Sunday 21 October, 2018

Strategic plan for horse racing industry coming by end of year

On Friday, Minister of Trade and Industry, Paula Gopee-Scoon, engaged relevant stakeholders to revive the local horse racing industry.

According to a release issued by the Ministry, Gopee-Scoon and Senior Officials of the Ministry met with representatives of various interest groups in local horse racing including the Betting Levy Board, Trinidad and Tobago Racing Authority, Arima Race Club, Racehorse Owners, Trainers and Stud Farm Associations to discuss the current state of the industry.

The Trade and Industry Minister emphasised the value of the sport which the Ministry states “has immense potential for meaningful economic impact given the cost structure, employment levels and the economic activities it generates.”

Stakeholders agreed to formulate a strategic plan for the development of the local horse racing industry by December 2017.

This plan and collaborative input, Gopee-Scoon said, would inform industry-wide transformational change and facilitate the self-sustainability of sport of horse racing.

Current challenges affecting the industry including the legislative and regulatory framework, management of the sport, incentives for industry participants and the efficiency of the collection of betting taxes were expressed by stakeholders and potential solutions identified.