These facilities are unparalleled in this part of the world and provide an example of what we must create in the quest for lasting achievement and genuine development. But none of this would have been possible without the enlightened philanthropy of our major donor, Mr. Arthur Lok Jack. And, therefore, we are gathered here this morning to celebrate this wonderful act of philanthropy.

There is little need for me to tell you about Mr. Lok Jack, one of the most successful and dynamic entrepreneurs in the region, with business interests across the world, and who, as a founding director, has given very generously of his time, expertise and financial support to the IOB since its inception. It is fitting that The University of the West Indies recognised this generosity when it awarded him an honorary doctorate in 2002.

Given the circumstances in which we live, in which Trinidad and Tobago is a major energy-based economy, in which freer trade is gaining momentum, as well as a new economic paradigm in which Trinidad and Tobago is fast becoming a wealthy country in a region in which other countries have not been as lucky, we now have the opportunity to make the leap optimistically into the realm of successful countries which have managed their wealth judiciously in the context of well-thought strategic objectives. But there is much yet to be done and a lot more patient building is required. We must reform and redirect those institutions that have lost the confidence of the citizen. We must create and strengthen institutions that enjoy committed leadership, which inspire trust anew and bolster confidence. We must design programmes and activities which are grounded in local needs and initiatives and informed by the latest thinking and experience even as we creatively think our way through into the future.

The continued entrpreneurial activities of Mr. Lok Jack and the training provided by the IOB are part of the critical support structure that will ensure that this country and region negotiate successfully the path towards solid development. Mr. Lok Jack is an example to be emulated. The IOB has been a pioneer from inception, strengthening leaders and emboldening managers to set the example, to forge ahead and to blaze trails. I am proud to have been servant-leader of this institution for nine years and equally delighted to be Chairman now. And I am sure that current Director Dr. Rolph Balgobin appreciates fully the achievement as well as the promise.

While many in our society have traditionally been generous, the circumstances in which we find ourselves now enable those with the wherewithal to use their resources as investments to support institutions that will nurture forward looking thinkers and doers. There is no doubt that the development of philanthropy as a cultural trait can be difficult in any society. In our own Caribbean region, the culture of philanthropy is virtually non-existent. Moreover, philanthropists lack fund-raising expertise and precedent and may well face public skepticism about their ultimate intent. While traditionally, the state has met most public needs, in the current environment, that support is hardly sustainable over the long haul.

In this context, Arthur Lok Jack provides a shining example of what others can do to ensure that the foundations of our society are strengthened. Of critical importance, though, Mr. Lok Jack is investing in institutions in his own lifetime. In this way, he is part of a new trend in philanthropic support in which donors, who see themselves as investors in causes, are supporting significant ideas and projects that are likely to have an impact on society and are taking an active role in the design and implementation of those projects.

Ladies and gentlemen, the investment made by Mr. Arthur Lok Jack in the Institute of Business will undoubtedly bear fruit many times over. His act of generosity, his active role in providing guidance and counsel, his advocacy for the IOB, have set a standard for others to emulate. He has reminded us, very forcefully, that we have an obligation to use our talents, our time and our wealth to create and support institutions that will redound to the public good. What is significant about Mr. Arthur Lok Jack is that his giving is not only about money. He gives his time, his talent, his knowledge and his attention to those things that he cares about.

We too look forward to the impact that the generosity of Arthur Lok Jack will have, not only in strengthening the leading regional institution for business and management studies, but in acting as a catalyst for establishing a new culture of enlightened philanthropy in Trinidad and Tobago and the region. The University of the West Indies needs many more like Arthur Lok Jack to come forward so that future generations may benefit. This is the process by which wealth creates more wealth and causes it to multiply and to spread and to touch individual human lives at a very personal level in most positive ways.