Welcome Remarks by the Minister at CDB Board of Governers Meeting

 

 

 

 

Host Prime Minister, the Honourable Kamla Persad-Bissessar

Honourable Prime Ministers Dr. Ralph Gonzales of St. Vincent and the Grenadines and Stephenson King of St. Lucia

Dr. Warren Smith, President of the Caribbean Development Bank

Members of the Cabinet of Trinindad and Tobago

Governors and Alternate Governors of the Caribbean Development Bank

Members of the Diplomatic Corps

Members of the Board of Directors, Management and Staff of the Caribbean Development Bank

Distinguished Ladies and Gentlemen

 

Good morning

On behalf of the Government and People of Trinidad and Tobago, I extend a warm welcome to everyone.  It is an honour to welcome you, and it is a privilege to do so as Chair of the Board of Governors of the Caribbean Development Bank. 

 

Let me welcome you warmly, therefore, to this 41^st Annual Meeting at the Hyatt Regency and let me take the opportunity to welcome you to Trinidad and Tobago.

I take this opportunity also, to thank Professor Compton Bourne for his excellent stewardship during the years that he served which became particularly tricky during the global financial crisis.  Leadership is always an important factor, and because of his dedication, professionalism, his readiness to facilitate consensus and his commitment to the Bank, and the Caribbean region, and indeed all CDB Member Countries, he was able to facilitate a general increase in resources of the Bank in 2010.

 

Let me congratulate Dr. Warren Smith, the Bank’s new President in his first official capacity as President of the Caribbean Development Bank at this Annual Meeting of the Board of Governors. I had the opportunity to engage him in conversation at the recent inter-sessional meeting of Heads of CARICOM and I had a nice discussion with him on Sunday.  I have no doubt that Dr. Smith will continue to successfully chart the Bank’s course building on the solid platform established by his predecessor and I have no doubt Dr. Smith, that you will bring new ideas and initiatives of your own.

As we strive for both continuity and changes at the Caribbean Development Bank and as we seek to chart a way forward, beyond the economic fallout that we have experienced over the past few years, the Bank’s unrelenting support to its Borrowing Member Countries is noted with approval.  I have no doubt that economic prospects for the entire region will continue to improve, but Bank support for budgetary needs, for improvement and development of economic infrastructure and for sector stabilization will provide a cushion to assist countries to make strides forward that they need to make in pursuit of economic sustainability.

 

Head Table at the Opening Ceremony of the 41st Annual Meeting of the CDB Board of Governors

 

As Member Countries, we have a responsibility to encourage the Caribbean Development Bank to proceed on an evolutionary but transformative track.  Look at some of the formidable challenges that we face: first of all, there are major vulnerabilities in our economies because the base of production in each of them is so narrow, secondly there is the challenge of poverty which must be overcome with strategic interventions which lead to economic empowerment to individuals and communities and build sustainability into their future.  The food security challenge with the immediate disturbance of high food prices is also a formidable one.  Energy security is another major challenge as is the adverse effect of climate change on our island homelands and our low lying countries.

Over the course of this week, it is my hope that this Meeting will generate the type of discussions that will result in new and strengthened partnerships amongst regional and non-regional stakeholders as we seek to improve the quality of life of the citizens in our region.

 

We are well aware that this is a new era in which an appreciation of the knowledge economy and the implications of how it works is central to the transformation of our regional economies in a way that allows us to to benefit from strategic integration with the global economy.

 

In Trinidad and Tobago our entire policy framework is oriented towards sustainable development.  We are focused on competitiveness, entrepreneurship, diversification, innovation, new investments targeting industries higher up the knowledge and technology value chain, the greening of existing competitive industries as well as new green investments, and service industry expansion all geared towards exports and international market share.  All of this is tied in with higher through puts from the tertiary and vocational sector.

It is my considered view that the restructuring and transformation efforts that we are making in Trinidad and Tobago need to be spread across the region so that transformation of the regional economy can take place at a faster pace with attendant benefits.

 

How we think of the CDB in this context is important is it just a bank – the Caribbean Development Bank or is it the Bank for Caribbean Development?  Where is the greater emphasis?  This small shift in thinking will raise the issue of what is the most strategic uses for which money can be deployed to make the most decisive and meaningful impact in our individual countries and across our region.

There are some salient facts to take into consideration.

Innovation is a means of enhancing competitiveness, competitiveness is a means of improving productivity; a major factor in productivity is the skills and competencies of the workforce.  Human capital, therefore, is the essence of productivity, competitiveness, innovation, diversification, the migration of industries upward in the value chain, entrepreneurship, new business creation, wealth generation, and sustainable development.
 

The competitiveness of countries and their ability to export more of the products and services that firms in their countries produce is an important issue.  Related to this are the issues of diversification innovation and entrepreneurship.  Besides making existing industries, systems and clusters competitive, countries have to find new sources of growth and new ways of generating wealth.  The most likely places from which new sources of growth and wealth creation might emerge are from diversification (new investment from both internal and external sources), new industries (different products and services), innovation (significantly improved products, processes and methods) and entrepreneurship (new business creation and fresh interventions for wealth creation).  Wealth creation on the other hand is a fundamental necessity if social problems of various kinds are to be addressed with solutions.  So here we have it – how do we bring fresh thinking to the table and be innovative in action and intervention, yield meaningful results, achieve high impact and make a decisive difference?  I hope you find these questions useful.

 

We certainly hope that the arrangements that have been put in place for hosting this Meeting meet with your expectations.  Indeed we want you to be comfortable, productive, excited and happy.  Trinidad and Tobago is a beautiful place with warm and friendly people.  Enjoy the experience and enjoy the social activities, enjoy our hospitality.

 

As Chairman of this Meeting representing the Government and people of Trinidad and Tobago, I welcome you warmly to Trinidad and Tobago.