The Singapore of the Caribbean

[Karl]

<TABLE cellSpacing=0 cellPadding=1 width="100%" border=0><TBODY><TR><TD><SPAN class=TopStory>The Singapore of the Caribbean</SPAN>
<SPAN class=Subheadline></SPAN></TD></TR><TR><TD>Anthony Gomes
Wednesday, November 08, 2006
</TD></TR></TBODY></TABLE>
<P class=StoryText align=justify>The stated goal of the Trinidad and Tobago (T&amp;T) government is to achieve developed country status by 2020 in terms of the strength of its economy, the standard of living of the population, social, legal and institutional structures, the quality of governance and the state of the natural environment.<TABLE cellSpacing=0 cellPadding=5 width=75 align=left border=0><TBODY><TR><TD></TD></TR><TR><TD><SPAN class=Description>Anthony Gomes</SPAN></TD></TR></TBODY></TABLE><P class=StoryText align=justify>This ambitious goal is based on a high level of optimism, augmented by a positive outlook for the future, in what is becoming an increasingly unstable world. In keeping with its national motto: "Together We Aspire" this goal can be termed a laudable aspiration.
The time-honoured nickname for T&amp;T as "The Land of the Hummingbird" has been transformed to the sobriquet: "The Singapore of the Caribbean" in view of its outstanding economic success qualifying it as the strongest economy in Caricom.
The government's contem-porary objective is to diversify the economy from its dependence on the petroleum sector.<P class=StoryText align=justify>This objective is similar to other Caricom states, some of which are mono-crop economies, where over time succeeding governments have failed to take proactive remedial action prior to the expiration of preferential treatment by the European Union. In T&amp;T further development of the down-stream gas-based energy sector is a principal element in the plan, together with developing manufacturing and services, creating employment opportunities and promoting food security, among other components of the diversification plan.<P class=StoryText align=justify>In the early '80s, T&amp;T "bit the bullet" and moved to reform the economy that had strayed off course, weighed down by stifling bureaucracy, declining production, and an import/export machinery characterised by two speeds, slow and stop. Some may recollect the infamous "MAD" technique that lived up to its reputation of "Maximum Administrative Delay". Part of the reformation was a wage and salary freeze, which in the private sector continued for about two years. Increases in remuneration from top to bottom were frozen, until the economy turned the corner and started once more on an upward trend.<P class=StoryText align=justify>T&amp;T's economic transformation is reflected in the volume of foreign direct investment (FDI) which in 1980 was approximately US$1 million, increasing steadily to 38 per cent of capital formation between 1991 and 1996, rising to 52 per cent from 1997 to 1999. There was a temporary decline to 46 per cent in 2001, after which inflows again accelerated to double the 1991-1996 average of US$317 million to US $737 million in 2002, upwards to US$800 million in 2003, peaking in 2005 at US$1.1 billion. By way of contrast, Jamaica's FDI performance in 2005 was US$601 million.<P class=StoryText align=justify>Some of the strategies employed to reach the 2020 target for graduation to developed country status are by coincidence also being applied by other Caricom states, but apparently to greater beneficial effect in T&amp;T. These include: promoting investment opportunities; negotiating bilateral investment treaties; an aggressive trade expansion programme; assistance for industry; enforcing fair competition and intellectual property; promoting the information and communications sector; improving com-petitiveness of tourism and agriculture while supporting the development of the micro, small and medium enterprises (SME) sector.<P class=Story

[Assasin]

RE: The Singapore of the Caribbean

Karl up till now you nuh tell me if you like the book. What happen you nuh pass the Introduction yet

[Peter R]

RE: The Singapore of the Caribbean

Comparing TT to Singapore is sheer flattery to T&amp;T. Singapore created itself out of nothing except possibly its strategic location, but more important was/is the work ethic and discipline of the people, needed to create an ordered society.

I am convinced that were it not solely for Oil and Gas T&amp;T would be worse off than Jamaica. In my opinion T&amp;T is doing nothing significantto improve its public sector (ineffiecient) police service, Education,public transportation, infrastructure and a host of other institutions to achieve developed nation status. You should see garbage and litter bout de place. Basic tenets like respect for the environment which should be included in schoolas amandatory Environmental Studies programme (more and more cricticalfor small island states), is foreign to the majority of people.

The Govt is doing nothing to create anyheritage fund out of oil money windfall.... man jus a buy more car an cell. Already T&amp;T is probably the most industrialised country in the region and Alcoa, and another company Alutrint are set to build two Aluminium smelters with the PM "threatening" a third. T&amp;T is at real risk of overburdening its ecology with these heavy industrial plants. These plants will at best create a few thousand jobs and only pour more money into another foreign company while locals (and I mean qualified and educated) will continue to be second class citizens in their own country. Besides the politicians and a few CEOS it's the expats (an is a bag a dem) who live high on the hog (with no better qualifications than their TT counterpart).

The present government feels that creating a miniature NYC skyline will magically endow T&amp;T with first world status... I fear that they really are on the road to perdition.

pr