The Ministry of Trade and Industry reacts with disappointment to the pronouncements of the Chief Executive Office of the National Flour Mills Limited (NFM) in the November 29, 2017 Business Express on the possible increase in the prices of flour products by the Company.
The Minister stated that over the years the Government, largely through the Ministry of Trade and Industry, has been diligent at maintaining a facilitative working relationship with NFM as evident by the numerous dialogues and support provided on matters. As such, the public dissemination of the likelihood of an increase in flour prices without any prior discussion is wholly unacceptable.
The published unaudited financial statements of NFM for the nine months ended September 30, 2017 showed that the Company attained a net after profit of $22.55Mn in comparison to $26.26Mn for the same period in 2016. This represented a 23% decline in profitability and was due as it is understood mainly to a fall in revenue from animal feeds. In addition, the profitability of NFM was also notably affected by the expenses incurred in the upgrade on its plant and equipment towards increasing production and achieving an internationally recognized safe quality food certification. NFM, notwithstanding has still been able to meet its financial obligations and maintain a satisfactory cash flow position.
In this regard, the Minister has mandated that the Company place specific emphasis on penetrating foreign markets, new product development, reviewing hedging policies, improving cost structure by revising contractual arrangements and process efficiencies in all of its the business segments.
The Government is mindful of NFM’s responsibility to all its shareholders to be profitable. However, given the widespread implications that will undoubtedly arise, price adjustments will not be supported at this time.
NFM Proposed price increase
Sustained consultative dialogue on key growth issues
St. Kitts-Nevis Prime Minister says his government supports sustained consultative dialogue on key growth issues.
The Government of St. Kitts and Nevis convened a consultative dialogue with economic and social partners yesterday, Tuesday, November 28th, 2017, at the Ocean Terrace Inn in lieu of the customary National Consultation on the Economy, which falls annually in September but was hampered by a more intense than normal Atlantic hurricane season this year.
Financial Secretary in the Government of St. Kitts and Nevis, Mrs. Hilary Hazel said in her opening remarks that, “…we intended earlier in the year during the month of September to do our usual consultation. However, the passage of Hurricanes Irma and Maria did interrupt that schedule, but we think that it is necessary for us to enter into dialogue ahead of the budget and ahead of a new year, which brings much hope and promise for the continued sustainable development of St. Kitts and Nevis.”
Yesterday’s consultative dialogue proved to be highly productive for the purposes of informing stakeholders’ understanding of each other’s expectations and articulating St. Kitts and Nevis’ economic and fiscal position and outlook ahead of the upcoming annual Budget Debate in the National Assembly.
“Traditionally, we have always attempted to bring this [the budget] in December and we are hoping to do so again,” Prime Minister Dr. the Honourable Timothy Harris, Minister of Finance, said yesterday. The Honourable Prime Minister added that his administration presented surplus budgets in 2015 and 2016, with no new taxes, and expects to at least present a balanced budget this year despite the significant public sector damage from the Category 5 hurricanes, Irma and Maria. The damage is put in the region of $150 million (excluding private sector estimates).
The general feeling at the end of yesterday’s dialogue was that it succeeded in providing a forum for Government officials, representatives from civil society, including the Church, as well as the public and private sectors, including representatives from the Chamber of Industry and Commerce, to formulate strategies, share perspectives and make recommendations for the further growth, expansion and diversification of the economy.
During his remarks, Prime Minister Harris referred to matters of national interest that he said would require sustained consultative dialogue. “There are many matters out there [and] we hope moving forward we will be able to develop a structure that would allow for more regular dialogue on a range of issues. Some of them will not disappear overnight, and so we could almost have a checklist of some matters while we refresh the agenda for new and emerging issues,” the Honourable Prime Minister said.
St. Kitts and Nevis’ Prime Minister stated that his Government intends to have ongoing discussions with stakeholders focused on stimulating economic growth and expansion; job creation, in particular increasing higher-paying jobs; protecting vulnerable groups, such as children, the elderly, and people with health conditions; adapting to climate change; advancing public safety and security, and developing and diversifying the agriculture sector, inter alia.
The Honourable Prime Minister also discussed the need for more sustained dialogue on the de-risking threat that confronts the Caribbean region, i.e., the risk of losing correspondent banking relationships.
Prime Minister Harris disclosed that his Government intends to organize a national consultation with a specific focus on the country’s Citizenship by Investment [CBI] Program early next year.
“We have been having discussions with some of the players in that market,” the Honourable Prime Minister said, adding, “Anyone with an interest in it [the CBI industry], we have been engaging and we have had a variety of perspectives on that. Next year, we are hoping to organize a forum in which we could bring the critical stakeholders together and to discuss this in a more comprehensive and formal way.”
