Advantage Globalof Opportunities
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THE MANUFACTURER . PAGE 1 THE OFFICIAL NEWSLETTER OF THE TRINIDAD & TOBAGO MANUFACTurers’ ASSOCIATION Volume 36 | September 2013 Taking Advantage Globalof Opportunities The The Exploring New Big Reach with National Innovative Implications Markets Technology Quality of Trade For T&T’s Products Imperative The advent of cloud Infrastructure Liberalization computing allows companies of any size to affordably use The Foundation to for Caribbean this technology. It’s not only for the big guys anymore. Competitiveness Economies and Sustainable Development PAGE 2 . THE MANUFACTURER From the Deskof the President Vision n September 9th, 2013, the to be used in the manufacturing to support businesses in developing Government announced processes of firms established in and maximizing their competitive STATEMENT Oa $61.4 billion budget, T&T. This includes VAT exemption advantage to achieve the economic To be the voice of and the TTMA is encouraged from capital items (machinery and transformation that is required in T&T by the measures outlined in the equipment) for the purpose of for diversification of the economy manufacturers in 2013/2014 fiscal package aimed manufacturing as well. The TTMA away from the energy sector. Trinidad and Tobago, specifically at bolstering this country’s advocates that companies listed Our local manufacturing sector creating value and manufacturing sector. under the Third Schedule of the continues to face many challenges As indicated by the Minister of Customs Act qualify for this incentive in its regular interface with the providing world Finance, the non energy sector in a manner similar to that offered agencies that regulate import and class service to our is driving the recent growth in under the Import Duty Concession, export trading activity. We have membership. the economy, and as such the that is, an exemption from VAT on noted some encouraging signs and establishment of an enabling machinery, equipment and raw developments, but there remains environment is critical for its materials used in the manufacturing considerable room for improvement continued growth and development. processes of companies operational in the service they provide to our The measure that will have the in T&T. The Association believes this business community. most impact for manufacturers in incentive will act as great impetus A reduction of government Board this year’s budget is the issue of VAT. for investors coming to Trinidad and bureaucracy and improved efficiency The Association is heartened by the Tobago to set up manufacturing will increase our members’ ability to OF DIRECTORS injection of $1 billion to remove operations. compete locally and globally. This Mr. Nicholas Lok Jack the long outstanding backlog of Further, the TTMA noted that the country’s manufacturers have the (President) VAT refunds due to companies present system stipulates that VAT capacity and expertise to compete in which was one of the organization’s revenues collected are directed certain areas, but the inefficiencies Mr. Paul Quesnel recommendations for this year. The to the Consolidated Fund, and of the Ports and Customs, and Mr. Craig La Croix TTMA welcomes the commitment by recommended that a separate other regulatory agencies such Mr. Robin Lewis the Government to ensure that all account be established specifically as Chemistry, Food and Drugs Mr. Robin Phillips VAT refunds are made “at maximum, for the collection of VAT revenues Division hinder trade. Institutional within the legal time frame”, and to ensure that funds collected strengthening is a fundamental Mr. Darren Leigh notes the Minister’s statement that through VAT payments by local issue that must be addressed in Mrs. Genevieve Jodhan the Government proposes to simplify businesses can be used specifically 2014 through the improvement Ms. Franka Costelloe the VAT refund process for the to make refunds and avoid some of Border Control agencies to manufacturing sector. of the bureaucratic nuances as create a facilitating environment for Mr. Roger Roach It should be noted however that may be experienced through the manufacturers. Mr. Anthony Farah the TTMA, in its recommendations Consolidated Fund. Dr. Rolph Balgobin to the Government this year, called The TTMA remains focused on the NICHOLAS LOK JACK Mr. Ashmeer Mohamed for the removal of VAT on all inputs specific areas that must be addressed PRESIDENT TRINIDAD & TOBAGO Design & Layout DO YOU MANUFACTURERS’ ASSOCIATION 2nd Floor, TTMA Building #42 Tenth Avenue, Barataria P.O.Box 971, Port of Spain NEED Tel: (868) 675-TTMA(8862) TO CONTACT US? Fax: (868) 675-9000 868.645.4133 Email: [email protected], [email protected] [ [email protected] ] URL: www.ttma.com THE MANUFACTURER . PAGE 3 Just as energy is the basis of life itself, and ideas the THE source of innovation, so is innovation the vital spark INNOVATION of all human change, improvement and progress. Theodore Levitt, American economist and IMPERATIVE professor at Harvard Business School This year’s Global better way of