“We are too weak and laissez-faire when it comes to accountability.”
This, from Managing Director at the Development Consulting Centre LTD, Richard Solomon, on Trinidad and Tobago’s fight for competitiveness and growth in the global market.
To attract more multinationals, Mr Solomon said we need to pay attention to particular factors that drive our competitive edge as a country.
“There are three major things. One, your natural endowments. So, where you’re located, what’s under the ground. Sun, sea and sand. Petrochemicals. All of that. Our location, the hurricanes are generally afraid of us. All of those kinds of things are natural endowments. Secondly, it’s the macro environment. Rule of law, healthcare, ensuring that what we are paying for, we are getting … at that level. Strength of institutions is another one. Lastly, we have the micro-environment, that’s the individuals and how they operate.”
He said how we operate as a nation deeply impacts the first two factors and is the base for better productive and economic results.
“Because there are nations with lots of petrochemicals that are in trouble: Venezuela. With great unemployment and poverty: Nigeria. There are nations without any of those big natural endowments, maybe just where they’re located, and they’re doing well: Singapore. So, clearly, what we see is how people behave, which is number three; their knowledge, their ability, etc. and their efficiency at getting work done affects one and two. Because people build institutions, people operate institutions. Right, so, really what we’re dealing with is that last one for Trinidad and Tobago is affecting the other two.”
Mr Solomon stressed that leaders in all sectors sometimes must be willing to be “unpopular” to get clear on what good performance looks like and ways to sustain it.