© 2013 Trinidad and Tobago International Financial Centre Management Company Limited. All rights reserved.© 2013 Trinidad and Tobago International Financial Centre Management Company Limited. All rights reserved.

Statistics and its role in Policy, Academia and Decision-MakingMichelle Rolingson-PierreVP Financial and Capital MarketsDevelopment Tuesday 29th October, 2013

© 2013 Trinidad and Tobago International Financial Centre Management Company Limited. All rights reserved.© 2013 Trinidad and Tobago International Financial Centre Management Company Limited. All rights reserved.

Trinidad & Tobago IFCWho are we and what we do

• Investment promotion agency

• Support development of Trinidad & Tobago economy

• Diversify Trinidad & Tobago economy beyond energy sector

• Create quality employment opportunities

Overall objectives for Trinidad & Tobago IFC

Key initiatives

• Create employment in middle-office and back-office services, as direct consequence of promotional activities

• Support broader economic development and diversification

• Enable employment opportunities where possible

FINeSS Capital Markets Development

Introduction: Context Setting

2

© 2013 Trinidad and Tobago International Financial Centre Management Company Limited. All rights reserved.© 2013 Trinidad and Tobago International Financial Centre Management Company Limited. All rights reserved.

Where and how the TTIFC applies statistics

• Where to dedicate resources

• Helps to add value• Reprioritisation

identified

• Training Requirements

• ICT offering comparison

• Number of graduates

• Labour supply• Existing skill

graduate base• ICT price

comparison

Informational Planning and governance

Exerts influence of pending decision

Continuous Assessment

3

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For example… in ICT (Information and Communications Technology

• ICT Regional Survey April 2013– Price assessment of access and backhaul data resources– Measured across 10 markets – Used to identify consistencies/ disparities – Price comparisons

4

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For example: in BPO(Business Process Outsourcing)

5

• Details of skill pool • Age of labour force• Labour costs • Education statistics• Computer literacy • Telecommunication

access• Real estate costs• Electricity costs

© 2013 Trinidad and Tobago International Financial Centre Management Company Limited. All rights reserved.© 2013 Trinidad and Tobago International Financial Centre Management Company Limited. All rights reserved.

Challenges and impacts when accessing statistics

• Lack of recent data– Hampers the decision making process

• Limited scope of data – Hinders us from convincing prospects

• Limited data– Prevents us from rapidly pursuing opportunities– Allows too much intuitive thinking– Creates biased decisions

6

More data = Greater investor confidence

© 2013 Trinidad and Tobago International Financial Centre Management Company Limited. All rights reserved.© 2013 Trinidad and Tobago International Financial Centre Management Company Limited. All rights reserved.

Impact of statistics globally

• Public policy effectiveness• Measures the rate of success• Provides accountability to public• Efficient targeting of resources • More effective decision making • Better understanding of situations• Draw verifiable conclusions• Implementation of law• Management by Objectives

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Steps needed to advance statistics in TT

Improve Accessibility

Improve Timeliness• Collection

Analysis Distribution

• Cooperation from providers of data

Communication• Greater

communication needed between user and producer to be more effective

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• Sharing of data• Creation of

pools of data• Responsiveness

of providers of data

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Closing statement

• The availability of Statistical Data and an ability to analyse and conclude from same is necessary in order to make relevant and pertinent decisions.

Statistics

Qualitative

Verifiable Results

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If you can not measure it, you can not improve it.(Lord Kelvin, mathematical physicist)

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