24 Develop a new and enhanced suite of incentives A new regime of fiscal

24 develop a new and enhanced suite of incentives a

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2.4 Develop a new and enhanced suite of incentives A new regime of fiscal incentives, preferential tax rates and concessions to encourage the development of small businesses and exports. Government will also review its fiscal policy to make it more competitive on the international level with the objective of making the country an even more attractive environment in which to trade and do business. These actions will position our businesses to take advantage of opportunities across the globe, including those relating to the global agenda for green growth. 2.5 Strengthen the environment for Green Growth The policy, regulatory and institutional framework will be strengthened to encourage industries to shift to greening their products and services by adopting green technologies as well as accelerating innovation and the development of indigenous green technologies. This will be supported by the establishment of sustainable financial mechanisms and incentives such as green certification. To become more competitive and accelerate the pace of technological change Trinidad and Tobago must continuously renew and upgrade its workforce skills. It must also invest not only in infrastructure and technology but, in creating an environment, in which all citizens are able to combine their talents, skills, ideas and imagination towards realising their potential. These actions must be complemented by the revisions of government procedures to reduce unnecessary red tape and technology upgrade to promote process optimisation so that public sector operations are an aid to business activity rather than an obstruction. This must be supported by steps to minimise corruption and anti-competitive behaviour, ease the burden of regulation, encourage greater adherence to the rule of law, real time digital access to government services, streamlining of business start-up procedures, and the encouragement of market-based competition mechanisms. 37 The private sector is expected to take a leading role in strategies 2.1 and 2.2 103-104 V I S I O N 2 0 3 0 N AT I O N A L D E V E L O P M E N T S T R AT E GY 2 0 1 6 - 2 0 3 0 Development Strategies to 2020
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Goal 3: A more attractive destination for investment and trade Investment and trade are critical to the economic well-being of Trinidad and Tobago. It allows us to surmount the limitations of size and resources, and expands our capital, technology, know-how, and access export markets and improve the quality of life of our citizens. However, our small domestic market requires that we constantly look for new growth opportunities outside our borders and continue to attract significant levels of foreign direct investment. In the highly competitive global environment, our long-term survival cannot be based solely on the domestic market. Trinidad and Tobago will therefore forge strategic links with our trading partners to eliminate the barriers that impede our ability to be internationally competitive, and remain ahead of our competitors in the race for new markets. In this approach, the private sector must create new products, discover
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