Our country’s manufacturing potential has been on a steady decline and much of its operation has been left in the hands of the private sector. Today, manufacturing plays second fiddle to tourism, thus creating an imbalance in trade which also negatively impacts other sectors of the economy. The lack of manufacturing impacts our foreign exchange earnings due to the constant devaluation of the currency, costing manufacturers more to import key products used in their operation. This also has a negative impact on employment, leading to mass migration in search of jobs. The manufacturing sector will be a focal point of the movement and will be used to gain foreign exchange, along with tourism. Tax credit and marketing assistance will allow our companies to compete in the world market.
To change this trajectory of the failed manufacturing industry, we will:
- Employ current research and industrial strategies to help this sector address some of our economic challenges.
- Invest in modern infrastructure.
- Provide low-interest loans to the manufacturing sector.
- Provide a tax credit to companies the employ and train our youths in manufacturing.
- Provide government assistance with access to overseas markets.
- Educate and encourage our citizens to buy local products.
- Ensure all bureaucratic hurdles are removed and create a level playing field so that all can participate.
- Ensure machinery and technological equipment needed to aid production are given preferential import duties to enhance and improve production. Performance-driven tax incentives for this sector will be employed.