Industry & Retail
From The Report: Trinidad & Tobago 2018
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Manufacturing plays a key role in the non-energy economy, of which it is the second-largest component. It is also a significant employer, accounting for 8% of the active workforce as of the third quarter of that year, per the most recent central bank figures. While the outlook for manufacturing remains challenging, performance figures indicate some measure of success in broadening the country’s economic base, using manufacturing as a key driver. Building momentum and sustainable growth will be dependent on the government’s continued focus on diversification. In response to the changing retail landscape, the MoTI launched a new consumer policy in March 2018 to align the market with domestic, regional and international trends and norms, thus allowing consumers and suppliers to participate with confidence. Changes in the sector had created deficiencies in consumer protection in several areas of the old legislation; for example, there was no protection for consumers making digital transactions. The new policy seeks to address the legislative, administrative and enforcement needs of the evolving market, improving the foundation on which
to build sustainable retail growth and development.

This chapter contains an interview with Mikaeel Mohammed, CEO, SM Jaleel.

Articles from this Chapter

Overview

Manufacturing growth: Diversification efforts focus on activities that save or earn foreign exchange
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The economic downturn of recent years has served to strengthen calls for diversification beyond the energy sector in Trinidad and Tobago, with manufacturing often singled out as a potential driver of the economy. In his 2018 mid-year budget review, Colm Imbert, the minister of finance, indicated that the economy was on the mend, with the turnaround being heralded by “economic expansion in both the energy and non-energy sectors”. Manufacturing plays a key role in the non-energy economy,…

Interview

Engine of change: Mikaeel Mohammed, CEO, SM Jaleel, on how local manufacturers are tackling international competition
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Interview:Mikaeel Mohammed What impact has the currency shortage had? MIKAEEL MOHAMMED: It has incentivised the activity of importers and penalised exporters. In many sectors, it is easy to bring in products that have been manufactured abroad and sell them at a cheaper price than locally produced industrial goods. Despite the restricted availability of foreign exchange, importers can still bring goods in at a lower rate than most manufacturers because of the high, fixed exchange rate of our…

Analysis

Shelf stockers: Fast-moving consumer goods producers seek export growth
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Trinidad and Tobago has one of the most developed and diverse manufacturing sectors in the English-speaking Caribbean. Its development was enabled by the import substitution industrialisation strategy followed in the late 1970s and early 1980s. This model gave local manufacturers the ability to secure market share and capacity without the risk of external competition. The food and beverages manufacturing subsector was one such segment to benefit from the policy, and now plays a pivotal role…

Overview

Consumer preferences: Investment in the sector continues despite soft demand
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The economic downturn of recent years has resulted in a change in consumer behaviour, with weakened consumption and spending also negatively affecting economic growth and recovery. However, a rebound is expected to gather pace through 2018 and into 2019. Early signs were highlighted in the “Monetary Policy Report” published by the Central Bank of Trinidad and Tobago (CBTT) in November 2017, which indicated improved performance by the energy sector, the economy’s mainstay, during the…