Georgetown : The high cost of energy continues to be a deterrent of sorts for potential investors and government has recognised this, Finance Minister Dr. Ashni Singh said as he addressed the inaugural Guyana Investment Conference on day two at the Guyana International Conference Center, Liliendaal, yesterday.
Minister Singh said that, contrary to some who opine that crime and corruption are the main disincentives to business start-ups, the need for cheap, reliable energy is the main factor. “The cost of energy today, in Guyana is acknowledged by the private sector as prohibitively high.” This issue took a back seat to crime and corruption and needed to be addressed, during the Investment conference, the minister said.
The issue of cheaper power is one of the biggest challenges facing them, and every business, particularly those in the manufacturing sector; cite the need for cheaper, reliable energy to boost their success and profitability, locally and internationally.
He cited the operations of Qualfon, the largest private sector employer locally, as an example of another challenge facing investors in the technology sector, that of the cost of bandwidth. This was another issue which was apparently overlooked during the scheduled items to be discussed at the conference hosted by the Canadian Government under the theme “Maximising opportunities for investment in Guyana”.
The tremendous effort to improve the local economic performance is as a result of the collective effort of the government and stakeholders such as the private sector, the Finance Minister said.
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