The Diplomatic Society

 
  • Increase font size
  • Default font size
  • Decrease font size

Avoiding the Resource Curse Paradox – The Inaugural ADB Seminar

Ebrima Faal, Regional Director of the African Development Bank, Gayatri Ramkissoon, High Commission of Trinidad and Tobago and Ewart Williams of Trinidad and Tobago

Ewart Williams of Trinidad and Tobago inaugurated the African Development Bank (ADB) seminar series for Southern Africa in Centurion, Pretoria on March 4 2013.

His topic ‘Avoiding the Resource Curse Paradox – Experiences of Trinidad and Tobago’ was appropriate as many African countries are now discovering energy resources in their countries.

Trinidad & Tobago has the second highest per capita income in the Americas second only to the United States of America (USA). Its economy is driven by natural gas and petro-chemical exports. Its social indicators still lag behind according to some reports as pockets of poverty still exist.

William’s sharing the experiences of his country suggests that the current discussions in Trinidad and Tobago have moved away from ownership to how to maximize the benefit of the resources for the local economy.

Tapping the brightest and best engineers, geologists and other experts to formulate policy and paying them well will serve any country well when it comes to bargaining with multinational energy corporations advised Williams.

He pointed that fiscal policy, institutional reforms, the development of the Non-Oil/Gas sector, local participation and stabilization as factors that would determine the maximum benefit to the local economy. He also pointed out the challenges of institutional capacity, procurement, subsidization and others which could lead to waste, corruption and lack of competition.

Ewart Williams served two five years terms as the Governor of the Reserve Bank of Trinidad and Tobago and was instrumental in the establishment of the Heritage and Stabilization Fund which was set up to protect the country from the volatile energy sector. He suggests that market forces are not enough as market failures occur far too often.

Ebrima Faal, Regional Director of the African Development Bank, thanked Williams for inaugurating the seminar series and announced that more seminars are being planned for the year.
   
   

 

 


 
 
 
 
 
 
 
 
 
 
 
 
 
_________________________________________________

January/February 2020

 
 
.
_________________________________________________

Translater


 

 

  
 
 
 
 

 
 
                                                     
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 

 
 
 
 
 
 
 
 
 
 
 
 

<|> <|> Indonesian Tourism responds to Millennials and wins Award 8 October 2019 "The challenge to the tourism world is not getting easier. It is not only the global economic slowdown, but also a change in... <|> A MEMORIAL, CORONATION, ENGAGEMENT AND A WEDDING: A ROYAL AFFAIR by Stella Sigcau 15 October 2019 September and October months were very busy in the royal calendars throughout South Africa... <|> Culture and Heritage Tourism Boost the Economy of the Mpondo Kingdom Mbotyi and Mngazi 15 October 2019 By Stella Sigcau Mpondo Kingdom is known for its cultural richness, beautiful... <|> SADC enhances cooperation with Indonesia 15 October 2019 ”Indonesia is ready to be part of the African development, especially in the southern African region” Photo: Ambassador of the Republic... <|> A rising star ready to make it internationally by Stella Sigcau 16 October 2019 Azemahle Lwanda Matebese a 13 year old, grade 8 scholar from Durban Girls High School has had a passion for dancing... <|> Korea calls for ease of doing business in SA 2 October 2019 This year marks Korea’s 4,352nd anniversary since its national foundation, and the 71st anniversary of its Armed Forces Day. In South... <|> Russia-Africa look to deepen scientific ties 14 October 2019 With a week to go until the first ever Russia-Africa Summit, Russia has emphasised the need to expand and deepen scientific ties between... <|> SA, Nigeria commit to condusive business environment 4 October 2019 The governments of South Africa and Nigeria have committed to creating a conducive business environment that will make it easier... <|>
© copyright 2011-2017| The Diplomatic Society| All Rights Reserved.