Home' Trinidad and Tobago Guardian : June 12th 2013 Contents A19
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Trade and Industry Minister Vasant Bharath
yesterday defended his Jamaican counterpart,
AJ Nicholson, who has come under pressure to
step aside amid the ongoing trade dispute
between Jamaica and T&T.
In a radio interview, Bharath the call for
Nicholson's departure by the Jamaica
Manufacturers Association (JMA) as unfair
since the existing trade relations between the
two Caricom countries have been going for a
"The existing trade imbalance existed under
the previous Jamaica government and I think
it is a little bit on unfair to be calling on the
current minister of trade to resign in Jamaica,"
Bharath said he had spoken with Nicholson
and Industry, Investment and Commerce
Minister Anthony Hylton about the trade
problems between the two countries "and
they understand the situation that by and
large Trinidadian manufacturers are more
He added: "It is a private sector issue and it
is not something governments could be
getting involved with at this point in time.
What I can do is to defend the situation as far
as Trinidadian manufacturers are concerned."
Rudy Indarsingh, Minister of
State in the Ministry of Finance,
says T&T needs the help of Canada
to develop an efficient public pri-
vate partnership (PPP) programme.
"It is well known that Canada
has one of the world s most devel-
oped public private partnership
models in both volume and size of
transactions. We welcome the sup-
port which Canada will bring to the
development of that model to T&T.
These programmes achieve signif-
icant risks and by transferring risks
and costs to the private sector, it
would achieve value for money," he
Indarsingh spoke at the Caribbean
Investment Forum (CIF) at the
Hilton Hotel and Conference Centre,
St Ann s.
Reading a speech on behalf of
Finance Minister Larry Howai who
was unable to be present, he said it
is important to have partnerships
between the public sector and pri-
vate companies to efficiently carry
out infrastructural works.
"We need to overcome these
structural factors like limited fiscal
space and limited international
financing, if we are to ensure that
our economic growth becomes sus-
tainable and viable. Given their cen-
trality of importance for growth and
development, we cannot escape our
requirements for modern interna-
tional airports, adequate highways,
state-of-the-art transit systems and
health care delivery systems," Indars-
He said with the help of the Inter-
American Development Bank (IDB),
government set up a PPP Unit with
the Ministry of Finance.
Indarsingh gave examples of
T&T s experience in public private
In the petrochemical sector, there
is Yara Trinidad Limited owned by
Yara International, a Norwegian-
based company which operates
Tringen, which is 51 per cent owned
by the Government of T&T.
In the telecommunication sector,
Telecommunication Services of
Trinidad and Tobago (TSTT) is a
joint venture company 51 per cent
owned by the government and 49
per cent owned by Cable and Wire-
The Desalination Company of
T&T (Desalcott) is a private sector
owned water production company
which supplies water on a contrac-
tual basis through a sale agreement
to the Water and Sewerage Authority
of Trinidad and Tobago (WASA).
It s official.
The Bourse Brazil Latin Fund has
been listed on the T&T Stock Exchange
Limited (TTSE) and has attracted more
than US$10 million in subscriptions,
Subhas Ramkhelawan, TTSE incoming
chairman and managing director of
Bourse Securities Limited, said yester-
The fund is represented on the TTSE
as BBLF and 80 per cent of its invest-
ment is done in the Brazilian market,
with the remaining 20 per cent in the
Latin American market.
"In this first tranche we raised some
US$11.1 million and we had some 189
unit holders participating in the fund,"
Ramkhelawan said. "That took place
via subscription, where investors would
have applied to join the fund. Having
been received in the fund the next stage
is that they can choose to hold, they
can choose to sell, they can choose to
trade at any point in time.
"Rather than coming to Bourse to do
that, they now have a national platform
which is the TTSE. Any investor can
buy through any of the brokers."
Justifying why Bourse chose Brazil,
Ramkhelawan said: "It is becoming
more and more difficult for a local
investor to go abroad to set up an
account to trade in US denominationed
investments. If that cannot happen we
need to bring US dollar investments to
T&T for the benefit of our investors."
Wayne Iton, chief executive officer
of the TTSE, said: "We are really happy
to be listing the Brazil Latin Fund in
our US dollar market segment. We now
have two securities listed in that par-
ticular segment. We have a Sagicor
preference and now we have the Bourse
Brazil Latin Fund. One is a preferential
share and the other one is in the mutual
The TTSE will be officially appointing
Ramkhelawan at its next board meeting
in April 2014.
Ranjit Jeewan, the outgoing chairman,
will not be offering himself for the posi-
T&T looks to Canada for PPP help
Brazil Latin Fund raises US$11.1 million
T&T Stock Exchange CEO Wainwright Iton, right, presents a
stock exchange regulatory book to Bourse Securities Limited's
managing director, Subhas Ramkhelawan, during the listing
ceremony for the Bourse Brazil Latin Fund yesterday.
PHOTO: ROBERTO CODALLO
Bharath defends Jamaica's Trade Minister
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