Friday 10 July, 2020

AMCHAM T&T: Tech will turn economy around

Can Trinidad and Tobago become a technology hub?

According to the American Chamber of Commerce of Trinidad and Tobago (AMCHAM T&T) tapping into technology is the key to turning around the economy and fostering entrepreneurship and innovation.

Speaking at the AMCHAM T&T Economic Outlook Forum on Thursday, President Patricia Ghany said T&T must have a clear strategy or risk “virtually standing still” as other nations in the region become more innovative and dynamic.

In this regard, however, she noted that AMCHAM T&T has begun the work to create a digitally-enabled nation.

This, she said, would enhance T&T’s attractiveness to foreign investors and improve the ease of doing business locally.

A digitally-enabled T&T would ensure that renewing a driver’s licence does not require taking time off work and improve conducting business with Government.

“A unique national identification number and a separate legal digital identity allows us to vote online, get government documents in days and transact business with the state.”  

Ghany added that the technological possibilities are endless as Fintech would make it easier for small businesses to secure loans, manage payroll and process payments.

She acknowledged that Government is also taking steps toward creating a digitally-enabled environment, as it gets ready to introduce online payments for Government services.

“The Ministry of Trade and Industry recently announced that, as part of their e-commerce strategy, the public will soon be able to pay online for government services.

We applaud this change both as businesspeople and as citizens, looking forward to increased productivity.”

Ghany said, however, that these are only first steps as technology will need to become routine in more everyday processes before T&T can be a truly digitally enabled nation.

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