Address by the Honourable Patrick Manning
Prime Minister of Trinidad and Tobago
at the Opening Ceremony of the
Meeting of Caribbean Business Leaders
in Preparation for the Commonwealth Business Forum 2009

HYATT Regency Hotel
March 3rd. 2009

Introduction
I welcome this opportunity to address you at the start of this meeting of Caribbean Business Leaders being held as part of our preparation for the Commonwealth Business Forum and the Commonwealth Heads of Government Meeting in Port of Spain, later this year. I extend a very warm welcome to all visitors to our country for this meeting and feel certain that you will have a most enjoyable stay, even though it was your misfortune to have just missed our very successful carnival celebrations.
The opportunity will also be taken, during this meeting, to update you on the preparations for the Private Sector Forum for the Fifth Summit of the Americas, which will be held next month in Trinidad and Tobago. The deliberations over the next two days are therefore very important indeed.

Opportunity for the Caribbean
We in the Caribbean must seize these unprecedented opportunities of global attention to advance the cause of our individual and regional development.
It is particularly important at this time of grave uncertainty in the international economy, a situation from which no nation is insulated, in this globalised world where economies are interconnected as never before. Indeed countries in the Caribbean are already experiencing, in varying degrees, the effects of the global contraction which is forecast to continue for some time.
As governments, we must devise strategies to ameliorate the negative consequences of this situation on our populations. Most importantly however, together with the private sector, we must ensure the continuation of economic activity for the generation of adequate levels of wealth and employment for the maintenance of our stability and development.

The coming international conferences will certainly help towards this end. They will provide the opportunity for increased investment flows into our region. We must capitalise on this. The fact is many movers and shakers of the world will be here in Port-of-Spain in 2009. These include not only Presidents and Prime Ministers but also business leaders, investors and media from all over the globe. For the Commonwealth Business Forum alone, for example, some seven hundred delegates will attend and use the opportunity to build business partnerships, create trade linkages and set up commercial ventures.
These meetings have worked previously for the benefit of host countries and regions. After recent Commonwealth Heads of Government Conferences in Malta, Nigeria and Uganda, billions of dollars worth of investments flowed into these countries and their regions, contributing significantly to economic and social development. This year is our chance in the Caribbean.

Tell the Caribbean story
We must together tell the story that:
the Caribbean is an area of long established stability and democracy in the world;
our economies have been liberalised and modernised for participation in the global mainstream;
we have highly skilled and literate work forces;
modern transportation and telecommunications systems have been established;
our region is the gateway to the mega markets of the Americas;
we have favourable access to the huge markets of the European Union; and
opportunities for investment are wide and varied, ranging from energy, including renewables, to tourism; from manufacturing to financial services; from agri business to information and entertainment.

Importance of the private sector
Our private sector therefore has a critical role in this situation. We need a strong and thriving private sector more than ever in the Caribbean. Indeed individual enterprise must be a key factor in any global economic resurgence. Governments naturally have a pivotal part to play, as has been demonstrated by the application of various kinds of stimuli and bailouts in several developed and emerging economies; but in the long run, sustainability will only be achieved through the growth and expanded output of the private sector in all countries.

Levelling the playing field
This will best happen on a playing field that is more level than at present. The coming meetings provide the platform to more effectively advance the cause for greater equity in the global economic arena, so that all countries, particularly the small and developing, could also enter the highroad of development. The fact is obstacles to free and fair trade must be removed if the world is to emerge from the present deepening recession. For example, forty eight billion dollars could be added annually to the economies of the countries of South East Asia, New Zealand and Australia through a free trade agreement just signed among them over the week-end. Therefore it behoves the business communities in our various countries of the Caribbean to join with like-minded counterparts in other regions in support of governments all over the world in calling for an immediate resuscitation of the stalled developmental round of multilateral trade talks. This is key to the revitalisation and expansion of the real economy that has become an urgent necessity in all countries, including those of the Caribbean. We must together make a loud sound at this threatening but propitious time.

We must therefore also keep our eye on the Summit next month of G20 countries which now has crucial work in bringing together advanced and emerging economies to deal with the international financial and economic crisis, restore global financial stability and lead the international economic recovery. This meeting is also expected to explore ideas for a new architecture for global economic development. In our view, this must of necessity also include new approaches by international financial agencies like the International Monetary Fund and the World Bank which must be influenced to a much greater degree by the needs of the developing world. Here too the Caribbean private sector must join with regional governments and counterparts elsewhere in making our voices heard.

Don’t waste the crisis
We must not waste this global crisis. We must not squander the opportunity for meaningful and enduring change in the global economic system. There can be no doubt that this present global challenge requires a global solution. We need coordinated, concerted action. Old thinking must be set aside. Retreat into protectionism must be avoided. Beggar- thy- neighbour policies are now obsolete and more counterproductive than ever. Impediments to world wide economic and social development must be removed if we are to reap the fullest rewards of a globalised economy. We must therefore seize the opportunity to fashion solutions that take into account the legitimate aspirations of all in the family of nations. This is the path to sustainability, stability and peace for all countries.

Conclusion
This meeting must take these serious issues into account as we prepare for the larger meetings that are ahead. As I have indicated, we have two clear objectives. Let us use this opportunity to generate greater global awareness of the potential of the Caribbean, and to let the world know with confidence that the Caribbean is open for business. Let us also do our part to ensure that the global arrangements that emerge from the present crisis are in the best interest of a sustainable future for all nations. You have very important work ahead. I wish you most fruitful deliberations.

Thank you, Ladies and Gentlemen, and may Almighty God bless you all.