“SMEs are the key to T&T’s recovery” | Local company

ENTREPRENEURSHIP is the gateway to economic recovery, wealth creation and long-term prosperity, according to Natasha Davis, Vice President, Marketing and Operations, Unit Trust Corporation (UTC).

“We believe that post-pandemic small and medium-sized businesses are critical to Trinidad and Tobago’s economic recovery and global competitiveness,” Davis emphasized, while delivering a keynote address at the recent 20th Annual Symposium on Trade and Transatlantic Investment, Trans-Atlantic Business Development Roundtable at Lidj Yasu Omowale Emancipation Village, Queen’s Park Savannah.

The symposium, she said, facilitated the meeting of minds by creating opportunities for increased trade and provided the backdrop for strong and profitable partnerships. More importantly, Davis said the symposium continues to be a catalyst for entrepreneurship, which aligns with UTC’s mission to create wealth for the citizens of TT.

Through initiatives such as ScaleUp, a partnership with the Department of Trade and Industry and a US firm, Entrepreneurship Policy Advisors, and another collaboration with UWI Ventures Ltd called UrpreneurPlus, UTC is helping to build a sustainable but pertinent. to our market.

She told participants that economic recovery and lasting financial well-being depended a lot on getting people involved in their communities, for example by supporting the corner grocer, or the cobbler and hairdresser around the corner, like this is the case with effective government policy.

“Spend your money on a small business near you, and you would have played your part in restoring our country’s financial footing. You would have helped those struggling to keep their business doors open,” she said, and called for a renewed commitment to supporting our small and micro-entrepreneurs.

With that in mind, she urged people to develop a more mature way of seeing and dealing with money and to commit to learning about the world of finance. “Can we commit to saving part of our income? Do we understand how investing works and think carefully about how we manage and use debt? Not to mention the kind of debt we take on,” Davis said, pointing to the reality of a middle-income earning family and asking, “How do you save when everything costs more? “.

His answer: by creating positive and mature financial habits, establishing a budget and starting right away, in small steps, with minimal amounts. As difficult as it may be, let’s learn to do better, be disciplined and serious about managing and growing your money, she said.

On boosting economic growth, Davis said the recent launch of the Trade and Business Information Portal by the Department of Trade and Industry is an encouraging sign that there are more opportunities for supporting local export demand with increased use of technology on the one hand and increasing cooperation with allies and partners on the other.

She spoke of having trade deals and policy commitments that open markets to more Trinidad and Tobago businesses across the African Diaspora, noting that this can make a significant difference in boosting the mutual growth and economic prosperity.

Participants included Trade and Industry Minister Paula Gopee-Scoon, Garth Thomas, Chair of the Transatlantic Business and Development Roundtable, and Khafra Kambon, Chair of the Trinidad Empowerment Support Committee. and Tobago.