(Trinidad Guardian) Business community is experiencing grim Christmas sales. This according to Catherine Kumar, chief executive officer of the T&T Chamber of Industry and Commerce. “We did not see the pick up we expected and this is partly due to a couple of things.” Kumar attributed this to the situation at the port of Port-of-Spain and the recently concluded State of Emergency. The State of Emergency ended on December 5. The industrial action taken by Port workers last week has had a negative impact on the business community, she said. Businesses have been unable to clear their containers on time and in some cases they have been unable to receive some of their Christmas items.
As a consequence they have experienced major losses and incurred extra cost, Kumar said. Another factor that is contributing to a slow Christmas is the state of emergency and the limited curfew hours that put a dent in overall sales. Even though some members of the business community welcomed the initiative, as they saw it as a necessary sacrifice, it significantly slowed down many businesses. “One would understand coming out of the state of emergency there was some delay and hesitation with business moving ahead. “But having made the decision to move forward, they are now unable to clear their goods and this would be a significant cost to them.” Kumar said: “While we are seeing people around shopping, sales have not picked up as we have expected that it would.” She stated that this would have a serious impact in 2012 because businesses would end up with all their inventory on their hands.
Improved productivity for 2012
Kumar said to assist in improving the overall business climate for 2012, the Chamber would be focusing on four main areas. First on the agenda, she said was crime. “We are not going to let up on the Government, especially after the state of emergency. We would still like to see the Government follow through on some of it measures it had outlined.” For example, she said the on-going police presence, in particular, and legislation. The Chamber would continue to follow up on the recommendations it made to the Government. Another important area, Kumar identified was the development of a code of corporate governance, which she believed was sadly lacking in T&T.
“As a nation we do not have one and we need to ensure it is developed.” As a consequence the Chamber is calling for the resumption of the National Productivity Council, which Kumar thinks did not get to where it should. “If it is resume, we could take it further.” T&T is very weak and low in productivity, Kumar said, pointing not only to the public sector but the private sector as well. She said that the Chamber is also looking at the issue of diversification—one of things that has been in discussions for awhile.
“So I think the mission to India should help in this regard because India could offer diversification opportunities for T&T.” The Prime Minister, other government ministers and representatives from state enterprises would be visiting India on a trade mission from January 5 to 13, 2012. Another critical area, she said is the ability to get the economy going. The Chamber, Kumar said would continue to be a loud voice to lobby on behalf of the business community. “One major issue is the labour situation, whereby the tripartite discussions need to commence,” Kumar said.
