SRC Virtual Trade & Investment Research Series
Presenters: Ms. Allison St. Brice and Mrs. Adrienne Brathwaite-Greene
Discussant: Dr. Keith Nurse
Allison St. Brice
Paper title: Considerations on a Revitalized Industrial Policy Framework for Export Diversification in Trinidad and Tobago
This research paper explores possibilities relating to effective industrial policy deployment for advancing export and economic diversification efforts in Trinidad and Tobago in the pursuit of economic growth and sustainable development. It questions narratives that characterize the use of industrial policy as being at odds with the neoliberal world order and observes that, in practice, this is not necessarily the case. Having considered industrial policy deployment in Trinidad and Tobago, Mauritius and elsewhere since the 1940s, and having identified opportunities, pitfalls and learnings in this regard, the paper ultimately outlines some key elements for consideration in elaborating a suitable framework for effective industrial policy design and deployment in Trinidad and Tobago in the period ahead. It posits that pragmatism dictates that, in the first instance, a revitalized approach to industrial policy design should focus primarily on the manufacturing sector. This perspective is informed by the positive correlation that seems to exist between manufacturing-focused industrial policy approaches and the achievement of productivity, growth and development in countries falling within a specified income bracket. The paper also outlines considerations and identifies opportunities in respect of industrial policy in the twenty-first century, such as those relating to advanced technologies, servicification, the green transition and innovation.
Paper title: An Investigation into the Impact of Chain Hotels on Tourism Destination Competitiveness in the Eastern Caribbean Region
Tourism is indisputably the primary driver of economic activity in the Eastern Caribbean, with its contribution to regional GDP exceeding 30%. The regional tourism sector is a large, interlinked ecosystem of stakeholders, yet despite tourism’s importance, limited work has been to investigate the impact of specific stakeholders on destination competitiveness. This situation needs remedying, as terrific concessions and other grants are bestowed upon these stakeholders to attract them to the region. To fill the academic void, this research aimed to investigate the impact of one such stakeholder- the chain hotel- on Tourism Destination Competitiveness in the region.
Cross section regression analysis was used to investigate the statistical significance of chain hotels on regional tourism competitiveness, and a case study was undertaken to analyze the actual contribution of the Sandals chain to destination competitiveness in Grenada. Owing in large part to data limitations, the results of the regression model were statistically insignificant. However, valuable inferences were still able to be made as correlation analysis uncovered a strong, positive relationships between the levels of tourism receipts’ share of GDP and per capita GDP and destination competitiveness. The case study showed that Sandals Grenada makes invaluable contributions to destination competitiveness by, among other things, positively impacting governmental policy, contributing to a more skilled labor force, ensuring that there is consistent airlift into the island, improving the standard of living in the country and actively promoting the country’s sustainable development agenda.