IN 2022, the most recent year for which official statistics are available, net investments to the value of almost US $1 billion fled Trinidad and Tobago.
In contrast, the country attracted US $1.5 billion in investments in 2014.
Between both years, Arcellor-Mittal, one of the largest private sector earners of foreign exchange, summarily packed up and left, displacing 644 workers.
After 70 years in T&T, Unilever left two years ago, throwing 119 workers on the breadline.
Commodity-producing companies at Point Lisas Industrial Estate have departed because of the shortfall of the feedstock natural gas, reducing that once glowing park to an abandoned community.
T&T’s dramatic fall in the ease-of-doing-business benchmarks (105th in the world!) is a major reason for the flight of investors and the absence of new foreign ventures.
Finance Minister Colm Imbert has revealed that it takes three and a half years to enforce contracts and two and a half years to resolve insolvencies.
The waiting period for a construction permit is 254 days, while electricity connection takes 61 days, registering a property consumes 77 days, and obtaining credit requires 65 days.
Two years ago, Imbert termed those measurable yardsticks are “unacceptable” and he promised action.
There is no evidence that they have improved.
A few months ago, Dr. Thackwray Driver, head of the Energy Chamber, said it cannot be business as usual if T&T is to attract investments.
Driver stated: “We need to get to the bottom of why things take so long to be implemented and try to systemically address those bottlenecks and get things flowing.”
He offered specific advice on streamlining the approval processes.
Again, there were no improvements.
Trade and Industry Minister Paula Gopee-Scoon has major responsibility in improving the investment landscape.
Prime Minister Dr. Keith Rowley has termed himself the country’s top salesman but his international jaunts have not yet brought any results.
But Rowley and Gopee-Scoon have branded critics of prospective Petrotrin buyer Naveen Jindal are anti-investments.
Rowley said that “there seems to be an attempt to dissuade foreigners from investing in Trinidad and Tobago.”
Gopee-Scoon accused critics of trying to destroy investments.
Neither officials referred to the absence of an enabling environment for investments and the fact that major corporations have been heading to greener pastures.
The flight of investors is a major reason for the shortage of foreign exchange, which is also hampering the business community.
Rowley and Imbert promised to make the distribution of foreign exchange more equitable, but small and medium-sized importers continue to short-changed.
Now, the Prime Minister is saying that the sale of Petrotrin will bring in foreign exchange.
He has launched a new round of promises and finger-pointing.
