Friday, September 10 2010

MEMBERS of the business community have expressed satisfaction with several initiatives revealed in Wednesday’s budget presentation by Finance Minister Winston Dookeran in the House of Representatives.

In a press release, the Chamber of Industry and Commerce said they were pleased that Dookeran placed emphasis on governance, accountability and strengthening the regulatory environment for financial institutions.

However, they await the specifics and timelines for implementation of the initiatives.

They said while there were several measures identified for diversification of the economy, they expected that greater emphasis would have been placed on agriculture and tourism in order to stimulate the economy and generate new areas of sustainable growth.

The chamber said they were encouraged that the minister has taken note of the outstanding payments owed to the private sector for VAT refunds and contract work as they are eagerly awaiting those payments.

The TT Manufacturing Association (TTMA) said the conditional duty exemption for parts and equipment under Approved Manufacturing Industries was a step in the right direction and an initiative that is welcomed.

They said while they applaud many of the initiatives that will be introduced in the next fiscal year, the TTMA requests an increase in resource allocation and support to the Export Import Bank of TT (EXIMBANK).

The association said they look forward to working hand in hand with Government in the near future for the timely implementation of the initiatives.