Trade ministers address forex and service delivery barriers

In Trinidad and Tobago, Trade and Investment Minister Satyakama Maharaj has identified foreign exchange shortages and Customs-related delays as primary obstacles for the local private sector. Addressing the launch of the Private Sector Organisation of Trinidad and Tobago’s (PSOTT) National Investment Framework, Maharaj emphasized the need for commercial banks to prioritize small and medium enterprises and manufacturers in forex allocation.

Maharaj also announced the upcoming ‘Sail Clear’ system, designed to reduce yacht processing times from four hours to under 15 minutes. He described the collaboration between the government and PSOTT as a transformational development for the nation's business environment.

In Malawi, Minister of Industrialisation, Business, Trade and Tourism Simon Itaye warned that administrative inefficiencies and poor service delivery are undermining the country’s investment competitiveness. Findings from the inaugural National Customer Satisfaction Index revealed a national satisfaction score of 58 percent, which is below the African average of 63 percent.

The report highlighted significant gaps in public institutions, with local councils receiving the lowest satisfaction rating at 38 percent. Itaye noted that administrative delays, such as visits to public agencies averaging 4.2 hours, increase transaction costs and risk losing potential investors.