By Vernon Khelawan Thursday, February 4 2010

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THE business culture of Trinidad and Tobago, except for the world players (oil, gas, methanol, etc.), is rarely affected by local political happenings, even those events which can be described as upheavals.

This includes an unpredecented political event such as the stunning landslide victory scored by Mrs Kamla Persad-Bissessar, Member of Parliament for Siparia, in last Sunday’s United National Congress (UNC) internal elections. Persad-Bissessar ousted party founder Basdeo Panday as political leader in those elections, receiving 13,000 votes to Panday’s 1,300.

Panday has been the political leader of the country’s main opposition party since it’s genesis as Club 88 in 1988. Apart from his activities in the sphere of politics, Panday has also played an integral role in the economics of Central and South Trinidad, particularly as leader of the All Trinidad Sugar and General Workers Trade Union (ATSGWU).

The ATSGWTU has served as the voice of Caroni (1975) Limited workers, even after the closure of the state sugar company. With Panday seemingly relegated to the post of Opposition Leader in the Parliament and Persad-Bissessar taking the helm of the UNC as its new political captain, her ascension has evoked the question about whether she can have any kind of economic impact in the country, moreso south of the Caroni River over which Panday cast a long shadow during his 40 years in public life.

Business Day interviewed several of the country’s business leaders to get their views on whether Persad-Bissessar’s resounding victory in the UNC’s internal election has generated any economic ripple effects outside of the party’s headquarters in Rienzi Complex and outside of the country’s political realm.

The general consensus expressed by the business community is that Persad-Bissessar’s victory would most likely have no real or direct impact on economic activity, certainly not in the short term. Here are some views expressed by business leaders in some areas:

Stephen Cadiz, President, Chaguanas Chamber of Industry and Commerce.



“In fairness to what happened on Sunday January 24, I believe it is a bit premature to make such a statement. However, it has shown the population that there is hope, not necessarily hope that anything would be guaranteed, but knowledge that the old guard politics have gone.

As businessmen we are always looking for new investment opportunities and the future offers some hope. But it was great to realise that a stalemate was able to be broken in the political system in Trinidad and Tobago.

The business community will be looking closely at what develops as the new UNC moves forward with its plans.”

Daphne Bartlett, President, South Business Association (SBA).



“I don’t think her victory would impact on the economy in the short term because her win doesn’t affect the price of oil or gas. Trinidad and Tobago is known for its political stability. However in the long run, if in fact she does become the Prime Minister and her fiscal policies are good ones and she can manage the economy then her win would impact on the economy.

People are not investing in this time of recession, people are just looking to survive and how do you survive? You have to see about your finances, secure a loan. You know the level of poverty is very high. It would take good governance to reduce that and whoever is the government will have to harness the agriculture sector that is crying out for help. There is need to coordinate the youth in some way, so instead of getting guns, get a pen and develop that sector so we can have more young entrepreneurs; the illegal drug trade which we try to push under the carpet.

These have to be resolved. She has a long way to go. She has to be tried and tested and build a track record.”



Nal Ramsingh, President, Couva-Point Lisas Chamber of Industry & Commerce.



“I don’t think Kamla’s victory has had any effect on business in Central Trinidad at this time. In my view business in Trinidad and Tobago is hardly affected by politics, but rather, and to a large extent, by what takes place outside of Trinidad and Tobago – the world economy – so to speak.

“Our economy is based on oil and gas and this is really what affects us in Trinidad and Tobago. The mood of the people however, would seem to be a little different in that they voted overwhelmingly for Mrs Persad-Bissessar as UNC leader and naturally they would be upbeat in Central, but to say that her victory has affected business anywhere, I would think is premature.

“I don’t believe business people as a rule are upbeat about her victory. I am not seeing that out there on the streets and I have not seen any notable pickup in business. We must remember that business is not generated politically, but by employment.”



Peter Kanhai, President, Greater Tunapuna Chamber of Industry and Commerce.



“I am not sure the victory would have any direct impact on economic activity in the East-West Corridor.

The election was an internal matter and while we congratulate Mrs Persad-Bissessar on her victory, the issues that influence economic activity are more national in scope and therefore it would really depend on both the opposition and the government’s performance in the Parliament in terms of creating the right kind of atmosphere and climate that would foster economic growth, not only in the Corridor but in the entire country.

“We are still plagued by a high crime rate, which is having a serious impact on the level of business activity in the country. The additional cost of improved security is affecting business operations severely.

“On the other hand this country has always enjoyed a stable political climate which is attractive and good for both local and foreign investment.”



South Chamber of Industry and Commerce:



“It is not the policy of this Chamber to comment on political matters.”