Non-oil sectors must gear up for spin-offs of new economy – Finance Minister

Non-oil sectors, such as agriculture, manufacturing and services must brace themselves for the economic spin-offs to be derived from the new oil and gas economy.

Senior Minister within the Office of the President with responsibility for Finance Dr. Ashni Singh made the statement today during a meeting with members of the Private Sector Commission (PSC).

He said while the sectors themselves are strong, the oil and gas sector will give them a further boost.

“While looking ahead, a lot of growth in the economy will be driven by the oil and gas sector. We place a lot of importance, as a government on ensuring that the economy is diversified and non-oil sources of growth continue to be very strong. It is very important that they gear up themselves to take advantage of the opportunities that the new economy will present to them,” Dr Singh told DPI following the closed-door meet.

The Finance Minister said as the oil and gas sector realises its potential, non-oil sectors will also assume greater potential for growth.

Dr. Singh had his first meeting with the PSC today, laying the foundation for what he said would be ongoing engagements.

He said the PPP/C Government regards the Commission as an “extremely important” stakeholder in the economy as it creates jobs and generates wealth, thereby improving lives.

Dr Singh said the Government’s commitment to a vibrant and dynamic private sector has not waned, and ensuring the preservation of a conducive environment of rapid growth and dynamism across all sectors of the economy, remains steadfast.