Turn budget intentions into measurable results | Local Business | trinidadexpress.com

Trinidad and Tobago Chamber of Industry and Commerce president Karen Yip Chuck delivered the following remarks at the Chamber’s post-budget meeting at the La Rêve Conference Centre, C3 Centre, San Fernando, yesterday. They are reproduced here in full.

The Minister of Finance has presented the National Budget. The question before the business community now is how to turn its intentions into measurable outcomes for Trinidad and Tobago.

That question framed the T&T Chamber’s second annual Post-Budget Meeting in San Fernando, held under the theme “The Private Sector as a Partner in National Implementation.”

When I delivered my inaugural address in April, I called for a reset in how we produce, compete and position our country in the global marketplace. That requires execution, alignment and accountability. Six months later, our work at the Chamber reflects that direction.

The test of that reset is whether businesses can produce more value, reach more customers and sustain growth. Our responsibility is to connect the opportunities before us with the preparation, partnerships and policy conditions needed to realise them.

Our recommendations begin

with our members

The Chamber’s recommendations begin with the experience of businesses: manufacturers managing input costs, exporters entering new markets, SMEs seeking financing and employers facing skills shortages. These experiences shape our understanding of what businesses need to grow.

Our standing committees bring sectoral expertise to these issues. They help us understand how a measure affects different industries and where an adjustment can improve its effectiveness. This gives policymakers practical insight into how decisions will work within businesses.

Our committees, consultations and surveys bring that experience into national decision-making. Through our research and Business Outlook Index, we strengthen the evidence behind our advocacy. When members identify delays, unnecessary costs or lost opportunities, we propose targeted solutions and explain their economic consequences.

A delayed approval can postpone an investment. A financing constraint can prevent an enterprise from accepting a larger order. Understanding those connections allows us to recommend reforms that address the cause of a problem and support a clear business outcome.

That is why member participation matters. Businesses that join our committees, respond to our surveys and tell us where the barriers are help the Chamber turn business experience into practical policy recommendations.

Facilitating growth and opportunity

Since April, the Chamber has advanced initiatives that connect our members with opportunities and strengthen their ability to compete.

Our Memorandum of Understanding with the Georgetown Chamber of Commerce and Industry provides a framework for trade, investment and private sector cooperation. It creates a platform to address barriers and build stronger commercial relationships with Guyana.

For our members, the value of this relationship lies in a more structured route to identifying opportunities, raising trade concerns and connecting with counterparts. As Guyana’s economy develops, Trinidad and Tobago businesses must be prepared to participate competitively in that growth.

Our Beyond Borders: Canada Trade and Investment Mission connected participating businesses with buyers, distributors, investors and strategic partners. The purpose was clear: prepare companies for market entry and create pathways to commercial results.

A buyer introduction is an important beginning. Its value grows when a company can meet the required standards, price competitively, deliver reliably and maintain the relationship. Our focus must therefore extend from opening doors to helping businesses convert those connections into sustained market participation.

We have also continued to advance the concept of a Caribbean Export Academy anchored in Trinidad and Tobago. Export success requires knowledge of standards, pricing, logistics, financing and markets. Building those capabilities will help more firms compete internationally and earn foreign exchange.

Our Export Action Programme, supported by the EXIMBANK, helps SMEs become export-ready, develop market entry plans and connect with buyers in regional and international markets. Our wider emphasis on cybersecurity, risk awareness and supply chain resilience recognises that firms must be equipped to withstand disruption as well as pursue growth.

These initiatives serve a common purpose: to make it easier for businesses to invest, export, improve productivity and create jobs. The Chamber’s economic contribution lies in what we enable our members to achieve.

SMEs are central to that ambition. Many have the potential to grow beyond their current markets but need stronger systems, management capability and access to finance. Helping them build those foundations supports a wider base of productive businesses, suppliers and employers.

What this budget must deliver

Businesses prepare, invest and innovate more confidently when the operating environment supports them. For companies across Trinidad and Tobago, the budget will be judged through practical realities: operating costs, approval times, reliable utilities, access to finance and the ability to fulfil an order.

The Chamber’s budget recommendations reflect those needs. We have advocated for fewer administrative obstacles, stronger access to finance and greater export capacity. We want diversification to be visible in investment, jobs and foreign exchange earnings. That is the standard against which implementation should be assessed.

The T&T Chamber supports a national agenda that strengthens fiscal stability, increases production and expands opportunity. We welcome measures that support business and diversification. Revenue reforms must also protect competitiveness and investment.

On ease of doing business, timely approvals, clear regulations and coordination among public agencies remain essential. Customs modernisation and the expansion of TTBizLink should reduce administrative delays. A clear schedule for VAT refunds and outstanding payments to contractors and suppliers would restore cash flow and support growth.

Energy competitiveness also requires coordinated delivery. The planned revival of steel production and development of new gas supplies must be considered alongside the needs of existing downstream industries and communities. Reliable electricity, water supply and competitive gas availability are central to securing lasting value from these opportunities.

Gas supply arrangements and fiscal policy must support production while sustaining industries that generate exports, employment and revenue. Given the volatility of energy prices, clear contingency measures and transparent oversight will help protect our fiscal position.

A competitive energy sector remains essential to national development. Alongside it, we must build capacity in manufacturing, agro-processing, technology, professional services, logistics, tourism and the creative economy. Each offers opportunities to apply our skills, increase local value and broaden our sources of income.

Diversification must become tangible in the growth of businesses. Broader EXIMBANK access for eligible SMEs and manufacturers can support expansion, alongside a comprehensive response to foreign exchange constraints and more transparent allocation.

Stronger domestic production must also deliver reliable supply and value for households. Action against illicit trade will protect consumers and legitimate businesses. Clear guidance on the proposed VAT on non-resident digital services will help firms understand its cost and the treatment of input VAT.

Turning dialogue into action

The theme of “The Private Sector as a Partner in National Implementation” places responsibility on the private sector too. We must develop our people, adopt technology, improve productivity and prepare to compete in new markets. Government, business, financial institutions and educational institutions each have a part to play.

Productivity deserves particular attention. Better management, relevant skills and digital tools help firms create more value with the resources available. Businesses must take ownership of those improvements, while working with partners to develop the capabilities that future growth will require.

The South business community brings deep experience in energy, industry, commerce and services. Its contribution must help shape both our national priorities and their implementation.

The task now is to identify what will enable businesses to operate more efficiently, strengthen production and contribute to delivery. For each priority, we need clear agency responsibility, published timelines and measurable progress.

The T&T Chamber is ready to bring our members’ experience, evidence and partnerships into that work. We will continue to identify barriers, propose solutions and facilitate opportunities for growth. This is how we build a more productive economy and wider opportunity for the people of Trinidad and Tobago.