Trade Minister advocates for increased technology & expansion in financial services

Members of the financial services sector were urged to infuse greater technology and innovation into their operations and focus on exporting their services by the Minister of Trade and Industry, Senator the Honourable Paula Gopee-Scoon. “We as a nation have yet to fully embrace the technological era in which the world currently operates. So you would do well to look to a future of technology to broaden your perspectives in a really interconnected world.” she stated on Thursday September 20, 2018 at Consolidated Insurance Consultants’ (CIC) 50th Anniversary Cocktail Reception.

According to the Minister “This means that service based companies like yours need to be cognizant of the value of technology and communication patterns that attend the needs of the current and future generations.” The financial services sector in the 2017 Review of the Economy contributed 10.1 percent to real GDP making it one of the 4 largest industry groupings in Trinidad and Tobago. It is one of the few industry groupings that has had sustained uninterrupted annual expansion over the past five years. It is estimated in terms of percentage to GDP that the assets of the insurance industry, as of September 30th 2017 were approximately 33 percent of Trinidad and Tobago’s total GDP which was valued at almost $50 billion.

Acknowledging what he described as boundless growth opportunities and the intent to grow the business CIC’s Managing Director Mr Mark Henderson said “CIC is now in a new and exciting time of youth energy and innovation.” The firm will be breaking ground for new offices in San Fernando which he indicated is “not only shows the confidence in the local economy but also faith in the future successes of the company.

 

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