PORT OF SPAIN, Trinidad, CMC—Prime Minister Dr. Keith Rowley on Tuesday welcomed the TT$200 million (One TT dollar = 0.16 cents) investment by the Caribbean Development Company (CDC) as the beer company commissioned a new line at its Carib Brewery.
“Regionally, this new state-of-the-art facility will fortify the regional value chain for beverages in the Caribbean and open up the potential for new linkages with beverage producers worldwide.
“The development of both backward and forward linkages will not only strengthen the plant’s supply chain but also contribute to the growth of related industries in the CARICOM(Caribbean Community) region,” Rowey said, adding that he is looking forward to the new prospects for strategic partnerships and collaborations in co-packaging and licensed manufacturing agreements that this new Line 7 will bring to Trinidad and Tobago.
“Today’s event is a major milestone in the CDC’s prosperous history, which began well before independence,” Rowley said, adding, “This new investment will lead the way for sustainable manufacturing, upskill our workforce through access to world-class equipment.”
Rowley told the ceremony that the investment embraces sustainable manufacturing principles through excellent water and energy efficiency. It also promotes the circular economy by minimizing waste generation and encouraging the reuse of materials through glass bottle recycling.
“The integration of sustainability principles in manufacturing will contribute to meeting our commitments made under the Paris Agreement to reduce overall carbon emissions,” Rowley said, adding that with the ever-increasing focus on climate change, manufacturers must continue to adopt greener operations and aim towards carbon neutrality.
He said his administration had approved a Green Manufacturing Initiative to encourage and assist local manufacturers in the non-energy sector in adopting and improving green manufacturing processes to increase energy efficiency, reduce waste, and produce
“The government views sustainable manufacturing as not just an ideal., but an operational imperative, essential for safeguarding the well-being of our current and future generations. We will continue to work collaboratively with the private sector to manage our environmental impacts while improving business performance responsibly,” he added.
Prime Minister Rowley said that the new line, the most significant single investment by CDC in decades) “is a significant injection that not only shows the unwavering commitment of your company to environmental stewardship but adopts the latest trends in innovation and technology, particularly in the context of ‘smart factories.’
Rowley said that smart factories are one of the cornerstones of Industry 4.0, and the government is heartened that this transformation is taking place not only in the country’s large conglomerates but also among small and medium-sized enterprises.
“Manufacturers must see the value in taking calculated risks as an integral part of their business strategy to unlock new opportunities and achieve sustainable growth. Take, for instance, agro-processing.”.
He said it is common knowledge that the Trinidad and Tobago economy has long been intertwined with the fortunes of the petrochemical industry, which has exposed it to the vulnerabilities of global oil and gas prices.
“Diversification continues to be a critical area of focus for this government; diversification both within and outside of the energy sector,” Rowley said, noting that the government views the non-energy manufacturing sector as a strong and viable driver of economic growth and diversification.
He said that during the fiscal year 2023, at least 40 major reinvestments by manufacturers were recorded in the amount of TT$1.4 billion (One TT dollar = US$0.16 cents), which is quite significant. These projects are expected to generate at least 1,000 jobs.
Rowley said that if Trinidad and Tobago is to sustain the growth and performance of the non-energy sector, both the public and private sectors must be resolutely determined to invest.
“Private sector investment of time and resources to support continued innovation, growth, and expansion, complemented by public sector investment and targeted programs and initiatives, will create the strategic partnership necessary for continued progress.”
Given the population’s size, exporting to extra-regional markets is the only way to achieve continued growth.
“In this regard, the government has been doing its part to create strategic partnerships already bearing fruits for the private sector. This is being undertaken by establishing Commercial Offices and the appointment of Commercial Attachés at critical locations.
“This will assist exporters in overcoming trade barriers, entering new markets, and forging new business relationships in their respective markets. Given the work we have been doing to find new markets and attract new investments, I expect two important delegations here in the coming weeks or months, one from Ghana and one from India.”
He said that through the Export Booster Initiative, the Ministry of Trade and Industry has already funded 24 trade missions, including one to Ghana in March this year.
“I am pleased that CDC’s participation in that mission is already bearing fruit, as I understand that discussions are already far advanced regarding securing purchase orders and finalizing distribution arrangements.”
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