By Clint Chan Tack Wednesday, November 25 2009

PRIME MINISTER Patrick Manning yesterday declared that Government was prepared to lower corporation tax to encourage more foreign investors to do business in Trinidad and Tobago.

Manning made this declaration as he opened the Commonwealth Business Forum (CBF) at the Tropic Theatre aboard the Royal Caribbean cruise ship, Serenade of the Seas.

However, Manning was quick to point out that, “Our doors are open and we are willing to partner with foreign investors as long as their policies are in accord with that of the Government and are in the best interest of the people of Trinidad and Tobago.” Stating the rapid pace of industrial development in TT is the result of government’s policy towards foreign investment, Manning told the assembled delegates: “Just for the record, our rate of corporation tax outside of the petroleum and chemical sectors now stands at 25 percent and further reductions are contemplated.”

The country has an investment-friendly environment with clear objectives and many new initiatives are either pursued through the public-private sector model or exclusively by private sector investment, Manning said. He added TT was second only to Canada in terms of “the amount of direct foreign investment we have been able to attract.”

Touching on climate change, one of the top priorities on the agenda of this week’s Commonwealth Heads of Government Meeting (CHOGM), Manning said: “In the interest of treating with the challenges of climate change we are moving from too heavy a reliance on surface water sources to desalination.” In addition to building four new desalination plants, Manning said Government will expand the existing desalination plant at Point Lisas so its output would be increased from 24 imperial million gallons per day (IMGD) to 60 IMGD.

He added that modern facilities for wastewater treatment and a new water transmission and distribution system will be built.

Manning also disclosed that Government “shall take a decision in April of next year on the establishment of a new north to south, east to west rapid rail system which is being developed at the present time.”