This is an historic moment in the development of relations between the business sector and education in Trinidad and Tobago and the Caribbean. And I would like to begin my very short statement by congratulating Mr Arthur Lok-Jack for his vision, foresight and phenomenal display of civil mindedness and patriotism in setting up a not insignificant Endowment for the UWI Institute of Business. You are a true and exemplary patriot and Trinidad and Tobago salutes you.

From inception, the Institute has been an agent of change and progress, the development of human resource always at the forefront of its agenda. For my part, I have noticed that in particular, over the last two years or so, the Institute has strategically strengthened its association with several leading international institutes of business education, collaborating with them in research which has led to landmark publications on global competitiveness and economic freedom.

Government recognizes the implicit and inseparable connection between a world-class institution of business education and a first-rate business society; and between these and a competitive nation delivering professional services and product excellence, according to international benchmarks.

Mr. Lok-Jack has been a founding member of the Institute from its inception and I am happy to say also that he is also at the helm of the Vision 2020 Steering Committee.

Today the Institute has a $TT20M endowment from the Arthur Lok-Jack Foundation, with a firm commitment from him to raise an additional $TT10M from the private sector. This will amount to $TT30 M from the private sector.

Even without the latter commitment, the endowment is unprecedented locally and in the Caribbean, in both its nature and quantum. It is the first time an individual is making such a contribution.

To my mind, this Endowment says a lot about his belief in Trinidad and Tobago and the Institute of Business. It is about faith and belief in Trinidad and Tobago. It is a vote of confidence in our nation; a vote of confidence in the UWI Institute of business; a vote of confidence in the people of Trinidad and Tobago; a vote of confidence in the future of this land which belongs to all of us - and to which we must all of us make the greatest contribution that it is our capability to make.

On a more philosophical and philanthropic level, it demonstrates what an individual can do, and is an example to be followed. It is an instruction to other citizens who would wish or ought to be contributing to nation building at a similar level. This is your signal to trump and follow suit, as it is a way of giving back to the society. To be sure, there is no shortage of the need for this kind of exemplary commitment from our citizens, individual and corporate.

But I believe, though, that the emphasis this morning is on our business community. Indeed, nothing so underscores the corporate social responsibility of the private sector as this moment, and I am therefore calling on the private sector to take the cue. You have the opportunity to turn the events of this morning into a great tradition - the kind on which it is said that great societies are built.

Now that the Arthur Lok–Jack Foundation has set the precept and precedent, it is to be hoped that others in our corporate community would be guided accordingly.