Minister of Trade and Industry, Paula Gopee Scoon, believes that the scrap iron sector is a viable industry in Trinidad and Tobago’s move to economic diversification.
Following a meeting with Alan Ferguson, President of the Scrap Iron Dealers Association, Minister Gopee Scoon reiterated the economic importance of the Scrap Metal Industry to Trinidad and Tobago.
In a media release, the Ministry revealed that the global Scrap Metal Industry has been growing at a rapid rate over the past decade. Internationally, the Industry contributes over US $65 Billion to global GDP. The growth and impact of this Industry globally has also been reflected domestically as the Industry is now an important contributor to economic activity.
According to figures provided by Trinidad and Tobago’s Central Statistical Office (CSO), scrap metal exports escalated from approximately TT$69 million in 2009 to an estimated TT$ 216 million in 2018, registering an increase of over 213% over a 10-year period.