Chaguanas Chamber of Industry and Commerce (CCIC) Message
November 22nd, 2023
Embracing Innovation and Human Development
The ongoing geopolitical conflict between Russia and Ukraine has resulted in temporary elevated energy prices, providing some relief for Trinidad and Tobago. However, this relief is not sufficient to counterbalance external factors that have accelerated inflation, such as international food prices and supply chain disruptions post-pandemic. The continuous rise in inflation and domestic crime present significant challenges for businesses, requiring them to be prudent in their capital investments and cost evaluations.
As a nation, we must embrace the ‘BIC’ approach—Business-Innovation-Culture—as we move forward to shape our future.
Worldwide business models are undergoing a process of ‘dematerialisation,’ shifting towards digitalisation and virtualisation. This transformation is converting physical attributes into virtual ones, resulting in reduced costs and an enhanced creative industry in entertainment, gaming, and social media, with greater investment possibilities and the convenience of remote work. Virtualisation can serve as a potential solution to curb our escalating crime surge, as e-pay and e-wallet systems offer safer alternatives to physical cash transactions. This shift has also driven advancements in CCTV systems and continuous progress in the development of biometrics and Information and Communications Technology (ICT).
The rapid evolution of technology forces us to become more innovative to adapt and overcome the increased challenges in our current economic climate. Failing to do so risks being trapped in an obsolete environment, especially with the latest developments in artificial intelligence (AI).
Looking ahead, the upcoming ‘Gen Z’ generation is poised to make up a third of our workforce in the next decade. To prepare for this, we must focus on developing our human capital towards innovation and growth, extending beyond mere profitability to preserving human life and values with greater empathy for others and the environment. It is essential to acknowledge that we cannot rise to developed status without human development. Through education and innovation, we can create a sustainable and progressive environment for our nation’s growth.
17 Cumberbatch Street
Tel: (868) 671-2242, 272-2242
Email: [email protected]