The Citizenship by Investment Program is one of the top three major revenue earners for the Federal Government of St. Kitts and Nevis along with the Customs & Excise Department and the Inland Revenue Department.
Prime Minister Harris also informed the stakeholders that St. Kitts and Nevis saw year-over-year financial growth during the past three years.
Notably, St. Kitts and Nevis’ GDP per capita income (the measure of average income per person in a country) grew from US $15,739 in 2014 to US $16,978 in 2016.
“This makes us [have] the highest per capita income in the OECS [Organization of Eastern Caribbean States] and, in fact, we are now the second highest in the region, outdoing all other countries except Bahamas,” the Honourable Prime Minister said, while adding that our Gross Domestic Product (GDP) also grew to $2.5 billion (2016) from $2.2 billion (2014).
Republic of China (Taiwan) donates computers to the Ministry of Foreign Affairs
Republic of China (Taiwan) donates computers to the Ministry of Foreign Affairs, Trade and Commerce.
The Ministry of Foreign Affairs, Trade and Commerce, was the proud recipient of thirty five (35), Asus computers, donated by the Government of the Republic of China (Taiwan). The computers were distributed to eighteen (18) Educational Institutions across Saint Vincent and the Grenadines.
In welcoming the donation of the computers, which will serve to improve the delivery of education in the country, and further bolster the education revolution, the Honourable Sir Louis Straker, Deputy Prime Minister and Minister of Foreign Affairs, Trade and Commerce, expressed gratitude and appreciation on behalf of the Government for the Republic of China (Taiwan) continued commitment over the years to the sustainable development of Saint Vincent and the Grenadines, and the enhancement of the educational sector.
Recently, in November this year, the Government of the Republic of China (Taiwan) awarded scholarships to over seventeen (17), students throughout Saint Vincent and the Grenadines.
San Fernando Waterfront Redevelopment project
Meeting on the San Fernando Waterfront Redevelopment project.
The Honourable Camille Robinson-Regis, Minister of Planning and Development conducted a meeting with the major stakeholders involved in the execution of the San Fernando Waterfront Redevelopment Project on Wednesday November 29, 2017 at the San Fernando City Corporation’s Auditorium on Harris Promenade in San Fernando.
The Ministry of Planning and Development has oversight of the San Fernando Waterfront Redevelopment Project and is working closely with the other executing agencies namely the San Fernando City Corporation, the Land Settlement Agency (LSA), the Public Transportation Services Corporation (PTSC) and the Urban Development Corporation of Trinidad and Tobago (UDeCOTT).
Also in attendance were San Fernando West MP and Attorney General Faris Al-Rawi; San Fernando East MP and Minister of Housing and Urban Development Randall Mitchell; Agriculture, Land and Fisheries Minister Clarence Rambharat; Adrian Leonce, MP for Laventille East/Morvant and San Fernando Mayor Junia Regrello. According to Minister Robinson-Regis, the purpose of the meeting was to discuss the current stages of development of Phase 1 of the project and to make decisions on the way forward and as San Fernando West MP Faris Al-Rawi stated to move the project from years of “analysis paralysis” to action.
San Fernando Mayor Regrello indicated his willingness to start the project, which he has been awaiting for over a year and pledged his support, especially for the elements within his purview. Some other matters raised were the socio-economic benefits of the project to the citizens of San Fernando regarding the creation of spaces for the facilitation of business creation, opportunities for recreation, the possibility of viable public-private partnerships and according to Minister Mitchell opportunities for housing and job creation.
It was agreed that the Redevelopment of the San Fernando Waterfront will become a reality and all of the agencies will complete the necessary project timelines and the method statement.
The Caribbean Development Bank (CDB) will be conducting a special mission from December 4-7, 2017 to explore the possibility of providing support through grant funding for the project. This project is linked to the Vision 2030 goals outlined in the National Development Strategy of ‘Putting people first: nurturing our greatest asset’; ‘Improving productivity through quality infrastructure and transportation’ and ‘Placing the environment at the centre of social and economic development.
BACKGROUND
The Redevelopment of the San Fernando Waterfront has the potential to be a signature project for the City of San Fernando and by extension the country. It is anticipated that this redevelopment will be beneficial to residents, business owners and commuters. Resultant socio-economic benefits include employment opportunities, international and local tourism, expansion of the business sector, development of leisure facilities, increased family oriented spaces and activities, preservation of historical assets and growth of the creative sector.
