As we step into 2025, the JCC remains steadfast in its commitment to advancing transparency, accountability, and value for public money in T&T’s construction sector. While we celebrate our continued contributions to these goals, we recognize that the path ahead demands even greater dedication.
The past year has marked significant milestones in public procurement reform, largely through the exemplary work of the Office of Procurement Regulation (OPR). Their inaugural Annual Report in August 2024 represents a watershed moment in transparency and accountability. For the first time, private organizations have a clear legal mechanism to challenge state agencies tender proceedings, with time-bound responses ensuring swift, transparent resolution. This development is only beginning to level what was historically an uneven playing field in our industry.
However, the OPR’s Annual report also reveals substantial compliance challenges among state agencies spending public money. While capacity constraints, training deficits, and resistance to change within our bureaucratic post-colonial administrative systems persist, the critical difference now is that these issues are being documented and actively addressed through collaborative efforts with the OPR.
The country, and by extension the construction industry faces significant economic headwinds as we enter 2025. The energy sector’s 5.6% contraction in 2023, coupled with a projected 15% decline in oil revenue for 2025, presents substantial challenges. The national budget deficit of TT$5.517 billion (2.91% of GDP) and conservative energy price projections (US$77.80 per barrel for oil and US$3.59 per MMBtu for gas) will negatively impact infrastructure project funding. These challenges are compounded by FOREX constraints, delayed contractor payments, and reduced bank lending. We must advocate against short-term economic measures that might temporarily boost the economy ahead of the 2025 elections but create even greater challenges in 2026.
Yet, amidst these domestic challenges, we see unprecedented regional opportunities. Our industry professionals – planners, architects, surveyors, engineers, and contractors – are increasingly sought after throughout the Caribbean. Significant opportunities still exist in:
– Guyana’s rapidly expanding infrastructure development if we embrace their local content policy
– Tourism-related construction across the Eastern Caribbean is on the rise
– Climate resilience initiatives throughout CARICOM nations
– Energy sector developments in Suriname
– Agricultural infrastructure projects supporting CARICOM’s food security initiatives
These regional projects offer vital opportunities for USD earnings while establishing T&T as a leader in engineering, project management and construction excellence. We urge our members to:
1. Form strategic technical alliances within the region; separate and apart from the sometimes emotive political discourse.
2. Continue to leverage our energy sector expertise in new markets high margin niches.
3. Actively participate in regional procurement opportunities especially where climate financing is available and projected to increase for SIDs. (Ref COP 29)
4. Make direct investment in practical research, development, and human resource training to compensate for the academic leanings of our universities.
To support these initiatives, we call upon the government to:
– Implement incentives for local companies to retain FOREX earnings in local banks
– Streamline business processes to improve ease of doing business. ; and pls remove those pesky immigration forms that there is absolutely no need to fill out with machine readable passports.
– Digitize all tax and regulatory payment systems instead of reporting that we are doing it
– Make non-sensitive government agency collected data openly accessible. The value of open source data is imperative in a world where AI Agents can analyze data in seconds that would take humans months to do.
– Establish task forces that includes private sector to evaluate AI implementation and risks to make the public service rote tasks more efficient.
As we face the challenges and opportunities of 2025, the JCC remains committed to supporting our members’ growth and adaptation in an increasingly competitive environment. Through collective action and strategic focus, we can strengthen both our industry and our nation’s economic resilience.
Fazir Khan – JCC President
