SUNDAY 13TH MARCH, 2016 – UWI TODAY
3
Th e f i r s t r e a c t i on
t o
economic uncertainty is to
curb spending, almost to
adopt a state of economic
hibernation, as an option
to mitigate financial risks
and vu l ne r abi l it y. The
current fiscal landscape is an
opportunity to change our
thinking, and in some ways
to force our hands, to pursue
the economic diversification
we have been talking about for many years. Our economic
circumstances demand greater efficiency, productivity,
creativity and competitiveness. But we must not view the
current economic climate with trepidation, for in every
situation of struggle lies opportunity, andwemust continue
on a trajectory of national development.
In advancing infrastructural development, we must
identify needs and opportunities for wealth creation.
Changing the mindset in howwe use and benefit from our
major capital infrastructure projects is necessary. Should
we be thinking about a “cost-sharing model” to finance
major infrastructure projects?
Neighbouring countries are building infrastructure
through creative design, finance, build and operate
schemes; and some have already embarked on the
collection of tolls on highways and bridges. And while it
is imperative that we find creative paths to funding such
as accessing the capital market or attracting investors to
pursue such projects, we must always bear in mind that
we have to repay.
Nonetheless, we must find a way forward as our
traffic woes continue, on the East-West and North-South
corridors, a tremendous waste of human time and energy.
While a light-transit system is favoured by many, myself
included, the cost to develop it needs to be ascertained.
Light-transit systems exist inmany cities around the world.
Infrastructure development can stimulate growth in our
economy and the proposed highway to Toco and a port
in that area, to link Tobago, can stimulate growth in our
north-east peninsula as well as growth of domestic and
international tourism in Tobago. So too can a highway
to Mayaro/Guayaguayare, stimulating possibilities for
the development of our south-east coast in tourism,
agriculture, industry, and so on.
Educational tourism is another area of potential
growth in this globalized world.
The UWI St. Augustine Campus is well positioned to
attract ‘full-fee’ paying students from all around the world;
especially in the areas of medicine, engineering, agriculture
and law. We need to capitalize on this, considering our
geographic proximity to South and Central America,
coupled with our strong diaspora linkages with North
America, Europe and Asia. Students bring income not only
to universities but create vibrant communities.
Many of our Caribbean islands are experiencing
the benefits of attracting such students. Our Faculty of
Medical Sciences, with new facilities at the South Campus,
the new hospitals in San Fernando and Couva and others
can make this vision a reality.
Another point I wish to make is that this is the
century of the green economy. The use of our natural
resources in more meaningful, sustainable ways, creates
opportunities for growth, with greater value addition for
new industries like furniture from our prized teak for
example, or processed fish fromour marine environment.
Alternative energy technology, such as solar and wind
energy, forms part of the green economy, and needs policy
support. So too does solidwastemanagement – collection,
recycling and the development of new products. The
management of our natural environment, like our
watersheds, must not be taken for granted.
We also need to work towards food security.
This is a time for us to change our eating habits, grow
more of what we eat, and eat more of what we grow,
and there are real possibilities here, like plantain and
cassava chips instead of french fries. Agriculture, with
production, mechanisation, transportation, agro-
industries, marketing and distribution, including exports
can generate employment, wealth and import substitution.
We created the Department of Mechanical and
Manufacturing Engineering, with IT/computer-aided
design andmanufacture, and industrial engineering at the
centre, so as to bring advanced training inmanufacturing
technologies/systems of production. It is the best way in
an environment of scarce and expensive labour, and the
need for consistent high quality. With energy/oil prices
down, our competitiveness in manufacturing will be
challenged, as others will ramp up their manufacturing.
Finally, our arts, culture, festivals and their diversity
are areas demanding critical attention. Our creative
industries are a woefully untapped aspect of income.
Service industries, especially a global and regional
entertainment industry should be a logical step for us.
However, we must begin to adopt a culture of service
excellence. A separate Tobago Carnival, on a fixed date,
has always had appeal. Our Department of Creative
and Festival Arts (DCFA) and our film makers, are well
equipped to support this development.
I believe we must create new business, new wealth,
and reduce the level of poverty; ultimately to achieve an
overall better quality of life for our citizens. The value of
what we are able to accomplish tomorrow, depends on
the choices we make today.
CLEMENT K. SANKAT
Pro Vice-Chancellor & Principal
EDITORIAL TEAM
CAMPUS PRINCIPAL
Professor Clement Sankat
DIRECTOR OF MARKETING AND COMMUNICATIONS
Dr Dawn-Marie De Four-Gill
EDITOR
Vaneisa Baksh • email:
CONTACT US
The UWI Marketing and Communications Office
Tel: (868) 662-2002, exts. 82013 / 83997 or email:
OUR CAMPUS
Diversifying Our Economy is a Necessity
FROM THE PRINCIPAL
Fires
of
Hope
A line culled from the national anthem,
“In the Fires of Hope” is
the title of the first of two volumes, a collection of articles marking
the 50 years from 1962–2012. This volume, edited by Professor
Patrick Watson, Director of SALISES, was launched at the Office
of the Campus Principal on March 2.
The book is divided into two parts, the first being edited
versions from a series held atThe UWI called “Conversations with
PrimeMinisters.”There are two conversations in there, one with the
late ANR Robinson, and the other with Basdeo Panday, both prime
ministers with extraordinary terms in office and politics in general.
The second, lengthier section carries a series of articles
touching on politics, economics and sociology, as follows:
Re-Engineering the Constitution of Trinidad and Tobago for
Participation and Performance
– Timothy Hamel-Smith
Assessing Lewis’ Industrialization by Invitation (IBI) in
the context of the Atlantic Plant in Point Fortin
– Ranita
Seecharan and Roger Hosein
Dutch Disease, Genuine Savings and the Role of Corporate
Legitimacy
– Roger Hosein and Rebecca Gokool
Towards Economic Diversification in Trinidad and Tobago –
Rohan Longmore, Pascal Jaupart, Marta Riveira Cazorla
Woodbrook on the Path to Independence –
Dylan Kerrigan
Win-Win: Enhanced Oil Recovery and Carbon Storage in
Trinidad and Tobago –
Lorraine Sobers and Selwyn Lashley
The book was reviewed at the launch by former Governor
of the Central Bank and Campus Council Chairman, Mr. Ewart
Williams. Mr. Williams chose to focus on the three papers on the
economy (specifically on the energy sector), though he “could not
avoid” commenting on the Woodbrook life he remembered.
He offered a penetrating analysis of the book, making it clear
from his thoroughness that he had not done a superficial reading.
On the article on economic diversification, authored by three staff
members of the World Bank, he closed with these remarks.
“In summary, this is a very informative and provocative
article, which perhaps does not go far enough. For economic
diversification, we certainly need to get the market incentives
right but we need to do more than that – we need to work on our
institutions. Improving our business climate is central to building
international competitiveness. However, it is time that we accept
that this requires not only reducing red-tape and improving our
work ethic; it alsomeans dealing with crime and corruption, which
too, are major blots on our investment climate.”
The comments on the content of the book were as insightful
as his comments on the state of the country, and UWI TODAY
will carry his review in our next issue. Meanwhile, the book is
available at The UWI Bookshop.
