Theme Two: Developing the Business Eco-System
Inadequate access to meaningful employment continues to plague the East PoS Metropolitan District. Job opportunity has continuously been outlined as a concern by residents. While many of the most populated residential areas in close proximity to Downtown Port of Spain remain in East PoS, job opportunities are increasingly migrating both towards West PoS and away from PoS as a whole.
The strategy therefore seeks to target this imbalance by improving the health and functionality of the entire economic/business eco-system in East PoS. The business eco-system concept recognises that economic development relies upon the synergies between government, businesses, workers, consumers, communities, and other organisations working within a given place.
Increasing the vitality and resilience of the East PoS economy requires the development of a diverse and highly capable workforce, the nurturing of existing businesses, creating the right climate, and minimizing barriers for the development of new enterprise.
Developing this eco-system should focus on:
- Improving the quality of life and public perception of East PoS
- Place-making to create vibrant and inviting public spaces that attract residents and visitors to the streets of East PoS to patronise its local businesses
- Ensuring an adequately sized, skilled, and readily-available workforce
- Ensuring a welcoming regulatory framework in terms of taxation, construction permitting, exporting and other key areas
- Aiding the matching of employees with employers
- Nurturing the connections between suppliers, manufacturers, retailers, supporting services, and consumers
Increase availability, diversity, and quality of the pool of labour in East PoS
Develop the Existing Human Capital
Improving the skills, talents, and qualifications of residents is key to ensuring that a capable and available workforce is available, to act as a draw for potential employers and therefore increase job opportunities.
Attract Diverse New Residents to East PoS
The focus here is improving the reputation and image of East PoS, making it a desirable, safe, and attractive place to live, and capitalising on its strategic location close to downtown PoS.
Create a facilitating environment to support the actors in East PoS, while promoting a diverse array of economic activity
Connect Employers and Employees
Connecting local skills and talents with local businesses is necessary to ensure that residents of East PoS enjoy the benefits of increased economic activity in the region.
Develop and Provide Support to Existing Businesses and Potential Local Entrepreneurs
Local businesses have the ability to expand and thrive in East PoS.
Attract New Business Establishments to East PoS
Attracting new businesses will increase the resilience of East PoS, by improving the diversity of economic activity.
Develop New Avenues of Economic Activity
Use the comparative advantages of East PoS to develop new types of economic activity that can bolster the local and national economy.