EXPECTED START AND COMPLETION DATES
The duration of Phase 1 of the San Fernando Waterfront Redevelopment is 2 years. Key elements of the project have already commenced from 2017 such as social surveys, the framework for the development of the heritage district has been developed and 25 hectares of land have been allocated by the Commissioner of State Lands for the relocation of the PTSC maintenance facility.
PHASE 1 OF THE SAN FERNANDO WATERFRONT REDEVELOPMENT PROJECT
In April 2017, the Government of Trinidad and Tobago approved the Implementation Plan for Phase I of the San Fernando Waterfront Redevelopment comprising four projects which will create the spaces and opportunities for future investment and redevelopment. These projects are as follows:
1. The Upgrade of the Plaza San Carlos Historical District for commercial and heritage activity. The area will feature high quality public spaces alongside revitalised and repurposed heritage buildings. An assessment of the historical value of the buildings in the District along with remedial works are therefore key elements of this project. Another major aspect of this upgrade is the preparation and enactment of development guidelines and protocols for all properties within the historic district.
2. The Reclamation of 3.8 hectares of land at King’s Wharf North to facilitate a Water Taxi Terminal and opportunities for public and private sector development. Prior to reclamation, environmental studies will be conducted and a site plan will be prepared.
3. The Relocation of the Public Transport Service Corporation (PTSC) Garage and Maintenance Facility at Lady Hailes Avenue which serves PTSC’s operations in South Trinidad to lands identified in Tarouba.
4. The Relocation of the informal settlers at King’s Wharf North who reside along the former Trinidad Government Railway line. The relocation exercise will involve the conduct of an up-to-date site profiling exercise to:
· determine the current occupancy status of the squatters
· determine the identity of persons/ families in the San Fernando Waterfront area
· consult stakeholders
Please note that the no final sites have been allocated for relocation.
EXECUTING AGENCIES
The Government of Trinidad and Tobago has identified the following executing agencies to undertake the management and execution of Phase I projects:
· Upgrading of the Plaza San Carlos Historical District- San Fernando City Corporation
· Reclamation of 3.8 hectares of land at King’s Wharf North- Urban Development Corporation of Trinidad and Tobago
· Relocation of the PTSC Garage and Maintenance Facility- Public Transport Service Corporation
· Relocation of the informal settlers at King’s Wharf North- Land Settlement Agency
BUDGETARY ALLOCATIONS
The following allocations were made in the Draft Estimates of the Development Programme Expenditure 2018 with respect to the San Fernando Waterfront Redevelopment:
Infrastructure Development Fund
Reclamation of Land at King’s Wharf North – $8 million
Consolidated Fund
Upgrade of Plaza San Carlos- $3 million
Relocation of PTSC Maintenance Facilities- $5 million
Relocation of Squatters- $5 million
PROJECT OVERSIGHT
The Ministry of Planning and Development will retain oversight for the co-ordination, monitoring, and evaluation of the execution of Phase I of the Implementation Programme. The Ministry has established an Oversight Committee comprised of representatives of the Town and Country Planning Division, Project Planning and Reconstruction Division, Planning Unit, Legal Services Unit, National Transformation Unit, Environmental Policy and Planning Division, Socio-Economic Policy Planning Division, Communications Unit of the Ministry of Planning and Development as well as the Environmental Management Authority, Institute of Marine Affairs and the National Trust of Trinidad and Tobago.
Developing a national and collective tourism strategy
Tourism Minister Hon. Dominic Fedee has reiterated the call for all sectors to play their part to ensure the island’s tourism industry remains buoyant.
Minister Fedee, who was fielding questions from the local media during the 2017 ARC celebratory flotilla, noted that the Saint Lucia Tourist Board was playing its part in marketing the destination, which has resulted in a 10 percent increase in visitor arrivals.
“The arrivals are not my numbers, the CTO has suggested that Saint Lucia is the second fastest growing tourist destination as of September, and those really are the facts,” he said, “but we all have to do our part. We have to make sure that as a country, private sector, and business people, that we see tourism as an extra market. So when people come to our country, we need to ask ourselves how we tap into the resource that has been brought to us. There needs to be a complete change in philosophy, in approach, and in how we do business.”
Meanwhile, Minister Fedee said he was pleased with the government’s decision to invest US$15 million into the OECS Competitive Tourism Project.
“One of the biggest components is to increase and improve the façade of the marketplace. That will help significantly, and provide training for our vendors in merchandizing, sales strategy, customer service, marketing, in all of the other revenue-making opportunities. The other thing is the entire rehabilitation of the market, so that it is more of an enjoyable experience.”
The minister added that at a recent FCCA meeting, one cruise line suggested that 95 percent of its passengers de-board, but spend only 20 percent of their time on shore.
