BUSINESSMEN believe streamlining regulatory bodies and regulatory processes could help combat the inefficiencies and bureaucracy the Prime Minister complained about earlier in the week.
Chaguanas Chamber of Commerce president Baldath Maharaj said the business sector has always been concerned by inefficiencies, "as delays in approvals and inconsistent policy implementation have stifled investment and economic growth."
He said delays in obtaining approvals – whether for construction, business registration, import licenses, or other regulatory requirements – have long been a source of frustration for entrepreneurs and investors.
"These inefficiencies create an uncertain business environment, slowing the pace of development, increasing costs, and discouraging both local and foreign direct investment.
"Lengthy delays can lead to financial strain, loss of investor confidence, and in many cases, businesses shelving or relocating projects entirely. Small and medium enterprises (SMEs) are particularly vulnerable, as they often lack the resources to navigate prolonged waiting periods."
Saying he was speaking from his own experiences, head of the Owner Dealers' Association, and former Arima Chamber head, Reval Chattergoon, also agreed with Dr Rowley's statements.
While speaking at the sod turning for Nutrimix's $150 million animal and pet food plant on February 25 – according to a Newsday report – Rowley said, "I can tell you, I have had in recent times to talk a lot with my colleagues at Caricom in Grenada, Barbados, St Vincent and Jamaica, where they too are after the same kinds of growth and speed and urgency that we are after.
"But for some reason, in TT, we specialise in delays and obstruction. I have seen projects in Grenada and St Vincent move with alarming speed without destroying their country and without their population believing that everybody involved in the process is a scam (artist), and therefore you have to know every page, every day, every hour, every minute."
Dr Rowley said the country urgently needed to develop its non-energy sector as reserves were being depleted.
"We need to re-examine the speed at which we provide service to investors, because those investors, at this time in our history, are required, maybe in large numbers or small volumes, where together at the end – a $20 million here, $100 million there, a $50 million there – when they all add up, that's the new economy of TT, the non-oil economy."
Chattergoon said he agrees with the prime minister.
"When you go for an approval they tell you what you cannot do, as opposed to 'how can I help?' And God forbid you get any office-holder having a bad day, you'd have to come back.
"It is my experience that if they do reply and say in six weeks or six months to come back, at the eleventh hour they may call you to tell you something about your drawing, something about the file lost and that is in the approval to build a property."
Maharaj recognised the need for regulatory oversight but noted there must be a balance between due
