FILM FESTIVAL FORMAL OPENING: Minister of Trade and Industry Vasant Bharath, left, chats with Marley: movie director Kevin MacDonald and T&T Film Festival director Bruce Paddington during the formal opening of the 2012 Film Festival held on Wednesday night at Queen's Hall, St Ann's.
See Page 17 —Photo: ISHMAEL SALANDY
Govt secures multi-$m deal
T&T's first major international financial services sector client...
TRINIDAD and Tobago has secured a multi-million dollar deal with its first major client in the international financial services sector, Trade Minister Vasant Bharath said yesterday.
Speaking at the NEM Consultants Leadership Seminar at the Hilton Trinidad, Port of Spain, he said:
"I am happy to announce this morning that very recently the international financial services sector was able to attract its first large customer who is placing their office in Trinidad and Tobago and that will create about 200 new jobs. The initial investment is about $100 million."
Bharath said there were two other clients on the drawing board that his ministry was "actively chasing".
He said the previous administration was criticised about the international financial sector, not because the idea was bad, but because the global financial crisis created a problem with regard to attracting tenants and because of the massive amount of expenditure involved in setting up the financial sector.
"But in principle what the financial services sector does is allow you to create a different kind of employee that is much wanted across the world today. Very importantly, your employees don't need to be geographically anywhere else. They can be in Trinidad and Tobago and working for companies across the world. So the financial services sector offers significant advantages for Trinidad and Tobago," he said.
Bharath said the Central Bank and the International Monetary Fund have indicated that the country has turned a corner, "and we should expect a growth rate at somewhere just about one per cent".