THE APPOINTMENT on May 7 of Satyakama "Kama" Maharaj as Minister of Trade, Investment and Tourism provides a glimpse of the new government’s broader ambitions as it relates to restructuring the economy.
It is a powerfully symbolic move given Mr Maharaj’s pioneering role as the founder of the locally based, global makeup heavyweight Sacha Cosmetics Ltd and the push to increase reliance on manufacturing revenue. But the change must not be only skin-deep. Image is one thing, impact another.
The new minister, a former mathematics teacher with a degree in economics, has a vital task. He will need all-of-government backing if he is to make meaningful headway.
On the same day in which Mr Maharaj, who supports an air link with Nigeria, was sworn into government, so too was Philip Edward Alexander, who has in the past expressed scepticism about it.
The seat Mr Maharaj now occupies is one that has always been somewhat ceremonial.
Formerly called the Ministry of Trade and Industry, it is one of those departments which, while performing many functions, relies on other ministries.
Port operations and infrastructure fall under the Ministry of Works and Transport; the Customs and Excise Division is under the Ministry of Finance.
The latter ministry rules the roost when it comes to fiscal policy. Essential matters relating to foreign exchange are regulated by it and the Central Bank.
Yet, vital public-facing matters are also handled, such as those relating to consumer affairs.
Bilateral agreements and specialist areas, such as scrap metal industry regulation, also fall within its remit.
However, the Kamla Persad-Bissessar administration’s decision to tack tourism onto this ministry and shift the emphasis from "industry" to "investment" suggests not only a re-alignment of portfolio concerns but also an intention to concentrate on boosting the non-energy sector by making the leisure industry even more central to that process. That would be wise.
While there has been GDP growth over the last three years, thanks to the buoyancy of the non-energy sector, that may not be enough to compensate for energy industry uncertainty.
According to the Central Bank’s Annual Economic Survey, published in May, energy activity fell year-on-year by 1.5 per cent in 2024, while the non-energy sector grew by just one per cent.
The growth is trailing. Bold interventions are needed. Tourism, already a mainstay, is low-hanging fruit that rightly belongs within the mix.
At the same time, tourism has unique needs that differ from manufacturing.
There is also the dimension of Tobago’s role in shaping policy. These are considerations which Mr Maharaj and his parliamentary secretary, Colin Neil Gosine, will have to remember.
Gazetted portfolio allocations must be fleshed out in coming weeks.
What is clear is that Mr Maharaj’s ministry should play a significant role in the upcoming government spending review.
That mid-year presentation must be heavy on substance and ambition. Jump-starting the non-energy trade sector should be
