A number of companies in Tobago are going into receivership because of lack of business, Trade Minister Stephen Cadiz said yesterday.
"There is a problem in Tobago. Tobago's economy is in a ditch. Tobago is taking a real beating and we need to find ways to keep the economy going. These are companies around for many years that are now suffering," said Cadiz during the launch of the Trade and Investment Convention at the Hyatt Regency (Trinidad) hotel in Port of Spain.
Cadiz returned from Tobago earlier yesterday, where he had a meeting which included various stakeholders on the island such as Dr Delmon Baker, Tobago resident and Minister in the Ministry of Finance; the Tobago Chamber of Commerce; hotel associations; and the banking sector.
"It's about generating new areas of activity in the economy. We have to get tourism figures up. Tourism is the main driver of the industry and one of the biggest problems in Tobago is the need for more high quality rooms. Right now the island has 1,750 rooms of varying quality types," he said.
Cadiz also said that Trinidad and Tobago received "top marks" from the World Trade Organisation in its trade policy review earlier this month.
The 13th annual Trade and Investment Convention will run from May 16-19 at the Hyatt Regency (Trinidad) hotel, as part of Caribbean Investment Week, beginning May 14.
year the forum is expected to attract even more participants than last year.
Last year included attendees from 36 countries, with 175 booths.