Georgetown : Minister of Finance Winston Jordan during the 2016 BUdget presentation pointed out that plans this year will cater for the development of the local business sector. One of these is training for 400 entrepreneurs in various sectors in the business industry.
The Minister said, “The Government in 2016, intends to further reduce bottlenecks in accessing finance through the implementation of the Micro and Small Enterprise Development (MSED) initiative. Four hundred entrepreneurs will be targeted to benefit from training in order to build both generic and sector specific skills. Training opportunities for entrepreneurs will be expanded to cover all ten administrative regions, with special emphasis on business operators in the mining and forestry sectors.”
Pointing out that investors in Guyana usually face a rough time in finding adequate facilities with full utility services, he stated that, “Our Government is addressing this … by upgrading and building industrial estates at Belvedere and Lethem (which) will facilitate business ventures in such areas as light manufacturing, woodworking and fabrication, creating over 3,000 new jobs.”
In addition, to make the country more “business-friendly”, the Government has committed to supporting private businesses “by cutting bureaucratic red tape and making official procedures easier to navigate.”
To this end, Minister Jordan pointed out that the government will be seeking financing to implement the Single Window Automated Processing System (SWAPS). This system will link licencing bodies to the Custom and Trade Administration to facilitate the sharing of information. This is expected to enhance the efficiency with which trade transactions are carried out.
Further, the Finance Minister explained that, “These improved procedures will not only reduce the amount of time that private businesses spend mired in paperwork, but also increase government accountability, reduce corruption, and make data and information more accessible.”
In addition, the Ministry of Business will also be establishing a help desk for businesses, which will act as a single point of contact for information and advice for businesses, traders, and the Government.
With regards to enhancing Guyana’s brand and visibility as an investment destination, the Minister explained that the Office for Investment (GO-Invest) is working to improve agency websites and develop partnerships with other investment promotion agencies worldwide.
“In 2016, GO-Invest will increase its engagements with the diaspora to re-invest at home. Publicising Guyana’s unique advantages will attract new and diverse industries… In 2016, the agency hopes to facilitate 160 new investments worth a total of $11 billion.”
In 2015, GO-Invest facilitated 148 projects across seven economic sectors, namely, agriculture, light manufacturing, tourism, services, forestry, information and communication technology and energy. The potential value of investments facilitated amounted to $89.3 billion, while the total potential jobs numbered about 8,400. GO-Invest also facilitated 44 Foreign Direct Investments.
