual session held by the University of the West Indies (UWI) Trade and Economic Development Unit, she said there’s a need to boost the country’s agriculture and food processing industries.
“Get rid of all these franchises, what are they doing in this country, how much coffee are we going to drink? I always ask that question.”
She added that the country’s Ease of Doing Business also needs to improve, saying that it should be easier for citizens to start businesses and become micro-entrepreneurs.
“I think that is a critical, hands-on approach that we need to take, not only in growing the food within Trinidad and Tobago but…to have a really effective agro-industry entrepreneurship built in this country.”
She also called for a living wage for workers.
“We need to provide opportunities for the large majority of our citizenry that fall under that living wage salary [range]…the income tax returns were far less than the [Finance] Minister expected which gives an indication of how many people live under that.”
Nunez-Tesheira also agreed with the country’s potential as an ecotourism and cultural destination.
“Today’s tourists are looking for an experience and Trinidad and Tobago has much to offer.”
She added however that the country’s crime problem remains an issue that also affects the economy.
President of the Caribbean Development Bank (CDB) Dr. Hyginus ‘Gene’ Leon said between 80-90 per cent of all food consumed in the region comes from abroad, and only three Caribbean countries (Guyana, Belize and Haiti) produce more than 50 per cent of their own food.
Finance Minister Colm Imbert will be giving government’s plans for the 2023 budget in Parliament on September 26.