Archive | Chaquanas

Investment for Economic Development

Posted on 07 December 2011 by Gaurav Malik

Investment for Economic Development

“The purpose of local economic development (LED) is to build up the economic capacity of a local area to improve its economic future and the quality of life for all.  It is a process by which public, business and nongovernmental sector partners work collectively to create better conditions for economic growth and employment generation,” (World Bank, 2011).

In an effort to increase competitiveness and continually improve the investment climate of Chaguanas, the Government of Trinidad and Tobago has allocated funding in key areas; namely, agriculture, industry, tourism and institutional strengthening. The Chaguanas Borough Council coordinates planned development in these sectors and has selected projects to promote a business enabling environment. The Ramsaran Street Boulevard is a major project aimed at ‘pedestrianisation’ and expansion of the town centre. This initiative will attract investors, increase competitiveness, create new jobs and ultimately generate revenue and promote the economic development of The Borough of Chaguanas.

Agricultural investment in Chaguanas is an opportunity to decrease the food import bill and create jobs, as such, areas in Edinburgh and Connector Road have been selected for small scale commercial food production of food crops, root crops, legumes, citrus and greenhouse farming. In addition, over 350 acres in Bejucal and Felicity will be used to develop large farms for rice production.

Industrial investment to increase manufacturing of products for local and regional markets is ensured through the investment in the Evolving TecKnologies and Enterprise Development Company Limited (ETECK) Parks. The ETECK Parks in Biljah Road has a number of manufacturing companies involved in assembly/repair of a variety of products, service works, fire service department, foam products, and polyethylene film and bags. In addition plans are on the way for the construction of an industrial estate for light manufacturing at Factory Road, Felicity. Investing in hard infrastructure is essential to support and promote small and medium sized enterprise.

Investment in education and workforce development (soft infrastructure) is addressed by the Ministry of Science, Technology and Tertiary Education through the following projects in Chaguanas: The construction of the College of Science, Technology and Applied Arts of Trinidad And Tobago’s (COSTAATT) main campus on 30 acres of land, the establishment of the On-the-Job Training (OJT) Head Office on the Chaguanas Main Road, the Administrative Complex for the Ministry of Science, Technology and Tertiary Education, and Head Offices of The Youth Training and Employment Partnership Programme (YTEPP), the National Training Agency (NTA) and the Accreditation Council of Trinidad and Tobago (ACTT) on 15 acres located north of the Divali Nagar Site, The Open Campus facility, The Training Centre for Workforce Development at the Transport and Field Engineering Department, Woodford Lodge (approximately 10 acres).  Institutional strengthening of the Trinidad and Tobago workforce is a priority in Chaguanas and can be reflected in the many tertiary education institutes present.

Tourism investment is important to Chaguanas as there are many cultural landmarks such as the Lion House, the Divali Nagar site, many shopping malls, and the Chaguanas market and vendor’s mall. Chaguanas also boasts over 500 acres of Felicity wetlands bounded by the Gulf of Paria which is earmarked for eco-tours and recreation sites. These tourist spots attract thousands of visitors to Chaguanas and can generate significant income and job creation with proper planned development.

The Chaguanas Borough Corporation recognizes that the goal of development is to improve its economic future and quality of life of its citizens, as such, Investment initiatives are planned in collaboration with other Ministries, public, private and non-governmental sectors.

 

Comments (0)