In this approach the private sector must create new products discover new

In this approach the private sector must create new

This preview shows page 120 - 121 out of 156 pages.

race for new markets. In this approach, the private sector must create new products, discover new customers and develop structures that can serve international markets. Simultaneously, government policies, institutions and diplomatic assets will be deployed to support our companies and investors in key foreign markets and to attract high levels of domestic and foreign investments. To become a preferred investment destination, Government will make significant improvements in areas such as infrastructure, legislation and regulation. Areas such as workforce productivity will be improved and skill sets elevated to world class standards. Processing of goods and services traded must become more efficient and infrastructure has to be more effective for Trinidad and Tobago to be competitive in the global economy. This must be supported by intense domestic competition, which is crucial to our trade performance. The intention is to assist firms to operate in a competitive environment that rewards productivity and innovation and makes them more likely to be successful in global markets. Strategic Initiatives/Actions 3.1 Develop an export/trade strategy Trade agreements provide avenues to develop global linkages, access key markets, and grow our economy. In this context, our negotiations and economic diplomacy must be based on our strengths and competitive advantage, and create significant opportunity for business in key sectors and open up new avenues for growth and job creation. For many businesses, the costs and the time that it takes to enter foreign markets are a deterrent due to bureaucracy and more complex “rules of the game” . As such, Government will support the development of the capacity of our businesses to engage in trade and respond to international business opportunities. It will also facilitate outward investments by Trinidad and Tobago firms that will assist them to access foreign markets and innovation hotspots. To meet the needs of companies in global markets, Government will develop measures to assist companies to access financing and insurance to fulfil orders, to open foreign branches, or in areas such as customer financing. The aim is also to encourage and facilitate linkages between local manufacturers and exporters with the Diaspora in Canada, USA, and the UK, as a catalyst to entry and penetration in these markets. 3.2 Develop market and business intelligence Government will assist firms to improve their knowledge of new markets, and will connect companies with specific market opportunities, and assist them in assessing the risks and potential value. This will be complemented by actions to increase productivity, and improve access to financing, skilled labour and quality infrastructure. 3.3 Develop a world class workforce High quality research institutes and universities, which produce graduates that can create high value in domestic and foreign markets, are a crucial feature of a globally competitive economy. Of equal significance to
Image of page 120

Subscribe to view the full document.

Image of page 121
  • Fall '19

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern

Ask Expert Tutors You can ask You can ask ( soon) You can ask (will expire )
Answers in as fast as 15 minutes