PORT OF SPAIN, Trinidad – Prime Minister Dr. Keith Rowley Tuesday welcomed the TT$200 million investment by the Caribbean Development Company (CDC) as the beer company commissioned a new line at its Carib Brewery.
Prime Minister Dr. Keith Rowley addressing the ceremony for the commissioning of a new line at Carib Beer (CMC Photo)“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 around the world.
“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 that “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 the principles of sustainable manufacturing through greater efficiency in the use of water and energy and 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 make efforts to adopt greener operations and aim towards carbon neutrality.
He said his administration has approved a Green Manufacturing Initiative to encourage and assist local manufacturers in the non-energy sector with adopting and improving green manufacturing processes with the aim of increasing energy efficiency, reducing waste and producing green products.
“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 in responsibly managing our environmental impacts while improving business performance” he added.
Prime Minister Rowley said that the new line, the largest single investment by CDC in decades) “is a significant injection which 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 during the fiscal year 2023, at least 40 major reinvestments by manufacturers were recorded to the amount of TT$1.4 billion (One TT dollar=US$0.16 cents) which is quite significant and these projects are expected to generate at least 1,000 jobs.
Rowley said if Trinidad and Tobago is to sustain the growth and performance of the non-energy sector, there must be a resolute determination by both the public and private sector 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.”
He said given the size of the population, the only way to achieve continued growth is to export to extra regional markets.
“In this regard, the government has been doing its part to create strategic partnerships that are already bearing fruits for the private sector. This is being undertaken through the establishment of Commercial Offices and appointment of Commercial Attachés at key locations.
“This will assist exporters in overcoming trade barriers, entering new markets, and forging new business relationships in their respective markets. Given the work that we have been doing in to find new markets and attract new investments, I am expecting two important delegations here in the coming weeks or months, one from Ghana and one from India.”
He said that the Ministry of Trade and Industry through the Export Booster Initiative 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 in respect of securing purchase orders and finalizing distribution arrangements”.
