Govt to spend US$3b on maritime projects
PORT OF SPAIN, Trinidad, Guardian - Government is embarking on two major maritime projects as a cost of US$3 billion. This is just one of the several initiatives aimed at creating an investment climate for trade to take place. Trade Minister Vasant Bharath announced when he addressed a conference on Improving the Ease of Doing Business in T&T at the Hyatt Regency in Port-of-Spain. He said his ministry is on an aggressive path of putting T&T on the world stage and the two projects are being funded by two local private sector companies with an international presence.
Bharath said he could not identify the two companies as he was subjected to a confidentiality clause. The two projects are a transshipment port in La Brea at a cost of US$1.7 billion and a maintenance ship repair facility just off Sea Lots. The second project is estimated to cost US$1.2 billion.
“We are in the final stages in doing due diligence and would be taking it to Cabinet in about two to three weeks time,” Bharath said. He said government’s role in this initiative is to create the enabling environment by fast tracking approvals, including the Environment Management Authority certificate and the granting of licenses for the required land. Once approvals are granted work should begin in 2014, he said.
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