SINCE the 2008 global recession, the global economy has been slowly moving along the path to recovery. The Trinidad and Tobago economy especially had been sluggish since 2010 and even contracted by approximately 1.4 percent in 2011. Retail businessmen expressed concerns that 2012 would be similar to 2011 – slow with minimal business activity.
Couva / Point Lisas Chamber of Commerce President, Lily Herai, told Business day, given the prevailing economic climate, a large number of businesses experienced decreased activity in 2011. Also, the expected increase in business for the Christmas season was disappointing.
The state of emergency (SoE) had both positive and negative impacts on the business community. “During the SoE businesses and citizens felt a sense of comfort and security. They were willing to sacrifice 100 percent patronage but now that the SoE has ended the expected increase in business continues to dwindle and crime continues to increase,” she said.
Herai said the business community is looking forward to government working with the private sector to implement action plans to stimulate economic activity in Trinidad and Tobago as well as for government to actually implement plans previously outlined.
President of the Penal/Debe Chamber of Commerce, Lincoln Ragbirsingh also complained that, because of the economic slow down, consumers were not shopping for extras and only bought the basic needs as cash-in-hand was not as available as previous years.
Ragbirsingh is optimistic however that their biggest problem, vehicular traffic, would be improved in 2012 as road works are underway. He revealed that his dream is to see the road between Ramsamoog Trace in Debe to Suchit Trace in Penal be developed into a bustling boulevard.
“2011 was a very challenging year for business in general at Stephenson’s/Stefano’s. We decided to advertise as much as possible and to reduce our prices further to make our merchandise affordable to our customers,” said Stephen Hadeed, founder and managing director of Stephensons Ltd and Stefano’s.
Hadeed said he believed 2012 would be another tough year for business because of the economic and political upheavals in Europe and around the world. However, he said his companies would continue to work hard and give customers the best value for money.
Inshan Ishmael, president of the Pre-owned Automotive Dealers Association said the biggest wish of the local dealers for 2012 is the revamping and reorganising of the Licensing Office and the removal of the present Transport Commissioner, Rueben Cato. According to Ishmael, it was revealed recently that, for reasons unknown, over 50,000 documents were found to be missing from the Licensing Office. Also, because of the current system and staff, it takes two to three weeks to license a vehicle.
He complained of troubles with the foreign-used vehicles as several Singapore and Japanese dealers have been falsifying the age of vehicles. In addition, he said customers have been complaining that prices did not decrease with the 2011 increase of the import age limit from four to six years.
Gary Aboud, owner of Mode Alive, concurred it was an extremely difficult year for business as, every day he had to adjust his plans to suit changing circumstances. He advised businessmen not to expect government to “work magic” during a major global recession but instead to be creative, perceptive and innovative.
“You can not depend on external factors for your own success,” said Aboud. “Business is competitive by nature and not everyone will survive. You have to create fertile ground for your company’s survival and remember that 90 percent of it is hard work.”
Aboud said he felt TT faced global financial meltdown better than any of the other Caribbean islands, partly thanks to the government who, he believes, did “a fair job” of stabilising the economy.
“However, for 2012, I would like to see persons in elected positions understand that there is no trade without traffic and there is no traffic if there is no parking,” said Aboud. “Parking at the sides of the road does not and has never caused traffic.” He also felt the need to condemn protest action. He said, “All essential services need to recognise they have a fundamental role to play.
Trade unions – public servants or private sector – should not withhold labour to create hardships or compromise the national security and the well being of citizens. No patriot should ever consider such a violation of citizens’ rights.”
(Source http://www.newsday.co.tt/businessday/0,153235.html)
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