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Global 13

Trinidad & Tobago Shipbuilding & Repair Cluster Diversifying our economy, one ship at a time … ‘ Tmost of its revenue from the energy sector. However, therinidad and Tobago has become known for its well-established, energy-based economy, and the country derivesThe Government in its last twobudget statements has committed to an industry of ship building government recognises that energy resources are finite and in and repair as both a parallel and order to achieve long-term, sustainable growth and development, alternative industry to the oil and gas the country must aggressively diversify its economy. industry. Trade and Industry Minister The objective of the development strategy of the Government Vasant Bharath is positive about the of Trinidad and Tobago is to generate economic growth through Government’s plans to begin a local diversification and the development of business in non-energy shipbuilding and repair industry by sectors. The Trinidad & Tobago Shipbuilding & Repair Cluster year’s end and confirmed that the is a key element of this drive for diversification. It has the task shipping industry is one earmarked of identifying lines of action, aiming to enhance the industry’s by Government for aggressive vibrancy, dynamism and world-wide competitiveness and with it expansion in its diversification thrust.’ securing sustainable growth, with the intention of also helping the country further diversify the local economy from the energy sector. ‘Shipbuilding and repair is of strategic importance in many respects. lt develops advanced technologies that offer considerable spin-offs to other sectors; it provides essential means of transport for regional and international trade; and it supplies maritime companies and Governments with advanced vessels.’


Global 13
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