Trade Ministry continues collaboration to strengthen the horse racing industry
November 17, 2017: Senator the Honourable Paula Gopee-Scoon, Minister of Trade and Industry engaged relevant stakeholders to revive the local horse racing industry. Minister Gopee-Scoon and Senior Officials of the Ministry met with representatives of various interest groups in local horse racing including the Betting Levy Board, Trinidad and Tobago Racing Authority, Arima Race Club, Racehorse Owners, Trainers and Stud Farm Associations on Friday 17th November, 2017 to discuss the current state of the industry.
The Trade and Industry Minister emphasised the value of the sport which has immense potential for meaningful economic impact given the cost structure, employment levels and the economic activities it generates. Stakeholders agreed to formulate a strategic plan for the development of the local horse racing industry by December 2017. “This plan and collaborative input, she said, would inform industry wide transformational change and facilitate the self-sustainability of sport of horse racing”.
Current challenges affecting the industry including the legislative and regulatory framework, management of the sport, incentives for industry participants and the efficiency of the collection of betting taxes were expressed by stakeholders and potential solutions identified.