“That says we have piqued their curiosity, but we have not been able to sustain that curiosity. So a national and collective strategy is needed to ensure that we are all on the same page, and that we are working in cohesion to ensure that there are not just arrivals, but revenue penetration and revenue spinoffs.”
MBIA Expansion in 2018 budget
Taxiway, Terminals and By-pass Road in Grenada Airport Expansion – MBIA.
Grenadians can look forward to a major expansion of the Maurice Bishop International Airport – MBIA, thanks to a concessional loan of $66 million, from the People’s Republic of China.
In his 2018 budget presentation, Prime Minister, Dr. the Rt. Hon. Keith Mitchell, said this project will include the construction of a parallel taxiway, loading bridges, a bypass road, passenger terminals, a second apron for cargo and an emergency centre.
The announcement represents a promising boost for the tourism sector and the country’s ability to attract additional international flights.
“The contractor has already been chosen and work will begin early next month, providing hundreds of jobs in this process,” the Prime Minister announced.
“Our distinguished ambassador from China confirmed this only last week”.
The MBIA General Manager, Wendy Williams, has welcomed the planned expansion saying there will be no immediate or excessive increases in fees, for travelers and, where there are increases, they will be incremental.
Williams said the expansion is carefully planned to ensure their ability to adequately manage debt servicing, while expanding capacity, based on projections for future use of the airport facility, for the next five to ten years.
“I am very excited. I can now testify that we are going to expand,” Williams disclosed.
“We are going to have a parallel taxiway; two taxiway bridges and we also, of course, have about three loading bridges, among other projects like airport administration and emergency centre; cargo facilities; a second apron for cargo and general aviation operations, among others”.
The impact of medicine in Trinidad and Tobago
The National Trust of Trinidad and Tobago will host the final lecture “Institutions and Individuals that impacted Medicine in Trinidad and Tobago” in the Timeline Lecture Series on Wednesday 29th November, 2017 at the Old Fire Station, Hart and Abercromby Streets, Port of Spain commencing 5:00 p.m. This lecture will be presented by Professor Emeritus David Picou.
This lecture will feature institutions and individuals whose accomplishments have impacted medicine in Trinidad and Tobago in the last 100 years.
Your media house is kindly invited to provide coverage.
DATE: Wednesday 29th November, 2017
TIME: 5:00 p.m. – 7:00 p.m.
VENUE: Old Fire Station, Hart and Abercromby Streets, Port of Spain
PRESENTER: Professor Emeritus David Picou
Dramatic Drop In Grenada’s Unemployment Rate
Grenada’s unemployment rate has fallen significantly from 40% in 2013 to 24% in 2017.
Prime Minister and Minister of Finance Dr. Keith Mitchell made the disclosure during his presentation of the 2018 budget in parliament on Monday even as the country’s unemployment rate looks set to fall again in the months ahead.
According to the Finance Minister the figures represent a 4% plus decline in the level of unemployment in just one year.
“The results of the 2017 Labour Force Survey indicate that relative to 2016, the employed labour force expanded by (1,095) persons and the unemployed labour force declined by 2,822 individuals, resulting in a reduction in the unemployment rate from 28.2% in 2016 to 24.0% in 2017”, the Prime Minister announced to a packed parliament.
Job prospects on the horizon include Silver Sands Resort, expected to employ an initial 180 persons when it opens in March 2018 while two call centers will be offering 500 positions.
The Keith Mitchell led administration has swung around the country’s economy from negative to positive growth in just five years on the back of a successful home grown programme.
“Grenada’s economy has been on a consistent path of economic expansion since 2013 and is poised to experience its fifth consecutive year of growth in 2017,” the Prime Minister said.
“Growth of 4.5% in real terms is provisionally estimated for the year, an improvement from the 3.7% growth experienced in 2016”.
Grenada’s economic progress has been fuelled by expansion in the Construction sector, as well as Tourism, Private Education and Manufacturing Sectors.
CPPCC pays courtesy call on cabinet of Antigua and Barbuda
Vice Chairman of the Chinese People’s Political Consultative Conference – CPPCC pays courtesy call on cabinet of Antigua and Barbuda
The Honourable Gaston Browne, Prime Minister of Antigua and Barbuda, along with the Cabinet of Antigua and Barbuda received a courtesy call from His Excellency Mr. Ma Peihua, Vice Chairman of the Chinese People’s Political Consultative Conference (CPPCC) on Monday.
