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Speaker:The Honourable Basdeo Panday, Prime Minister of the Republic of Trinidad and Tobago
Date: June 05, 2000
Occasion: Address at the signing of Design and Production Contracts for Reema International Corporation's Gas-To-Liquid Plant at the Trinidad Hilton, Port-of-Spain, Trinidad.
My Dear Friends:
I want to thank Mr. Omar Duwaik, Chairman of Reema International Corporation.
I want to thank Mr. Glen Clark, President of Reema International.
I thank both these gentlemen for Reema International�s decision to join the other global energy players who have selected the Republic of Trinidad and Tobago as the best place in which to invest at this, the turn of the century.
A US$300 Million investment is a major capital outlay, in any business, in any league.
Reema�s decision to establish this first commercial Gas-To-Liquid Plant in Trinidad and Tobago would have been taken only after the most exhaustive evaluation of available options, in various countries.
The decision to come to this country would have been the result of the most intensive scrutiny of the country, the people and the Government of Trinidad and Tobago.
Evidentially, we have met all criteria and we have passed all tests with flying colours.
I am extremely proud of that.
I am proud of the confidence in Trinidad and Tobago, its Government, and its future that the establishment of the Gas-To-Liquid Plant represents.
The Reema investment endorses the confidence in Trinidad and Tobago that other major trans-nationals have been demonstrating in very tangible, very meaningful fashion since 1995.
This project is the third major project launch in our energy sector, this year.
The Reema International Project, the Caribbean Nitrogen Company project, and the Atlantic Liquid Natural Gas expansion represent committed capital investment totaling some US$1.7 Billion, this year.
All this, and we are not even at the halfway mark of the year 2000.
Measured in new jobs, we can project employment for some 5,000 workers in a three-year time-line.
These new jobs will induce another couple of thousands of new jobs in various subsets of the economy.
We�re also looking at several hundred permanent, highly skilled, well paying new jobs.
I am heartened by the hard evidence that the year 2000 is maintaining the investment curve that Trinidad and Tobago has been experiencing since 1995.
An estimated US$4 Billion, plus, in private capital has been invested in Trinidad and Tobago�s energy sector between 1996 and 1999.
This volume of overseas direct private investment in Trinidad and Tobago is unprecedented.
It also appears to be sustainable.
Another US$2 Billion in capital investment in 3 new projects is in the pipeline, as we speak.
The benefits to the people of Trinidad and Tobago from all of this are obvious, immediate and substantial.
The challenge we face from all of this industrial activity is the need to train our people, particularly our young people, rapidly enough to fill the new jobs that are being generated on a continuing basis.
Yesterday, I had the opportunity to exchange views with the country�s top manufacturers in our non-energy sector.
There was consensus on a number of matters.
One of the matters on which our manufacturers appeared to agree was that the individual competitiveness of our manufacturers, is matched by the country�s competitiveness as a producer and exporter in the global arena.
Another consensual note among our manufacturers is that they are all finding it difficult to fill the job openings that are being generated as a result of Trinidad and Tobago�s increasing access to new markets.
One major manufacturer expressed the view that the reported 11.7 percent unemployment rate is much higher than the actual number.
He is probably right.
This confirms my contention that rather than a job shortage, we have a skills shortage in Trinidad and Tobago.
We may not be capturing the self-employed sector of the work force.
We may indeed, be already down to single digits in the unemployment rate.
I talked yesterday with our manufacturers about the need to expand and accelerate our skills training programme to meet the labour demand that will be generated by Reema�s Gas-To-Liquid Plant and other new projects, and plant expansions.
Let me give an assurance now, to Mr. Juan Llovet, Vice President of Parsons Energy and Chemicals Group, as I congratulate him on his corporation�s securement of the contract to put up the Reema G.T.L. Plant.
Mr. Llovet, we will ensure that all the skills you will need to put up this new plant will be available.
Should there be a shortage of skills in any particular area, the Government, through the National Training Agency, and through the National Energy Skills Centre, will mobilise the training for the specialised skills that you may require.
At the same time, I want to give Reema International and Parsons Energy and Chemcials Group, the assurance of prompt facilitation by all state agencies at every stage of the G.L.T. project.
I am greatly encouraged by the fact that Reema has indicated that finance and markets are in place for another train for the G.T.L. Plant; with the probability of the construction of up to 10 trains under active consideration.
I give you my word, gentlemen, that we will provide the required skills training necessary to complete any expansion Reema undertakes.
Let me say, now, that I am particularly pleased, indeed excited, that Reema is committed to setting up its Research and Laboratory and Technological Development Centre here in Trinidad and Tobago.
We will supply the technical and professional staff for that research unit, as well.
My dear friends:
Let me end on a historical footnote.
Today, June 5th, happens to be the birthday of the noted English Economist, John Maynard Keynes.
Today, June 5th, is also the anniversary of the birth of Adam Smith, the philosopher and economist, and author of The Wealth of Nations.
Today, more than centuries after its publication, Adam Smith�s Wealth of Nations is guiding government policies around the globe.
Perhaps that is why we are here.
I thank Reema International Corporation for adding to the wealth of my nation, Trinidad and Tobago.
May God bless every one of you.