The Cabinet-appointed National Economic Recovery Committee will soon have the results of a recent business survey—conducted jointly by the Trinidad and Tobago Coalition of Services Industries (TTCSI) and the Trinidad and Tobago Manufacturers’ Association (TTMA)—to add to its deliberations.
A statement issued by the TTCSI indicates that the survey’s outcomes will help the Committee in its recommendations to strengthen the business community, in the post-COVID-19 period.
The full statement issued by the TTCSI, follows…
SERVICES AND MANUFACTURING SECTORS IN FOCUS
Port of Spain, Trinidad; May 5th 2020:- Firms across the services and manufacturing sectors have a keen desire to collaborate with Government and Business Support Organisations to move towards the path of recovery.
This is the conclusion of a joint survey between the Trinidad and Tobago Coalition of Services Industries (TTCSI) and the Trinidad and Tobago Manufacturers’ Association (TTMA).
The purpose of the Survey, titled, ‘Economic impact assessment of COVID-19 on services and manufacturing sectors’ was to assess/determine:
* The effects of the pandemic with respect to hours of operations, dismissals, cuts in wages and decreases in sales. These can be sued to estimate the overall economic impact on the country and per sector
* Innovative mitigation/coping strategies that are being used by firms. This can be used to make recommendations to other firms or event to policy makers
* The post-pandemic business outlook. This is important to gauge the economic recovery and to develop programs to meet the needs of specific sectors that think they will be hardest hit
TTCSI President, Lara Quentrall-Thomas said:
“Trinidad and Tobago, along with the rest of the world, has been facing this pandemic head-on. Although all our communities and businesses are being impacted, we have been staying positive, remaining productive, and providing support to one another where we can. This Survey is evidence of the TTCSI’s commitment to provide strategic focus and guidance to its member organisations.”
The Survey, comprising of twenty-six (26) questions, was executed in April and received a total of three hundred and ninety-four (394) responses, representing three hundred and ninety-four (394) businesses in Trinidad and Tobago. The Survey captured the respondents’ business profile, addressed the issues of Revenue/Operations, encouraged the sharing of Mitigation Measures, and highlighted what is needed for Recovery.
One key area highlighted by the respondents was the support required in the development of Information and Communications Technology (ICT) products.
The Report will be shared with the Cabinet-appointed National Economic Recovery Committee.