We have driven on these roads before
 On March 22, the annual Campus Council meeting took place at the St. Augustine Campus. It is a time of accounting for our studentship of the Campus, and this year’s meeting was no different as we considered the University’s future in a financially testing period. However, what we have been experiencing in the last year in Trinidad and Tobago has been with us before, and as we reflect on the history of the cyclical nature of the mainstay of our economic support: energy, we are reminded of the profound impact of its unpredictability on our overall wellbeing as a nation.
In reflecting on this history, I recall that in 1970 a barrel of oil was less than $5; with a subsequent increase to $14 per barrel in 1974 with OPEC. In the 1970s, as a UWI student, I witnessed the period of turbulence here that was very challenging – driven by social and political issues, and fuelled by economic imperatives.
From the late eighties to the early nineties, we saw falling oil prices that resulted in great trials in our country. Oil fell from $40 per barrel to less than $10 per barrel. We also endured an attempted coup. In the world economic crisis period of 2008, oil prices collapsed from a high of $147 per barrel to a low of $32 per barrel. But by 2009 and to late 2014, oil prices again rose to between $70-$120 per barrel, before returning to the days we now face with oil at $30-$40 per barrel. This can be seen as a fourth period of decline.
We must ask these important questions. How long will it last? What did history teach us? Where do we go now?
It is reasonable to conclude that Trinidad and Tobago, even in the midst of an undulating commodity index, has made progress in certain sectors. Our transition from oil, to gas to petrochemicals and to steel, was substantial and economically beneficial to our economy – even though this industry is now being challenged by depleting resources in the oil and gas sector and commodity prices for steel. With the gas reserves in particular, being estimated at 12 trillion cubic feet, to service an annual consumption rate of 1.5 trillion cubic feet; leaving us approximately eight years of resources and this can prove challenging.
In the manufacturing sector, we became the leading exporter of manufactured goods in the region; few have even gone beyond, but it was driven by our low energy prices in Trinidad and Tobago, enhancing our competitiveness. However, this effort was also sustained by the rising level of entrepreneurship and innovation that is seen in certain quarters of our manufacturing sector.
It is my view, that in the last several years, we have broken our stride and are more challenged now than ever before, by not seizing the initiative to deepening our gains in the areas just mentioned above. We have not widened the base to create a diversified economy that explored new areas and niches. I make direct reference to the areas of food and agriculture, tourism and the service sectors, the creative industries and the possibilities for growth in the century of the green economy. We have lost valuable time that could have been put to better use.
We must immediately construct a plan to take us forward, by demonstrating an unwavering determination, this time, to put processes in place that will create the transformation that has become necessary. I envision the establishment of a future, Vision/Strategic Implementation Plan; one that conceptualizes the diversification model that is required for the country. It must be a plan that has successfully received the buy-in of all sectors of our society. But more importantly, this approach can only be effective, if this plan is enshrined in our legislative agenda, so that we do not suffer the start-stop syndrome that is usually linked to the political cycle of change. \
Unless we stay a course and path towards sustainable development and transformation that goes well beyond a 4-5 year cycle, we will never be able to create the environment that is beneficial for our children and their children. A long purposeful and shared view of where we want to be in 20 to 30 years’ time, in Trinidad and Tobago and the region; is a matter of URGENCY.
Clearly, as it relates to the UWI, all these strategies to possibly reconstruct the fabric of our financial structure will have short and long-term effects on our institution. Once more, as the leading regional higher education institution, our primary objective remains the same, as we continue to deliver what the region requires of us.
These were the thoughts I expressed at the State of the Economy Symposium held at this campus recently. It is in the same vein as what I said at the annual meeting of the Campus Council a few days later.
For the past 55 years, the St. Augustine Campus has sought to lay the groundwork and infrastructure for a modern university whose research and graduates shine like a beacon, producing the leaders of our societies and guiding the people of the Caribbean towards a promising future, despite the stormy financial environment.
The role of academia, especially in the instance of the UWI, (as was once the case under the stewardship of our former Dean of Engineering Professor Emeritus Kenneth Julien) in the conceptualization and establishment of the Pt. Lisas Industrial Estate, is again pivotal. This current fiscal environment provides us with an opportunity to demonstrate our value in playing a deliberate part in the acquisition of new gains through our assertiveness, shaping the future and in tapping into new potentials and horizons.
As Principal, and as a strong proponent for the conduct of impactful research, I continue to stress that research and development are central pillars of our University’s strategic direction. It is what has distinguished us from other tertiary education institutions regionally. The UWI has over five decades, improved the lives of people across the Caribbean region. The innovation through research engaged at the UWI, becomes even more critical as the region continues to grapple with wealth creation, the environment, crime and the challenges of an interconnected world.
Leveraging our University’s assets of Institutional Intelligence and resourcefulness has, and will continue to foster, considerable income generation in our country. However, the thrust in doing so must incorporate the building and strengthen of partnerships with the private sector, governments, alumni, and regional and international organisations. This is the only viable way forward and much depends on our success. The time is now for us to embrace the old adage: All hands on deck!
EDITORIAL TEAM
Campus Principal: Professor Clement Sankat
Director of Marketing and Communications: Dr. Dawn-Marie De
Four-Gill
Editor: Ms. Vaneisa Baksh [vaneisa.baksh@sta.uwi.edu]
Contact us:
The UWI Marketing and Communications Office
Tel: (868) 662-2002 exts. 82013, 83997
Email: uwitoday@sta.uwi.edu
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