Maravi

‘Globalisation has reached an inescapable point’

‘Globalisation has reached an inescapable point’
Written by Larry Moonze in Havana, Cuba
Friday, October 16, 2009 2:24:10 AM

TRINIDAD and Tobago Prime Minister Patrick Manning has said globalisation has reached an inescapable interdependence point.

And Prime Minister Manning has announced that the twin island’s international reserves remain robust at US $8.6 billion plus savings of approximately US $3 billion in the Heritage and Stabilization Fund.

Announcing Trinidad & Tobabgo would host the Commonwealth Business Forum 2009 (CBF) from November 23 to 26 ahead of the CHOGM to run from the 27 to 29 of the same month, Prime Minister Manning said nations must join hands across oceans and continents for common salvation.

“The present global economic situation has underscored this need by revealing in very stark ways how vulnerable we all are to any failings in the international economic system,” he said. “Globalisation, starting centuries ago, and fashioned originally for exploitation and individual or group enrichment, has also evolved into an inescapable interdependence which we must accept and now of necessity build upon. This is absolutely necessary if the world is to truly and fully pull back from the economic precipice, which stared us starkly in the face just a few months ago.”

“Government must primarily incentivise the environment for the stimulation of commercial activity,” Prime Minister Manning said. “It must also be prepared to invest strategically in the economy if necessary, for either revitalisation, diversification or charting a new course. But its main economic thrust must be to facilitate private sector growth, because, in the final analysis, private initiative is the fundamental factor in the efficient and sustained progress of the democratic economy.”

He said the CBF 2009 would focus the attention of the Commonwealth and the international business community on Trinidad and Tobago and the Caribbean Community (CARICOM) region.

Prime Minister Manning said before the present global economic crisis, Trinidad and Tobago was one of the fastest growing economies in the region at an average of 8.3 per cent since 2001.

He said during that period Trinidad and Tobago attracted over US $6 billion in foreign direct investment.

Prime Minister Manning said the island maintained fiscal surpluses whilst significantly reducing both external and public debt.

Labels: GLOBALISATION

posted by MrK @ 1:24 AM