Blue economy just as important as green — TT Minister

Foreign and local, and public and private sectors’ investments in the diversification of the local economy must factor in the concepts of “green” and “blue” economies in their plans and strategies.

“We need to be aware of what is known as the blue economy,” Planning Minister Dr Bhoe Tewarie said at the closing session on Friday of the Conference on Developing a National Diversification Strategy at the Hyatt Regency, Port-of-Spain.
Tewarie defined the “blue economy” in island countries such as TT “as an economy based on the sustainable management of our marine and ocean resources, allowing us to develop the maximum benefits from our aquatic resources.”
The “greening” and “blue-ing” of the economy more importantly, the green economy — that is where the new competitive capacity is going to be,” he suggested.
Saying that as investments in diversification and cluster building for diversification were forged, Tewarie said “we need to be alert to the green economy.”
The green economy concept embraces social, economic and environmental alignment in which economic growth and income should be based on reduced carbon emissions and pollution.
Tewarie also announced that to facilitate conditions for investment, TT Invest — a one stop shop — will be created to “do the walking for the investor and facilitate the process to ease the frustrations investors would have experienced.”
The new agency must also take the lead, he said, to facilitate investment sourcing.
To begin the role in investment facilitation, Tewarie said TT Invest would be required to review disincentives to investments, better utilisation of trade agreements to facilitate export driven goods and new investments for exports and expansion of new niche markets of higher-valued goods and services.
Represented in TT Invest will be members of boards with responsibility for manufacturing, business and commerce and goods and services.
Tewarie also proposed to the private sector that coming out of the conference, they form six cluster committees to deal with issues of finance, tourism, creative industries, maritime, food sustainability and energy for diversification.
If that is done, collaboration and implementation in terms of diversification will be guiding principles, he said. (Express)