Investment Surge Expected in Local Manufacturing Sector

The future is bright with investment opportunities for the local manufacturing sector. This, from Acting Prime Minister and Minister of Energy and Energy Industries, Stuart Young, as he addressed the Gala Awards Ceremony hosted by the Trinidad and Tobago Manufacturers' Association. "We have every reason to continue to be optimistic. The International Monetary Fund has projected that our economy will grow by 2.4% in 2024 and that positive growth will continue over the next few years." He said the manufacturing sector will benefit from the opening of the Phoenix Park Industrial Estate. "These economic spaces facilitate new investments and encourage reinvestments. Supporting these investments and efforts is the new Special Economic Zones Regime which will unleash a wave of public and private sector investments, and economic infrastructure that will facilitate the growth of existing and emerging markets and industries." The Acting Prime Minister noted the manufacturing sector is already generating more than $9 billion for the local economy. "Education and skills development is another vital area expected to shape your sector's future, therefore the focus must be on up-skilling your workforce with new skills and knowledge to fuel innovation. Part of growing and sustaining a brand also requires fresh ideas, new outlooks." Meanwhile, Chairman of the WISYNCO Group, William Mahfood, said regional employers need to create a more employee-friendly environment. "Eighty five percent of college graduates in Jamaica migrate. In Trinidad, I think that figure is somewhere around 50%, or 52%. In addition to the high skilled technical workers that exist, they're being poached by Canada, the United States, and Europe." One of the most prescribed awards at the event resulted in a tie with Angostura Limited and Novo Farms Limited being both named Innovator of the Year.