TTMA: Crime affecting businesses
Businesses are feeling the pinch as a result of escalating crime.
President of the Trinidad and Tobago Manufacturers Association (TTMA) Christopher Alcazar says the business sector has been spending more and more to secure their businesses, employees and customers as robberies and murders continue to rise.
Alcazar made the comments while delivering an address at a TTMA breakfast meeting held at the Hilton Trinidad and Conference Centre on Wednesday.
He said among the increasing costs for businesses is the cost of hiring private security.
Alcazar said this is an expensive service.
In fact, he said businesses in T&T spend more on hiring security personnel than any other country in the region.
This is consistent with a 2017 report from the Inter-American Development Bank (IDB), which said 85 per cent of private businesses in T&T pay for private security, the highest among 13 countries that were surveyed.
Alcazar said the number of businesses retaining private security in T&T is also well above the international average.
The international average is 56 per cent.
Hiring private security is not the only drain on resources as businesses are forced to purchase security equipment and spend more on insurance for added protection against robberies and theft, Alcazar said.
Alcazar lamented that these increased costs draw money away from other activities that could potentially improve productivity and ultimately benefit the consumer.
He said customers would also be impacted by these issues that result in increased operating costs for manufacturers.
“The cost of crime in our businesses is borne as much as possible by the business community," he said.
"But once it becomes too high, the consumer will also feel the burn.”
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