T&T Chamber wants laws to fight corruption

(Trinidad Guardian) Crime continues to be a major concern for business in T&T and while the T&T Chamber of Industry and Commerce has wholeheartedly concurred with the strengthening of the national security infrastructure, there is a similar need to enhance the regulatory framework, urged the chamber’s president Robert Trestrail.

He was speaking at the chamber’s annual post-Budget panel discussion at the Hyatt Regency, Port-of-Spain, yesterday.

Saying the chamber noted that national security has been the recipient of the largest allocation in the 2015/2016 Budget, Trestrail said the experience of Clico and HCU had mandated a commitment to put in place the right governance structures and legislative reforms that would address all types of crime and corruption.

He added: “The T&T Chamber is heartened that the Government has signalled its intention to lay out its full legislative agenda within the fiscal year.

“Among the pieces of legislation to be addressed will be the long awaited Insurance Bill. At present, we are functioning under an Insurance Act that was enacted some 35 years ago.

“This along with changes to the credit union legislation is long overdue and need to be addressed expeditiously.

“Other legislations to enhance regulatory oversight have also been identified, including those governing the Securities and Exchange Commission, the Financial Intelligence Unit and the Central Bank,” Trestrail added.

In identifying a few initiatives that immediately stood out during the Budget presentation, Trestrail said Government must be congratulated for its promise to amend the existing procedures for appointment of a Commissioner of Police and his deputies and allowing for video-conferencing facilities at the Remand Yard and giving the Judiciary the ability to manage its own resources.

“All of these are due to begin implementation in 2016 and the T&T Chamber trusts that wherever applicable, proper governance procedures will be put in place to ensure accountability,” Trestrail added.

President of the T&T Chamber of Industry and Commerce, Robert Trestrail, addresses an audience during the chamber’s annual post budget analysis at Hyatt Regency, Port-of-Spain yesterday.
President of the T&T Chamber of Industry and Commerce, Robert Trestrail, addresses an audience during the chamber’s annual post budget analysis at Hyatt Regency, Port-of-Spain yesterday.

He said while the Budget identified a number of positive initiatives, a main concern for the T&T Chamber was the unsustainable deficit of $21.4 billion.

Focusing on the business sector, Trestrail said it had been no secret that there have been several issues affecting business confidence, most notably the availability of foreign exchange currency.

He noted: “Our economy has been consistently experiencing declining economic growth attributed to contractions in the energy sector, coupled with sluggish performance in the manufacturing sector.

“Credit to the private sector has only marginally expanded over the past year, illustrating that there is a lack of confidence to invest alongside a lack of investment opportunities in which the private sector can engage.

“In yesterday’s (Monday) Budget there was an acknowledgement of the impact that foreign exchange shortages have had on the business sector and we look forward to the changes that would ensure an adequate supply for legitimate transactions and clearing the backlog of requests,” Trestrail added.