Trade Minister Paula Gopee-Scoon says she’s “not pleased” with the impending increase in the price of cement announced by Trinidad Cement Limited (TCL), and assures that steps are being taken for increased competition.
“At the end of the day, we want to see prices a little further down. It’s too high.”
She believes the increase in the price of cement by Trinidad Cement Ltd. (TCL) on February 17th is unjustified.
“For us, we are not happy where we are when one looks at the cumulative price increase by TCL. We are not pleased about that at all. That is fully before us. I have had discussions as Minister of Trade and Industry with TCL, and I’ve said in no uncertain terms that we will not countenance the continued increases by TCL in the marketplace.”
She noted that her Ministry is “actioning” certain incentives or measures to ensure competition returns to the market.
“What we are trying to ensure is that we open back up the market. We’ve done that, actually, by reducing the CET. We’ve gone before the COTED, the CARICOM body, and reduced the CET from 50% to 10% over time. We are examining what the possibilities are now.”
However, Minister Gopee-Scoon said even if there is attraction to the market for new entrants, quality must not be compromised.
“But we are anxious for other players. But we want to ensure that they too abide by the compulsory standard. We are going to insist on quality cement brought into the country and satisfying all of the environmental requirements as well.”
She said, though, that the Ministry and Government are taking the impending price increase by TCL “seriously.”
“So let’s hope that we are attractive enough for the destination and that the CETs are at an attractive rate that we can, in fact, get some new players in the market. That’s what we’re looking to. But as a Cabinet and as a member of the Cabinet, as a Ministry with responsiblility for industry, we take it seriously.”
Minister Gopee-Scoon confirmed that there have been discussions with TCL and the Contractors Association and assured that the Government understands the effect that the price will have on consumers.