I thank you for convening here today to discuss and plan a bold new vision for the Port of Port of Spain.
This maritime enterprise, in essence, has served as the heart of Trinidad and Tobago’s commerce, facilitating the supply of goods to our shores and making possible, the movement of the products we sell for profit in the global market.
However much more can be achieved if the Government of Trinidad and Tobago will invest in more modern and efficient port infrastructure.
As it stands, Trinidad and Tobago is not reaching its full potential in terms of its maritime transport sector. Processes are slow, goods are expensive to import and the government is losing revenue from inefficiency in the domestic cargo handling and loss of transshipment traffic. In addition, the port is also not well integrated with hinterland transport and logistics networks.
Nonetheless, the maritime transport sector has the potential to serve as a revenue-generating enterprise. It has the capacity to promote economic diversification and create valuable employment.
It is a fact that global shipping is now consolidated, with the top eight liners controlling 80 percent of the global container shipping trade. Despite this reality, shipping lines are under significant cost pressures and are seeking to do business at the most competitive ports.
In order for Trinidad and Tobago to remain relevant in the industry by increasing revenue and decreasing costs for consumers and businesses, the Port in Port of Spain and all of our other port facilities in Trinidad and Tobago need to become more competitive and more efficient.
It is noteworthy that in addition to improving port operations for greater profitability, the notion of a properly developed port city is also an attractive venture. Port cities can be successful and generate sustainable economic activity. However, the existing facility must consider environmental factors such as water and air pollution and social issues like safety and coastal land occupation in order to avoid increasing impacts on the entire transport network as such problems can create significant challenges for urban mobility.
In order to properly develop an efficient port, we will have to consider the strategic use of :
- smart technology to increase productivity and safety levels
- the integration of hinterland logistics and
- the use of cleaner fuels
These are the pressing issues that we will have to consider and weigh as Government makes the move toward investing in the future of the port and equipping the facility with infrastructure and systems that will create greater prosperity for the people of Trinidad and Tobago.
This morning, we are pleased to have present, associates of the Inter-American Development Bank to offer their expertise and suggestions as they relate to this area of port efficiency.
For over five decades, the IDB has improved lives through its cutting-edge research, policy advice, technical assistance and training. With much anticipation, we look forward to their findings and advice on the best way forward for creating greater opportunity for our nation in this lucrative sector.
The Ministry of Works and Transport is quite pleased to host this worthwhile session to discuss the benefits, risks and challenges of private sector investment in ports, including discussion of different port models and lessons learned from concessions in other Latin American and Caribbean countries
Our ultimate goal is to eventually improve port operations and infrastructure at the PPOS through a sustainable financing and operating model for the Government of Trinidad and Tobago.
Once again, thank you to the members of the panel and all participants and I wish us all an informative session of fruitful discussions.