Cabinet approves trade initiative promoting export of manufactured goods

Cabinet approves trade initiative promoting export of manufactured goods

Minister of Trade and Industry, Paula Gopee-Scoon says Cabinet has approved the implementation of an Export Booster Initiative for the manufacturing sector valued at Fifty Million TT Dollars.

Minister Gopee Scoon says this initiative is to promote the exports of manufactured goods.

Minister Gopee Scoon gave the update while speaking at a news briefing on Tuesday.

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She said the manufacturing sector is a major contributor to the country’s Gross Domestic Product, a net foreign exchange earner and a major employer, employing over fifty- two thousand persons.

Minister Gopee Scoon said on average the manufacturing sector has exported approximately TT$3 billion worth of goods annually.

The Ministry of Trade and Industry, ExportTT and the Trinidad and Tobago Manufacturers’ Association developed this Export Booster Initiative to increase the export value of manufactured goods from TT$2.7 billion in 2019 by ten percent at the end of the fiscal year 2020/2021 and to double that to TT$5.4 billion by 2024.

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