Implementing Our Plan
Clarity on the roles of the different actors and stakeholders is paramount
for effective implementation of our economic masterplan.
Here's how we will get T&T Working Again
The Economic Strategy Council
We will establish an Economic Strategy Council in the Office of the Prime Minister, which will implement and manage flagship projects/programmes which are considered 'transformational' and instrumental to achieving key targets and deliverables of our economic masterplan. The Economic Strategy Council will have the highest possible political support directly from the Prime Minister, and it will be provided with the necessary resources to deliver the Plan, within budget and on time, working with a designated public executing agency.
UNC Masterplan Financing Our Plan
UNC Economic Masterplan Infrastructure
UNC Masterplan Recycling Renewable
UNC Economic Masterplan Biotech & Digital Economy
The 2020 General Elections comes at a defining moment in our nation’s history. The past few years under the PNM have resulted in our economy being mismanaged to near collapse and defined by worrying levels of joblessness among our citizens.
The task facing our new UNC Government will be to bring our economy back onto a sustainable growth path, restart the diversification process away from the dominant energy sector, and restore trust in government. This must be all done within a sustainable national plan that creates meaningful jobs, brings benefits to every citizen, and generates a sense of confidence that things will get better in our great nation.
Our National Economic Recovery and Diversification Masterplan 2020-2025 lays out a wide-ranging suite of policy initiatives, plans and programmes which we will pursue to get our people working again and working towards a better future.
We have identified and singled out 12 flagship projects spread across both Trinidad and Tobago. These flagship projects will mobilise and engage the private sector, both local and international, and their implementation will have large positive multiplier effects in kickstarting economic recovery, fostering growth and supporting diversification. We will create 50,000 new jobs by 2025.
Now, more than ever before, there is a need for greater political participation across the country. We need more women and men, of all ages and backgrounds, to come forward and engage in national service.
In order for us to truly chart a way forward and develop policies that would take us all into a brighter future, we need as many voices as possible to join the conversation and just as many hands to get the work done.
It is your time to step up and serve!
I am confident in the will and ability of our people to adapt to these challenges and seize the opportunities, as we have demonstrated in the past. I encourage you to join with me in building a more secure and sustainable economic future for Trinidad and Tobago.
Let’s get Trinidad and Tobago working again!
12 Prosperity Engines
Projects that engage the Private Sector to do more for our country
A private sector driven economy in 12 major fields
We have built our Plan on five interconnected guiding principles,
which constitute the cornerstones of our strategy for recovery,
sustainable growth and diversification of the Trinidad and Tobago economy
5 Guiding Principles
Back To Work
Allow The Private Sector To Drive Growth And Development
Deepen Economic Reforms But With A Human Face
Give People A Sense Of Ownership And Independence
Promoting Environmental Stewardship
HOW DO WE PLAN TO FUND
SUCH MASSIVE PROJECTS?
Innovative Financing Strategies
We will create a National Food Security fund to identify and invest in attractive assets in the global food and agriculture value chains.
National Infrastructure Fund
Strategic investments in public transport, green infrastructure including solar, water and wastewater facilities, climate resilient infrastructure, and green housing.
National Climate Trust Fund
We will repurpose the Green Fund into a National Climate Trust Fund which will finance new green technology start-ups and provide the financial backing we need to create a low-carbon economy.
Venture Capital / Angel Investing
We recognise the strong potential contribution of the diaspora to economic growth and development. The TT diaspora, who live mainly in the USA, Canada and the UK, save an estimated US$700 million or almost $5 billion a year.
We will further encourage and facilitate private sector participation by promoting venture capital/ angel investing networks and similar-type organizations.
NEW JOBS BY 2025
NON ENERGY EXPORTS
Since the current government took office in September 2015,
it has failed to properly steer the country through a deep recession brought on by a downturn in the energy sector,
the main engine of Trinidad and Tobago’s socio-economic development
The First 90 Days
How we plan to immediately bring relief
in our first 90 days
We will work with the Central Bank, the Ministry of Finance and the Central Statistical Office to determine the true condition of the state of the economy, the country’s public finances and capital projects and share that information with citizens.
We will immediately provide the Office of the Procurement Regulator with its budgetary resources.
We will prepare a divestment plan and debt workout strategy for non-strategic, loss-making state enterprises.
