Caption: Minister of Finance Davendranath Tancoo. Photo: T&T Parliament

Summary

• Finance Minister Davendranath Tancoo says Prime Minister Kamla Persad-Bissessar’s recent visit to the United States is helping to restore investor confidence in Trinidad and Tobago.
• He pointed to Chevron signalling interest in talks shortly after the prime minister’s meeting with US Secretary of Energy Chris Wright.
• Tancoo said the engagement places Trinidad and Tobago back in serious international discussions and could support economic growth and investment.

 

By Sue-Ann Wayow

PRIME Minister Kamla Persad-Bissessar’s visit to the United States is restoring investor confidence in Trinidad and Tobago.

According to Minister of Finance Davendranath Tancoo, Chevron signalling interest in talks within 24 hours of the prime minister’s meeting with United States Secretary of Energy Chris Wright was one meaningful indication of that renewed confidence.

In a media release on Monday, Tancoo hailed Persad-Bissessar’s leadership.

He said: “Our country is once again being regarded with respect, credibility and renewed confidence. Her recent visit to the United States will serve to strengthen investor confidence and support a return to growth and economic momentum.

“Investor confidence is strengthened when a country is represented directly, credibly and with purpose at the highest level. Our prime minister has restored that standard of representation for Trinidad and Tobago. She has placed this country back in the room, back in serious international conversation, and back in a position to command attention, deepen relationships and create opportunity.”

Tancoo said citizens were well aware of wasted opportunities in years gone by and the damage done to the economy.

He added that the prime minister’s visit to the US signals that the government understands that foreign policy must work for the people by supporting growth, investment and national prosperity.

Tancoo cited an example of wastage, noting that public records filed under the United States Foreign Agents Registration Act show that in 2016 a two-year lobbying contract for Trinidad and Tobago in Washington was awarded at a cost of US$2.4 million, and that arrangement was renewed and continued over the years.

“Yet, after years of spending public money and scarce foreign exchange on such services, the country was left with nothing to show for it. That record is shameful,” he said.

Tancoo also said that from 2010 to 2015, during Persad-Bissessar’s first tenure as prime minister, the country experienced its strongest period of economic performance, with key indicators reaching peak levels and the country moving forward with confidence, growth and opportunity.

He said: “What we are now seeing is the beginning of that return. It is the return of a government that understands that credibility matters. It is the return of a government that understands that confidence must be earned. It is the return of a government that is prepared to engage directly, fight for Trinidad and Tobago’s interests, and position this country once again as a serious and respected partner.

“This is the return of Trinidad and Tobago to a path of growth, confidence and national progress. That is the larger significance of this engagement.”