‘SMEs are key to Trinidad and Tobago’s recovery’ | Local business

ENTREPRENEURSHIP is the gateway to economic recovery, wealth creation and long-term prosperity, according to Natasha Davis, vice president of marketing and operations for Unit Trust Corporation (UTC).

“We believe that, in the aftermath of the pandemic, small and medium-sized businesses are essential to Trinidad and Tobago’s economic recovery and global competitiveness,” Davis emphasized, while delivering a speech at the recent 20th Annual Transatlantic Trade and Investment Symposium, Trans -Atlantic Business Development Roundtable at Lidj Yasu Omowale Emancipation Village, Queen’s Park Savannah.

The symposium, he said, has facilitated the meeting of minds by creating opportunities to increase trade and has served as a backdrop for strong and profitable partnerships. More significantly, Davis said the symposium continues to be a catalyst for entrepreneurship that fits with UTC’s mission to create wealth for the citizens of TT.

Through initiatives such as ScaleUp, a partnership with the Department of Trade and Industry and a US-based company, Entrepreneurship Policy Advisors, and another collaboration with UWI Ventures Ltd called UrpreneurPlus, the UTC is helping to build an ecosystem that is sustainable but relevant. to our market.

He told attendees that economic recovery and sustainable financial well-being depend a lot on people getting involved in their communities, for example, supporting the greengrocer around the corner, or the cobbler and hairdresser around the corner, like it does so with effective government policy.

“Spend your money at a small business near you and you will have helped restore financial stability to our country. It would have helped those who are struggling to keep their business doors open,” he said, calling for a renewal of our commitment to support our small and micro entrepreneurs.

With this in mind, he urged people to develop a more mature way of looking at and handling money and to commit to learning about the world of finance. “Can we commit to saving a portion of our earnings? Do we understand how investing works and think carefully about how we manage and use debt? Not to mention the kind of debt we take on,” Davis said, pointing to the reality of a family earning a median income and asking, “How do you save when everything costs more?”

His answer: Developing mature, positive financial habits, creating a budget, and starting right away, in small steps, with minimal amounts. As challenging as it is, let’s learn how to do it better, be disciplined and serious about managing and growing your money, he said.

On stimulating economic growth, Davis said the recent launch of the trade and business information portal by the Ministry of Trade and Industry is an encouraging sign, there are more opportunities to support local export demand with greater use of technology by one hand and increasing cooperation with allies and partners on the other.

He spoke of having trade agreements and political commitments that open markets for more Trinidad and Tobago businesses throughout the African diaspora, noting that this can make a significant difference in stimulating reciprocal growth and economic prosperity.

Attendees included Trade and Industry Minister Paula Gopee-Scoon, Garth Thomas, Chairman of the Transatlantic Business and Development Roundtable, and Khafra Kambon, Chairman of the Emancipation Support Committee of Trinidad and Tobago.

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