TTCIC president Kiran Maharaj – File photo by Ayanna Kinsale
FROM now until the end of next year, the Trinidad and Tobago Stock Exchange (TTSE) and the Trinidad and Tobago Chamber of Industry and Commerce (TTCIC) will carry out an aggressive campaign to encourage and guide local small and medium enterprises (SMEs) that seek listing on the growing stock exchange.
The TTSE and TTCIC signed a memorandum of understanding (MOU) at the chamber’s office in Westmoorings, on Friday, vowing their joint efforts and pooling of resources.
The agreement was signed by TTCE CEO Eva Mitchell and Kiran Maharaj, president of the TTCIC, and witnessed by Minister in the Ministry of Finance Brian Manning.
“This collaboration is not merely a ceremonial act,” Mitchell said, “(but also) a commitment, a shared vision rooted in the development of opportunities for SMEs and businesses aspiring to be listed on the TTSE.”
The MOU, she said, signified the TTSE’s “dedication to providing the necessary support and capacity-building initiatives essential for realising this objective.”
The combination of the TTSE and TTCIC’s resources is intended to “create a synergistic environment that fosters growth and innovation within our business ecosystem.”
The parties, through the co-operative agreement, have agreed on promotional and advocacy activities to build capacity among local SMEs with the potential for listing on the TTSE; to participate in opportunities offered by the TTSE that are in the best interest of the TTCIC’s membership; to present seminars, discussion opportunities and other forums to increase awareness and sensitivity about the TTSE; and to promote trade and business meetings and activities that further the goals included in the agreement.
“Through this partnership,” Mitchell said in her keynote address, “we seek to amplify our impact, providing entrepreneurs and SMEs with access to capital markets, enhanced visibility and the means to contribute significantly to the economic prosperity of our nation.
“As we embark on this collaborative journey, we recognise the value of partnerships in propelling our business community forward.
“Our combined strengths and shared commitment to excellence will undoubtedly pave the way for a more vibrant and dynamic business environment in TT.”
Mitchell thanked the TTCIC for its commitment and enthusiasm in developing the MOU.
TTSE director of operations Jase Torry outlined the benefits for SMEs as increased liquidity, access to capital, potential for staff incentives, enhanced credibility, and perhaps most attractively, tax incentives.
Torry also acknowledged concerns usually raised by potential SMEs, most of which are taken care of by the support of professional mentors assigned by the TTSE to guide businesses for two years before a director of the company can take over.