Chaguanas Chamber president: Minimum wage hike should be for all

Senior Reporter

Senior Reporter

Chaguanas Chamber of Industry and Commerce president Baldath Maharaj says while the increase in the minimum wage for public servants from $20.50 to $22.50 is welcome, this should be implemented across the board to avoid creating further inequity between public and private sector workers.

He said a standardised approach would ensure fairness and reduce wage disparities across industries.

In sharing his thoughts regarding the 2025 budget package presented by Finance Minister Colm Imbert yesterday, Maharaj added that one of the chamber’s “key disappointments” was the non-implementation of the eagerly anticipated SME forex facility.

“This initiative, which was promised in the last budget, would have significantly supported small and medium enterprises (SMEs) in accessing much-needed foreign exchange to grow and develop. The absence of this facility is a missed opportunity to bolster the SME sector, which is a vital contributor to the economy,” he said.

Noting that agriculture remained a crucial sector for Chaguanas, Maharaj said the chamber was concerned by the insufficient allocation for agricultural development.

“With Chaguanas playing a significant role in the country’s agricultural output, we expected more robust measures to promote food security and reverse the declining agricultural production trends. Food security is a national priority, and greater investments are needed to strengthen this sector,” he said.

Meanwhile, San Juan Business Association president Abrahim Ali said the Finance Minister spent over five hours emphasising what several ministries did in the past, saying what the population expected was for him to deal with crime more extensively.

“Crime is the number one issue in the country. Throwing money into this ministry without any real plans on how you intend to impact the crime endemic. The country needs to know what programmes will be initiated to deal with the school dropouts, who are easily employed by the seasoned criminals,” Ali added.

He said securing the borders to prevent the illicit import of drugs and guns had not been dealt with for short-term effect, saying that programmes and initiatives with direct consultations with the US were urgently needed.

“Waiting for new coastal vessels and aircraft can take a long time as procurement is necessary. The proliferation of guns and drugs must be dealt with immediately,’ Ali added.

TTMA ‘pleased’

The T&T Manufacturers’ Association said it was pleased with the “comprehensive review” of the economy and the fiscal measures presented by Imbert in his budget.

In a statement yesterday, the TTMA noted the statistics presented by the minister, which it said provided evidence of progress in the diversification of the economy.

“We are encouraged by the fact that non-energy manufacturing contributed 96 per cent to total non-energy exports—up from 91 per cent in 2020,” it said.

Citing the minister’s announcement on improving the ease of doing business via furthering the Government’s digitisation agenda, TTMA president Roger Roach said, “This is welcome news by the Minister of Finance as there is a direct link between the efficiency of the essential services offered by ministries and the ease of doing business. The systematic reduction in transaction time taken to complete basic services will impact positively and improve the business environment.”

Commenting on the tools being implemented by Government to bolster the manufacturing sector’s contribution to the foreign exchange earnings of the country, Roach commented, “TTMA notes the increased market access into international markets and welcomes the completion of the technical negotiations with Chile. We are excited by the commencement of negotiations with Curacao in July 2024 and by the signing of the Agreement for the Reciprocal Promotion and Protection of Investments with Ghana.

“The TTMA organised a trade mission to Ghana in March this year and this agreement will assist with positive conclusion to some of the private sector commercial negotiations currently on the way.”

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