During the opening exchanges, Prime Minister Browne stated his hope that the meeting would serve to strengthen existing bilateral relations between both countries. The Prime Minister also spoke extensively on the developmental assistance that China has rendered to Antigua and Barbuda since the establishment of diplomatic relations on 1st January, 1983 through numerous grants and concessional loans. “This assistance has led to the enhancement of not only the social well being of the citizens but has bolstered economic activity within the local economy,” said PM Browne.
Prime Minister Browne graciously extended a heartfelt thank you to President Xi Jinping of China for his country’s swift response to the adversity that Antigua and Barbuda faced following the passage of Hurricane Irma. Furthermore, the Prime Minister spoke towards the shared values held between both countries and the respect that China has shown to countries such as Antigua and Barbuda despite geographical size and economies of scale.
In response, His Excellency Ma Peihua extended best wishes on behalf of President Xi Jing and Premier Li Keqiang to the Government and people of Antigua and Barbuda. He remarked on the beauty and dynamism of the country and the mutual respect that both nations exhibited toward each other, which has provided a friendly platform for interaction.
His Excellency Ma Peihua also thanked the Government of Antigua and Barbuda for its assistance in facilitating the evacuation of Chinese nationals from Dominica after the passage of Hurricane Maria. Additionally, the Chairman also stated that China was prepared to assist in efforts to strengthen the Antigua and Barbuda economy through encouraging Chinese companies and businesspersons to invest in the nation, particularly in the tourism sector. Lastly, His Excellency Ma Peihua mentioned that Antigua and Barbuda like many developing countries was integral to China’s development through cooperation.
Prime Minister Browne welcomed the intention of China in encouraging numerous Chinese businesspersons to invest in Antigua and Barbuda. The Prime Minister also stated his Government’s commitment to empowering all citizens through an economic model that proposes equity throughout. Moreover, Prime Minister Browne enlightened His Excellency Ma Peihua on the Antigua and Barbuda Labour Party (ABLP) Government’s economic model known as “Entrepreneurial Socialism” and proposed a collaboration of economic thought between the two nations which could serve to improving the lives of persons in developing countries.
Additional matters discussed were Antigua and Barbuda’s support for the One China Policy, the reform of the United Nations Security Council, reform in visa regulations, strengthening of air links between both countries and increased opportunity in training for public sector officials and scholarships for Antiguans and Barbudans.
OECS Regional Tourism Competitiveness Project
Official Launch Of The OECS Regional Tourism Competitiveness Project.
On Monday, 17th November, 2017 the Ministry of Tourism, Sports and Culture held the official launching ceremony for the OECS Regional Tourism Competitiveness Project.
The Project Coordinator, Mrs. Shirla Francis, gave an overview of the project, she stated that the project’s main purpose is to enhance the competitiveness of the tourism sector and increase tourism revenue.
The project is financed by credit from the World Bank in the amount of EC$3.4 million dollars. It involves three (3) participating countries – Grenada, Saint Lucia and Saint Vincent and the Grenadines, and has the following main focuses:
- To facilitate movement of tourists within the participating countries using ferries.
- To offer a more diverse range of quality tourism products by supporting anchor investment to attract more spending from tourists visiting the participating countries.
- To develop capacity for tourism development promotion, and to attract a greater number of high spending tourists.
Saint Vincent and the Grenadines is the first country to launch this project, which is expected to last for five (5) year. Grenada’s and Saint Lucia’s will run for six (6) years.
The project objectives would be achieved through four (4) components:
- Component 1 – Facilitation of the Movement of People
Objective – Facilitate the movement of tourists within the participating countries using ferries
Estimated cost EC$2.7 million dollars
- Component 2 – Pilot Tourism Infrastructure investments
Objective – Improve selected tourism sites
Estimated cost EC$6.7 million dollars
- Component 3 – Market development and Promotion, Capacity-building
Objective – Strengthen implementation capacity for Regional Tourism Market Development
Estimated cost – EC$2.5 million dollars
- Component 4 – Project Implementation Support
Estimated cost – EC$1.5 million dollars
The project will also see the rehabilitation and upgrade of Fort Charlotte.
Addresses were also heard from the World Bank Group Team Leader and Economist, Mr. John Anderson, Saint Vincent and the Grenadines’ Minister of Finance, Economic Planning, Sustainable Development and Information Technology, Hon. Camillo Gonsalves, and Minister of Tourism, Sports and Culture, Hon. Cecil McKie.
The opening ceremony was attended by the World Bank Team for the project, project counterparts from Saint Lucia, members of the steering committee, Chief Executive Officer of Saint Vincent and the Grenadines’ Tourism Authority, members of staff of the Ministries of Tourism, Sports and Culture, and Finance, Economic Planning, Sustainable Development and Information Technology and members of the media.
