Chairman of the Tobago Divison of the Trinidad and Tobago Chamber of Industry and Commerce, Curtis Williams says they are only just beginning to calculate losses incurred by the breakdown of the Cabo Star.
The industry he referred to is food and beverages. They have not yet calculated the losses in the construction sector, which was hindered by material shortages. While the return of the Cabo Star is welcomed, Williams noted that it is not an overnight fix. Recovering from the absence of a cargo ferry is one challenge, but Tobago’s businesses are now grappling with FOREX issues. Republic Bank recently announced a reduction in credit card limits by half, from US$10,000 to US$5,000. Williams believes this will pose significant difficulties for small businesses.
Adding to the complexity of the situation is the government’s contemplation of raising the minimum wage. Williams stated that the Chamber supports this move but advises caution regarding the percentage of the increase to ensure it aligns with what businesses can afford.
The Chamber is hopeful that the Minister of Finance will take their proposals into consideration and include them in his budget presentation on October 2nd.
