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Manufacturing

The Central Bank of Trinidad and Tobago has reported a resurgence in manufacturing and construction in the third quarter of 2020. (Photo: Trinidad and Tobago Guardian)

T&T Gov’t supports resurgence in manufacturing

The Central Bank of Trinidad and Tobago has reported a resurgence in manufacturing and construction in the third quarter of 2020. (Photo: Trinidad and Tobago Guardian)

The Government of Trinidad and Tobago is satisfied with the returns it is witnessing from a manufacturing sector which, the Central Bank of Trinidad and Tobago reports, is on the rebound.

The façade of the Trinidad and Tobago Parliament building
(Photo: Focus Gaming News)

“This result is indicative of Government’s support to the Manufacturing sector and the wider private sector and the activities and willingness of this group to invest and expand,” a release from the Ministry of Trade and Industry stated.

According to the Central Bank of Trinidad and Tobago’s Monetary Policy Announcement for December 30, 2020, the manufacturing, like construction, indicated signs of a resurgence though the domestic economy remained subdued during the third quarter of 2020.

“As the third-largest contributor to the country’s gross domestic product (GDP), the manufacturing sector is recognised as a catalyst for achieving economic transformation and diversification…”

In order to maintain momentum, the Ministry of Trade and Industry said it will “continue to work closely with the manufacturing sector to further transform the economy”, noting that in the past, the Government has supported the growth and expansion of the manufacturing sector through a series of tangible interventions.

At the same time, the ministry underscored the importance of the manufacturing sector to the economic well-being of the twin-island republic.

Central Bank of Trinidad and Tobago (File photo)

“As the third-largest contributor to the country’s gross domestic product (GDP), the manufacturing sector is recognised as a catalyst for achieving economic transformation and diversification through the reduction in the country’s food import bill, import substitution, generation of foreign exchange through exports, and provision of sustainable employment,” the release outlined.

To this end, the ministry stressed that it “remains committed to the well-being and expansion of the domestic manufacturing sector and looks forward to ongoing and future collaborations with the private sector”.