Harvard and Stanford MBA Students Visit MTI

On Wednesday 17th February, seven MBA students from the prestigious Harvard University and Stanford University Business Schools paid a courtesy call at MTI, as part of an international exchange programme which provides them the opportunity to visit developing and emerging economies to develop a better understanding of how these economies are evolving, as well as to experience other cultures.

The students met with Minister Mariano Browne and Permanent Secretary Carl Francis at the Minister’s Level 17 Office. Minister Browne explained MTI’s role in Trinidad & Tobago’s ongoing economic development, and the efforts being made to diversify the economy away from the energy sector. Minister Browne also gave the students a historical perspective on our economic progress and spoke about the trade agreements of which Trinidad & Tobago is a signatory, namely the Economic Partnership Agreement (EPA) which CARIFORUM signed with the European Union in 2008 and our agreements with some Latin American nations.

Apart from having the opportunity to enjoy our local culture at Carnival time, the students were able to get a sense of how business is conducted here and to better understand the economic goals of Trinidad & Tobago. This type of exchange can have a major impact in the future, as students from programs such as these go on to become key decision makers in the US and elsewhere and it is important that they leave these shores with a positive opinion of Trinidad and Tobago.

Yachting Industry Examines Training Needs Within The Sector

Yachting industry stakeholders met on Thursday 28th January 2010 at the Chaguaramas Hotel and Convention Centre to discuss the training needs within the local yachting sector. This consultation was hosted by the Yachting Steering Committee (YSC) in collaboration with MTI and the Yachting Services Association of Trinidad and Tobago (YSATT) and was entitled “Building Human Resource Capacity Within the Yachting Industry.”

Over the past two decades the yachting industry has grown tremendously, and has created a platform for tradesmen to develop businesses and many of them have moved on to become micro-entrepreneurs. Yachting also attracts people from around the globe and encourages cultural exchange and promotion of Trinidad and Tobago. However, there is an urgent need to improve training and entrepreneurship skills in this industry to facilitate further development.

This was one of the major points emphasized by Donald Stollmeyer, Vice-Chairman, YSC, at the consultation. During the session, Mr. Anil Ripla, principal consultant of Ray Consulting Limited, presented his findings based on a Training Needs study carried out by his firm to assess the skills base of the current workforce and ultimately to determine the human resource needs of the industry. This type of data will help the YSC and MTI identify mechanisms to develop human resources for businesses in the industry, which in turn will facilitate growth and long-term sustainability of the sector, eventually increasing its contribution to GDP.

As you may already know, the yachting industry is one of the seven non-energy sectors targeted for strategic development and expansion by MTI in its pursuit of economic diversification. The Training Needs study discussed at the consultation emphasized the need for more training as well as a formal Competence Development System (CDS) to enhance skills in the yachting industry.

The yachting sector falls under the responsibility of the Business Development Directorate of MTI and Savitree Thompson, Industry Assistant, and Videsh Maharaj, Economist I, of MTI are working with Leroy Quildon, Industry Specialist at the BDC to oversee the development and expansion of this industry. As many of you would recall, LaShaun Prescott was the previous Industry Specialist for this sector at MTI.