Georgetown : The Government of Guyana has been working constantly to improve the conditions and environment for investments, and will continue to implement policies that are crucial to driving national development through investments in key sectors, as these are important to economic growth and social development.
This was President Donald Ramotar’s message as the inaugural Guyana Investment Conference got underway today at the Guyana International Conference Centre, Liliendaal.
President Ramotar said that much has been invested in infrastructure to enable greater investment in the local productive sector.
President Ramotar said that Guyana needs new infrastructure to attract even more types of investment while human capital also needs to be enhanced. “We’ve been building technical schools so that investors can be assured of having high quality, technically skilled staff when they come to invest in our country”.
The need for cheap energy should be recognised, he added, as it will help to create a “stronger manufacturing sector, more high paying jobs and develop new industries”.
President Ramotar added that even if projected discoveries place Guyana among oil and gas producing countries, it would be a shame not to develop the local potential in hydro power. There is potential to invest in tourism, the manufacturing and food processing sectors, and a deep water harbour, all of which will further boost development.
These projects and others have been criticised by those with sometimes ulterior motives, and all must recognise the importance of these transformational projects, the President said. With regards the issue of corruption, efforts are being made to address concerns. “What is not recognised are all the procedures and measures that we have put in place to fight corruption in Guyana”. The open tender system and transparent deals are just some examples, he cited.
In closing the Head of State said that government welcomes the support of friends in the international community and stated its readiness to work as genuine partners respecting each other’s sovereignty. “We say clearly and unambiguously that this relationship has helped us to overcome several of the difficulties that we’ve had.”
He called for greater understanding of local circumstances and situations as some boundaries have been overstepped in his opinion and these give a perception of being partisan. The annual US State Department Report on Guyana and its citing of human trafficking cases was one example given.
Delivering remarks during the ceremony was Canada’s High Commissioner David Devine who said the two-day programme focuses on the steps that Guyana should consider that would help to improve the country’s investment potential. “The forum will also address the impact that social ills such as bribery, lack of transparency and corruption have on investment as globally, the demand for investment dollars is becoming increasingly limited and competitive. This is true even for countries like Guyana that is blessed with extraordinary natural wealth. …Countries that are successful in securing investment funds from reputable lenders understand that they have to take the necessary steps to create an investment climate that is conducive to attractive investors”.
According to the High Commissioner, when investors are pondering investment destinations they will ask critical questions such as why should investment funds be channelled to Guyana as opposed to some other places in the Caribbean or South America. “Our aim today however, is not to decry or to single out Guyana or any agency or institution for condemnation. It is the hope however, that this forum will be the catalyst that would bring together partners and stakeholders invested in Guyana to work together to identify the best practices and viable solutions that would improve Guyana’s investment climate for the benefit of all of Guyana”.
Meanwhile, President of the Caribbean Development Bank (CDB) Dr William Warren Smith also addressed the conference, noting the excellent economic performance overall and several areas that need to be improved on. He was high in praise for Guyana’s economic growth which he said was notable particularly given the worldwide economic slowdown. Guyana has had a “Substantial transformation of it debt position”, according to the CDB President, and this was attributed to the macroeconomic policies over the last decade. He noted however, that some areas such the quality of education delivered need to be improved despite the increase and availability of education at the various levels.
Whilst the current economic performance is creditable, Dr Williams noted that easing of red tape and other forms of bureaucracy is among some of the measures needed to ensure even greater economic growth. Since 1970, the CDB has made available to Guyana approximately US$299 million. The recent agreement to issue a US$34 million loan to facilitate the West Coast Demerara Road Programme, the CDB head said, was just one of the ways in which the institution shows that it recognises the importance of funding infrastructural programmes that will lead to greater development across various sectors.
The Guyana Investment Conference is being held under the theme “Maximising opportunities for investment in Guyana” and is sponsored by the Canadian Government.
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