Survive 2026.
This was the advice yesterday from president of the Greater San Fernando Chamber of Commerce Kiran Singh, who urged local businesses to make it to the end of the year, as he pointed to expected gains from new gas developments in 2027 as a potential turning point for the economy.
“Our members are excited about the projected increase in gas supply in the coming years and its vital role in stimulating economic recovery. Developments such as the Dragon and Manatee fields and other regional gas initiatives by Shell and other international energy corporations are essential to economic recovery,” he said.
‘Gains expected in 2027’: Kiran Singh
His comments came amid ongoing concern over business closures in the country.
An Express story published yesterday noted several businesses have closed branches or adjusted their operations amid a contracting economy.
Singh said while those gains remain on the horizon, businesses must endure current pressures. “The responsibility of the private sector is to survive 2026, knowing that next year we will start to benefit from the monetisation of said gas fields,” said Singh.
He noted businesses continue to operate in a challenging environment shaped by online competition, reduced consumer spending, and limited foreign exchange availability.
“The shortage of foreign exchange continues to severely impact import-dependent businesses, limiting their ability to restock inventory and maintain operations. Additionally, increases in taxes and regulatory burdens have compounded these difficulties, particularly for sectors such as retail, hospitality and manufacturing,” he said.
He called for targeted support measures—improved access to foreign exchange for SMEs, fiscal relief for sectors such as ecotourism, and reforms to ease doing business.
“The Minister of Finance can use the upcoming mid-year review to devise fiscal measures to address these concerns. The SME sector should have more equitable access to foreign exchange. There is a need for targeted fiscal relief in the ecotourism sector, particularly for small and medium enterprises, including temporary tax adjustments or incentives to encourage business continuity and investment,” he said.
“While macroeconomic recovery plans are important, there must also be a strong focus on short-term support mechanisms to prevent further business closures. The chamber emphasises the need for collaboration between Government, the private sector, and other stakeholders to develop practical, timely solutions. Economic recovery must be inclusive and responsive to the realities on the ground.”
Currency constraints
President of the Chaguanas Chamber of Industry and Commerce Baldath Maharaj believes the Finance Minister is managing a complex economic transition rather than a single issue.
“It is not a matter of simply fixing a single issue, but of managing a delicate recovery in a post-pandemic world where global supply chains and energy markets remain volatile. We also have to bear in mind that we only earn approximately 70% of the forex that we use,” said Maharaj.
He noted that while traditional businesses were closing, new enterprises are emerging, often in the digital space.
“However, these new openings often represent a shift toward the digital economy. The challenge for the State is that these new, smaller entities do not yet have the tax base or employment capacity of the larger, older firms that are reducing their operations,” said Maharaj.
He said the Government is attempting to balance fiscal stability with private sector adjustment.
“From the chamber’s perspective, we see a business community that is eager to grow but is currently hampered by the same global inflationary pressures and currency constraints that the ministry itself must manage,” he said.
Maharaj believes policy responses must be carefully calibrated.
“We acknowledge that the minister is operating within these tight boundaries. To ease the burden, the focus must be on non-cash interventions, streamlining the bureaucracy that makes both opening and closing a business so time-consuming.
“If we can reduce the time and cost it takes for a new business to become fully compliant and operational, we can accelerate the rate at which these new openings begin to meaningfully contribute to the GDP,” he said.
Looking ahead, he said energy developments remain critical but uncertain. “We are hopeful, but we recognise the geopolitical and technical complexities the minister must navigate to bring that gas to market.
“The financial state of the economy is one of staged recovery. We are moving away from total dependence on historical models and toward a more diversified future. The closures we see today are, in many ways, the painful friction of that transition,” he said.