doing things. There ENCOURAGING WORK need to stimulate innovation be Competitiveness Report released are several types of innovation ENVIRONMENT AND CULTURE it through training, brainstorming by the World Economic Forum inter alia product innovation, Having creative and innovative sessions or the aesthetic presented some interesting process innovation and innovation persons in a company alone is environment of the company, like developments for Trinidad and among the value chain. Before not enough. The organization’s Google has done. Tobago. Even though Trinidad we delve into the various types work environment and and Tobago fell in the overall of innovation, it is worth talking organizational culture needs to FUNDING competitiveness ranking - 84th about all the other facilitating be favourable to encouraging Funding is another condition out of 144 countries in 2012 factors of innovation including creativity, collaboration and necessary for innovation. to 92nd out of 148 countries creative people, an encouraging innovation. If an organization’s Companies can have the best of in 2013 - this country was work environment and culture and environment is not conducive ideas, but without sufficient funds placed into a higher category funding. to innovation, the innovative to materialize their ideas, the idea with respect to its stage of mind will not be put to its best is lost in the mind of the innovator. development, moving from HIRING THE RIGHT PEOPLE use. Further, keeping an idea to Research and development of a transition stage between In order for a company to be oneself for fear that it might be ideas requires considerable Efficiency-driven and Innovation- innovative in their product offering snatched, is a surefire way, to not funding to construct numerous driven completely into the or the way a product is delivered, materialize ideas. This suggests prototypes. Funding is an issue Innovation-driven category. it is essential that the company that the work atmosphere needs that plagues Trinidad and Tobago This classification is based on hires the right people. These to be conducive to new ideas companies. Companies can the GDP per capita, which is persons should be innovators, and people need to be open to apply for funding from various projected by the IMF to be about creative-thinkers, problem solvers sharing their ideas. As the late institutions such as the Inter- $19,000 US with a growth rate of and learners. They should be able Steve Jobs (2004) famously said, American Development Bank, about 5% versus last year. to adapt quickly to situations, “innovation comes from people Caribbean Export and ExporTT to This new classification means be competitive in an ever- meeting up in the hallways or transform their abstract ideas to that companies operating in changing business environment, calling each other at 10:30 at hard, material products. Trinidad and Tobago must able to think outside of the box night with a new idea, or because change the way they do business and possess the ability to learn they realized something that PRODUCT INNOVATION – and place greater focus on what works and what does not shoots holes in how we’ve been innovation as a growth strategy. Nike is a company that has work and improve upon what thinking about a problem. It’s ad continued to be innovative in their The business community must pay they have learnt. Trinidad and hoc meetings of six people called close attention to strengthening product and process lines. In fact, Tobago churns out thousands by someone who thinks he has the company was among the top their internal business of tertiary-level graduates, both figured out the coolest new thing environment – by adopting new most innovative companies for young and old from its various ever and who wants to know what 2013 (Fastcompany.com). One of technologies, upskilling workers institutions every year. Most of other people think of his idea”. at all levels, improving their Nike’s most recent innovations is these, if not all, have the capacity Trinidad and Tobago can follow the FuelBand, an electronic fitness physical environments. to be creative thinkers. These suit to Steve Job’s thoughts, as Innovation is subjective. What tracker bracelet that measures a academically trained individuals the co-founder and chairman person’s movements throughout may be classified as innovative to once stimulated in a conducive of one of the largest companies one company may be old news the day (be it walking, dancing work environment and culture in the world, Apple. Local or playing sports), counts how to another. Innovation can be should be able to develop companies need to be open to thought of as something that is many calories an individual innovative ideas and innovative new ideas from all levels and has burnt and calculates a different or a more creative and products. types of employees. Further, they continues on page 4 PAGE 4 . THE MANUFACTURER continued from page 3 person’s total NikeFuel points (a production of an entire vehicle All of these services form an need to promote quality along proprietary metric of activity that (PBS).