Friday 30 October, 2020

Trade survey assesses exports services sector

Trade and Industry Minister Paula Gopee-Scoon

Trade and Industry Minister Paula Gopee-Scoon

Trinidad and Tobago is, now more than ever, closer to obtaining accurate data on trade to improve the sector.

This is as a result of a recent survey executed by the Arthur Lok Jack Global School of Business.

Ministry of Trade and Industry (MTI) permanent secretary, Ayleen Allyene-Ovid, delivered the feature address on behalf of line Minister Paula Gopee-Scoon at the virtual launch of the results of the National Services Exporters’ Survey on Wednesday.

“The results of the National Service Exporters Survey promises to help move us one step closer to having reliable and accurate data on trade in services and the data gleaned will be a crucial input into the Ministry of Trade and Industry’s strategic initiatives for the sector”

The event was hosted by the Trinidad and Tobago Coalition of Services Industries (TTCSI) on Wednesday.

Addressing attendees, Alleyne-Ovid underscored the Ministry’s full support of the initiative.

She further indicated that the survey is the first phase/deliverable of the National Services Exporters Registry of Trinidad and Tobago and provides insight on key issues related to the export of services locally. She said it focuses on modes of exports, geographic spread, trade flows and challenges stakeholders’ experience in the process of exporting services.

The registry will provide data on education services, tourism, information and communications technology (ICT), energy services, cultural and creative industries and business and professional services.

Allyene-Ovid commended the TTCSI and the Arthur Lok Jack School of Business for their efforts towards completing the National Services Exporters’ Registry.

She added that the Ministry would partner with CARICOM members to develop a strategy for the recovery of the services sector, as the Government continues to adapt to the challenges presented by COVID-19.

The permanent secretary said the strategy would identify and recommend a plan of action for recovery and growth which would include strengthening governance arrangements at the national and regional level; enhancing sub-sectoral targeting; and providing more targeted stimuli to aid in recovery efforts.  

Currently, the services sector in Trinidad and Tobago accounts for more than 60 percent of the country’s GDP, 10 percent of exports and employs 70 percent of the working population.

President of the TTCIS, Lara Quentrall-Thomas, in her opening remarks, stated that the National Services Exporters Survey represents a landmark achievement for the country.

“It is our intention that these survey results will be used to identify opportunities for institutional strengthening, with strategic and policy related implications at both the private and public sector levels.”

Other presenters at the launch include Dr Richard Ramsawak, Consultant at Arthur Lok Jack Global School of Business and Allyson Francis of the Caribbean Export Development Agency.

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