(Trinidad Guardian) Prime Minister Kamla Persad-Bissessar on Friday defended her decision to lead a Trinidad and Tobago delegation to India, saying that country was one of the fastest growing economies in the world.
She also said the historical ties between the two nations were another significant reason.
She was speaking at a luncheon hosted by Indian businessmen in New Delhi. “India is one of the world’s fastest growing major economies with robust foreign exchange reserves, positive financial sector reforms and a liberalised investment regime which provides impetus to India’s trade,” Persad-Bissessar said.
“India has recorded one of the fastest growth rates in the world and your economy is one of the few to have weathered the recent global financial crisis.
“With our historic links and the excellent diplomatic and cultural ties long enjoyed between our two countries, my Government believes that India is one of the emerging markets which offers Trinidad and Tobago the potential for technical co-operation and direct foreign investment, through public and private sector partnerships.”
She said a partnership with India “offers great potential for the advancement of key “Currently India is Trinidad and Tobago’s largest source of investment,” she added.
Persad-Bissessar said some major Indian businesses such as the New India Assurance Co, Arcelor Mittal Steel Plant and more recently the Intercommercial Bank Ltd and Bank of Baroda were already established in T&T.
“When we looked at the steady growth of the Indian economy and the sectors in which you were leading through innovation and research, my Government identified several areas within our economy which may benefit from public and private partnerships with the Republic of India,” she said.
Persad-Bissessar told Indian businessmen the areas include “the fashion, film and animation industries, agricultural research, ICT content development, the maritime industry, renewable energy; science, education and medicine.”
The T&T trade mission to India includes ministers and high level delegates from the Ministries of Trade and Industry; Foreign Affairs and Communications; Science, Technology and Tertiary Education; Public Utilities; Food Production, Land and Marine Affairs; Energy and Energy Affairs and Transport.
Several government agencies also form part of the strong contingent, including the University of the West Indies, the University of Trinidad and Tobago, Telecommunication Services of Trinidad and Tobago, the Trinidad and Tobago Entertainment Company, the Petroleum Company of Trinidad and Tobago.
“We do envision mutually beneficial arrangements as Trinidad and among others. Tobago also has much to offer to India, in spite of our small size,” Persad-Bissessar said.
“Trinidad and Tobago is perfectly positioned as an investor location for Indian companies that are looking to serve the Caribbean and Latin America.
“We offer easy access to the Indian diaspora in North America and Europe.
“Our strategic geographic location between North, Central and South America will allow for the maximisation of efficiencies for investment, finance, manufacturing and transshipment.”
She noted T&T had extended a visa waiver facility to Indian citizens for a period of 90 days in a move designed to enhance and encourage business and tourism links between the two countries.
“We have a highly skilled and literate work force…We have some of the most cost-competitive rates for ICT enabled services in our region,” the PM said.
“We have a favourable investment environment and we have one of the highest growth rates and level of per capita income in the region. “We are open for business!” she stressed.
