3 STATE ENTERPRISES TO CLOSE
THE Government is shutting down three State enterprises within the next few weeks, throwing scores of workers on the breadline.
ExporTT, InvesTT, and CreativeTT are being closed and appropriate notices are currently being prepared for the affected workers.
Termination payments are expected to be made by the end of the year.
ExporTT is a national export facilitation company with a mandate to generate growth and diversification of the economy.
The purpose of InvesTT is to attract non-energy investments.
CreativeTT is involved in music, film and fashion.
ExporTT and InvesTT have achieved little in spite of significant workforces, including highly-paid executives, and foreign travel to scout for markets.
CreativeTT has helped local artistes and designers to attract regional and international markets.
There has not been any notable effort to diversify the economy away from energy and investors have been bypassing the country, leading to a net outflow in recent years.
CreativeTT has had some success in helping local artistes and designers to attract regional and international markets.
The companies would be replaced by a firm named Trinidad and Tobago Trade and Investment Promotion Agency (TTTIPA).
Minister of Trade and Industry Paula Gopee-Scoon indicated that all employees, permanent and contract, would have to reapply for positions in TTTIPA.
There have been no job guarantees.
All current worker contracts expire on December 31.
The Ministry has hired two firms, PWC and Odyssey Consulting, to provide services in industrial relations and change management.
Workers of the three agencies have not been given details of the organisational designs, terms, and conditions of employment, and a timeline for the launch of TTTIPA.
Finance Minister Colm Imbert previously said the new company is aimed at “modernisation of our institutional arrangements by promoting exports and investments.”
Imbert said there was a duplication of efforts in trade and investment.
In September 2022, the minister pledged to have TTTIPA operationalised by early 2023.
He said the new firm would seek to enable T&T to become a premier destination for non-energy businesses.
Imbert did not state whether any workers from the prior companies would be retained.
Each company has a board of directors.
Experts say that without an enabling environment, TTTIPA is not likely to have more success than its predecessor companies.
Doing business in T&T remains challenging because of official red tape.
Digitalisting the public service has been taking place at a slow pace.
Statistics show that other Caricom countries are doing better with international investments.
Apart from foreign firms not investing in T&T, there is limited financial outlay by locals because of the state of the economy and the crime rate.
The job losses come amid the retrenchment of up to 3,000 workers of Water and Sewerage Authority (WASA), which is expected to take place within the first quarter of 2024.
