(Trinidad Express) A tremendous new wave of industrial activity would be generated in Trinidad and Tobago when it gets through the present economic slowdown, Prime Minister Patrick Manning said on Monday.

He was addressing the opening of the African Energy Ministers Conference at the Hyatt Regency hotel.

Manning said Trinidad and Tobago was set to become the new financial and industrial hub of the wider Caribbean region because the new industries upon which the country had embarked would provide the platform for the manufacture of the multifarious products for use in industry, construction, agriculture and agri-business, transportation, health care, and in the household, among others.

“Manufacturing and service industries will have a field day for entrepeneurship and generation of new wealth,” he said. He added: “Very significantly, our new strengthened and diversified platform of production will spread the opportunity to our Caribbean and regional neighbours who can then source products for development their own manufacturing sector. We are clearly on the path to increased economic integration with our hemisphere”.

Manning spoke of the projects in process. He cited the US$600 million aluminium facility which will produce 125,000 metric tonnes annually and will generate the manufacturing of a great many products for transportation, industrial and household use. The first product is scheduled to be ready by 2011, he said.

“We are also moving towards the construction of an integrated iron and steel complex, producing flat hot rolled coils as well as hot briquette iron and slabs. This is a US$1.2 billion project by ESSAR Steel of India that will provide the platform for the emergence of new manufacturing activity, including galvanised materials, stainless steel materials, wire, tools and so on,” he said.