Vision of a fully developed nation
THE GOVERNMENT IS DETERMINED TO TRANSFORM THE ECONOMY BY THE END OF THE YEAR 2020, THANKS TO JUDICIOUS UTILIZATION OF NATURAL ENERGY RESOURCES AND AN ONGOING PROGRAM OF ECONOMIC DIVERSIFICATION

PATRICK MANNING Prime Minister of Trinidad and Tobago

“Whatever we do, we only do it to make life better for our people.” With these words Prime Minister Patrick Manning explains Vision 2020, his bold strategy to make Trinidad and Tobago a developed country by the end of this century’s second decade.
The twin islands that he is leading into this transformation are well-placed to make the leap to a developed and diversified economy. They are strategically located close to the northern coast of the vast South American continent. They share in its natural resources, but have not experienced its political upheaval.

Most of the country’s 1.16 million inhabitants live on Trinidad, the larger island. This is also where most industrial activity is concentrated. Meanwhile, pristine, unspoiled Tobago is, by contrast, one of the last undiscovered tourist destinations of the Caribbean.
Since his People’s National Movement won the general election in October 2002, Mr. Manning has asked his Ministers to apply the idea of Vision 2020 throughout every aspect of government policy. The result is a far-reaching blueprint for the steps needed to achieve economic development.

VISION 2020 is the brainchild of Prime Minister Patrick Manning, who sees the islands’ future as a regional transport and manufacturing hub

“Developed country status means a proper environment for people to live in. It means adequate housing and a proper health service. The Trinidad and Tobago of 2020 will be a prosperous and progressive society catering to the needs of its citizens. It will be a preferred place to live, to raise children, invest, do business, work and go to school,” says the Prime Minister.
“Current unemployment of 10.1% will be reduced to 5%. The national poverty rate must be reduced to an absolute minimum. Crime and corruption will not be tolerated.”

The government aims to finance much of this project with revenue from the development of its natural resources. With the exception of Venezuela, the country is the only significant exporter of oil and gas in the Caribbean region. Furthermore, unexploited reserves of gas represent a huge potential resource for the country’s future growth.
“As we maximize the returns to the country from our natural resources, we will have more revenues available to activate our social services,” explains Mr. Manning.

The economy is already booming thanks to the energy sector. GDP per capita rose 36% between 1996 and 2000 to reach $6,186. Annual GDP grew by an estimated 2.7% in 2002, the ninth consecutive year of growth. This run is forecast to continue, with 4% growth in 2003 and 5% in 2004.
There are, however, dangers in this dependence points out Minister of Finance Conrad Enill. The energy sector is highly capital intensive and provides employment for just 3.2% of the population. The Minister stresses the need for diversification into light manufacturing, IT, and service industries such as tourism and banking.
Fortunately the framework is already in place. Trinidad is the most industrialized of any Caribbean nation. Industry typically contributes 44% of GDP. Products include refined petroleum, petrochemicals, nitrogenous fertilizers, iron, steel, methanol, plastics and sugar. Free-trade zone companies and offshore financial services are already established.

The islands can also benefit from their location. Trinidad is just off the eastern coast of Venezuela, while Tobago lies 21 miles northeast of Trinidad. “We do have a great location,” says David O’Brien, President of Trinidad and Tobago Chamber of Industry and Commerce. “Eight miles from Venezuela and three and a half hours from Miami, it is fairly easy to get to most places. We have built a pretty nice airport too.”
Part of Vision 2020 is the government’s ambition to make Trinidad and Tobago a regional transport and manufacturing hub. The country is already a major player in Caricom, the regional free-trade organization. The government is bidding to secure the headquarters of the Free Trade Area of the Americas, which will come into being in 2005.

“We are taking a much greater interest in international affairs, beginning with the Caribbean, which we consider our natural market. We are also going to play a greater role in the United Nations and to have a much greater dialogue with Washington. We intend to make the investment climate here even more favorable,” says the Prime Minister.
“Because of the country’s ethnic diversity we have a rich culture. Trinidad and Tobago is the land of steel bands, calypso and eco-attractions, but more importantly: petroleum, natural gas, education skills and social stability. We are fully geared up to be the land of opportunity, investment and progress for all.”