(Trinidad Guardian) Agricultural commodity trader Czarnikow Group London formally opened its sugar warehouse on the Point Lisas Industrial Estate on Wednesday night. Shane Ramnarine, Czarnikow’s Manager for Sugar Trading in the Caribbean at Czarnikow, said the 8000 square foot warehouse has a capacity for 2500 tonnes. Ramnarine said Czarnikow hopes to capture at least 60 per cent of the market for refined sugar which is 80,000 tonnes annually at the current rate of consumption. Ramnarine said Czarnikow sells sugar at competitive world market prices to anyone including bulk users and companies repackaging refined sugar for the retail market. Czarnikow was founded in 1861 and also operates in biofuels and corporate services. Trade and Industry Minister Stephen Cadiz, who delivered the feature address, said Czarnikow’s investment signifies confidence in the local economy. “The presence of such an internationally recognised company will add to our reputation as an investment venue and will encourage other firms of this calibre to invest here.
“It is particularly commendable that and initiative of this nature is taking place during a time when the economy is recovering from a period of slow growth. In fact many economic thinkers believe that a downturn is the perfect time to embark upon new investments and form enterprises because these activities are exactly what stimulate the economy, re-energise the productive sectors and get people spending again.” He said the Czarnikow Group Limited investment in T&T is of even greater importance as the company has committed to providing a reliable source of quality sugar at a competitive price to the manufacturing sector. Cadiz said his is important to the development of several manufacturing businesses especially those operating in the food and beverage sector.
