Abstract
This chapter outlines a series of policy interventions to boost the non-energy sector, in the context of a decline in the non-energy exports. The chapter highlights several possible policy interventions, these include: (1) devaluing the currency, (2) improving the Ease of Doing Business (EODB) setting, (3) building on the Rybczynski gains from the Venezuelan immigrants, (4) deepening trading ties with the country’s natural trading partner, and (5) building a more private sector-driven ETeCK Park arrangement. Several other enabling environment changes are suggested including the need for Fiscal Responsibility Legislation and a Fiscal Council, the formation of an Economic Development Board and the need for Specialized Economic Zones, alongside the formation of the NSITT.
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Notes
- 1.
Note that data on GDP-related indicators, available for the selected economies is available up to 2019 only.
- 2.
Some of the interventions proposed in the National Budget 2021 related to an Electronic Funds Transfer Window to allow all payments to Government agencies such as taxes and custom duties to be done remotely. Plans were also announced to improve the efficiency of the Customs and Excise Division by modernizing, upgrading and automating procedures to reduce the time and cost associated with the import and export of goods. It was also suggested that National Trade Facilitation Committee be established. The budget also highlighted that plans were being proposed to reduce the time for obtaining approvals from state agencies to undertake construction.
- 3.
The acronym SMART—Specific, Measurable, Attainable, Relevant and Timely.
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Hosein, R. (2021). Policy Interventions to Boost Competitiveness of the NBT Sector. In: Oil and Gas in Trinidad and Tobago. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-030-77669-5_10
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DOI: https://doi.org/10.1007/978-3-030-77669-5_10
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