We remain concerned abroad about leadership from the top and how it is affecting the investment landscape in Trinidad and Tobago as its economy continues to struggle. Earlier this month, Prime Minister Keith Rowley was forced to make a statement to leaders in Trinidad and Tobago, saying, “Lead in a way that is beneficial to the national well-being”.
His advice came following precipitant remarks out of the mouth of Oilfield Workers Trade Union president general Ancel Roget. The statement was made following confirmation by bpTT that the fabrication of the Angelin platform was “no longer a feasible option” for Trinidad and Tobago. As reported, Roget’s response to the multinational oil and gas company regarding the safety and health of workers, “You could take your platform and go…”.
Even as Rowley acknowledged Trinidad and Tobago remains a free country, he maintained such a statement was “unhealthy”. Not only was it unacceptable, at the same time it did not make Trinidad and Tobago’s investment climate competitive. Living abroad and plugged-in into this world, with many of us among the decision-makers in boardrooms, we agree such a statement is cringe-worthy as much as it is unacceptable to investors who look to landscapes as Trinidad and Tobago for stability and productivity.
We are also in agreement with the emphasis Rowley placed on ensuring investors land on solid ground after choosing Trinidad and Tobago. As he indicated, if our homeland is to secure its economic future by cementing investment in the hydrocarbon sector, there is need for commitment and responsibility from all levels of leadership. To put it bluntly, Trinidad and Tobago is not an island when competing against the rest of the world for investments.
Said Rowley: “It is now for all of this country's leadership at every level, whether it be government, business or labour, to act responsibly in our quest to secure these vital foreign investments so desperately needed to maintain our standard of living in this small industrialised nation… Don’t let anybody fool you. We have to be attractive in every which way to attract and secure foreign investment.”
As is being reported daily out of Trinidad and Tobago, its economy is continuing to deteriorate as it bounces along the bottom of this prolonged recession. As one writer reported over the weekend, the downturn continues in the energy and non-energy sectors, with liquefied natural gas production down 15.2 percent, new car sales down 28 percent, and construction down 20 percent.
The reality of such an economic downturn is in order for Trinidad and Tobago to lift itself out of its economic distress, it must be seen abroad as dependable, and capable of delivering its construction projects on time and within budget. That BP pulled out its Angelin platform is far from reassuring, and if leaders as Roget cannot read between the lines, then this nation’s economy is going to continue to not only struggle, but would also find difficulty in attracting foreign investors.
This becomes more important in the light of the potential developing in Guyana with its recently discovered hydrocarbon reserves. With Exxon responsible for leading discovery of such substantial oil reserves, it is imperative Trinidad and Tobago make itself attractive if it is to be positioned to play a key role in assisting with Guyana’s hydrocarbon future.
As Rowley stated last week: “Our location, refinery, deep water harbours, access to markets and expertise in the energy sector all make us the best candidate for partnership with our neighbour.”
Discussions with the Guyana government are ongoing, and both nations are currently engaged in finalising a memorandum of understanding. Among ongoing discussions are Trinidad and Tobago refining Guyana’s oil, and offering its expertise from a service industry point of view, including personnel with many decades of experience.
With such potential ahead, it is imperative that leadership be more responsible.