Repeal Property Tax
We will repeal the property tax legislation.
Scrap Revenue Authority
We will scrap the proposed Revenue Authority.
Improved Taxes and VAT
We will prepare legislation for reducing personal income and corporate taxes and simplifying the VAT regime.
Heritage & Stabilisation Fund
We will start drafting legislation to fully integrate the Heritage and Stabilisation Fund (HSF) into a new fiscal responsibility framework.
Balanced Foreign Exchange Market
We will request the Ministry of Finance to work with the Central Bank to begin the transition to a more balanced foreign exchange market.
Per Ministry 5 Year Strategies
We will request each ministry to prepare a 5-year strategic plan within the framework of our economic masterplan.
Yearly Ministerial Agenda
We will request each minister to prepare a 1-year action agenda for consideration by and approval of Cabinet. Each ministerial action agenda, once approved, will be included in our next budget.
Transparent Budget Priorities
We will share with citizens our priorities for action during our first upcoming budgetary period.
Completion of Infrastrucutral Projects
We will formulate a project plan for completion of all infrastructural projects currently in train.
Resolve Caroni Workers & Cane Farmers Issues
We will formulate a project plan for completion of all infrastructural projects currently in train.
We will activate the Praedial Larceny Squad within the Trinidad and Tobago Police Service (TTPS), remove VAT on locally produced agriculture, meat and dairy products and raise import duties on foreign fruits, vegetables, meat and dairy products.
Steelpan Research & Development
We will mandate the University of Trinidad and Tobago (UTT) to start research and development on further innovation of the steel pan instrument, allowing local manufacturers to compete at the global level.
Economic Strategy Council
We will establish the Economic Strategy Council which will prepare an immediate action plan for implementing and managing flagship projects/programmes which are considered ‘transformational’ to our economic diversification thrust.
Global Economic Partnerships
We will initiate discussions on forging economic partnership agreements with the governments of Israel, the Netherlands and the Philippines.
Transport between T&T
We will put in place a fully-functioning sea-bridge and an equally reliable and dependable air bridge between Trinidad and Tobago.
Petrotrin Oil Refinery Recommencement
We will recommence operations at the Petrotrin oil refinery and bring back regular gas into production.
"Green Building" Pilot
We will begin a public ‘Green Building’ pilot with the Twin Towers (Ministry of Finance and Central Buildings) and the International Waterfront Centre.
We will mandate the National Institute for Higher Education Research Science and Technology (NIHERST) to conduct foresighting exercises to consider the adoption and use of biotechnology and digital technologies within specific industries.
We will immediately ban all single-use plastic straws and mandate Solid Waste Management Company Limited (SWMCOL) to develop a new “Chase Charlie Away” national recycling educational programme.
We will begin the process of aligning GATE funding to economic priority areas and labour market needs.
Economic Development Plan Funds
We will request both the Ministry of Finance and the Central Bank to initiate the process of creating a National Food Security Fund, a National Infrastructure Fund and a National Climate Trust Fund. These three innovative funds will mobilise financial resources for our economic development plan without raising public debt.
We will request both the Ministry of Finance and the Central Bank to prepare an action plan for issuing diaspora bonds to the Trinidad and Tobago diaspora community.
On October 16, 1988, tens of thousands of citizens stood in the rain and mud in Aranguez and gave our founding leader, Mr Basdeo Panday, a mandate to form the United National Congress.
A few months later, the people gathered again, this time at the national Stadium in Port of Spain on April 30, 1989 – to formally launch our party.
The ideals of equality, justice and freedom became the guiding principles of the movement that Mr. Basdeo Panday founded.
The party that was created more than 30 years ago has become a national institution and is one of two political parties in Trinidad and Tobago to survive beyond two decades. Our resilience is due to our firm commitment to people and to democracy.
Today, the UNC has expanded and matured into an organisation that has set the standard for progressive policies and people centred development.
Our evolution is characterised by equity, inclusivity and participation.
The United National Congress has produced two prime ministers in our short lifetime and our two governments were dedicated to performance and delivery throughout Trinidad and Tobago.
Today, the party is led by the visionary Kamla Persad-Bissessar, who served as Prime Minister of the Republic of Trinidad and Tobago during the period 2010-2015.