The Government of Guyana, through the Foreign Affairs Ministry, took a very important and necessary step, earlier this week, in relation to engaging key business stakeholders from the diaspora with the aim of wooing them to invest in various projects here.
This week, the Foreign Affairs Ministry is partnering with the International Organisation of Migration (IOM) in hosting members of the diaspora in order to promote foreign-based investments in Guyana. The initiative — ‘Go See Visit’ — is a collaborative effort to bring selected entrepreneurs from the Guyanese diaspora back to their home country with the aim of exploring prospects for establishing small and medium-sized businesses.
While some may argue that it is not guaranteed that anything concrete will come out of this initiative, it could still be viewed as a good first step, considering that since it took office more than two years ago, the Administration has done very little to boost economic growth or create opportunities for citizens. In fact, the economy is currently going downhill and the Government seems clueless as to how to fix it.
Months after the APNU/AFC Coalition Administration took office, it recommenced a series of engagements which had been started under the PPP Administration – to encourage the diaspora to return and contribute to the development of their homeland, both with their newly-acquired skills and with their investment dollars. Unfortunately, only a few returned, and it is still not clear what kind of impact they have had on the local economy.
Now, with this most recent initiative, which from all indications seems to be more organised and results-driven, it is hoped that real benefits would be accrued for both parties – the investor and the country. However, this will not happen overnight. It will demand a high level of commitment and hard work at all levels from all stakeholders involved, in order to achieve the desired results.
Minister Joseph Harmon has indicated that the Government is in the final stages of concluding its new Diaspora Engagement Strategy action plan, which would formally guide its relationship with the diaspora. This DES action plan is expected to address the concerns which members of the diaspora have and have had over the years. It has been promised that the comprehensive policy document will not be a dormant white paper, but would instead be a policy guide that would require stakeholders to adhere to principles based on international and other proven best practices.
Our hope is that this engagement with the diaspora will continue, and be expanded to include a wider cross-section of stakeholders. As has been stated by the Chief Executive Officer of the Guyana Office for Investment (GO-Invest): “Guyana is open for business. There are opportunities that have either been never explored, underexplored, (or) awaiting for those who’ve got the knowledge, experience, access to capital and the methods of bringing the know-hows to the market”.
There are many Guyanese in the diaspora who are willing and ready to return and invest or work, or even retire in their homeland, but they do not know where or how to begin the process. For example, there is no central agency from where they can easily access the necessary information; they get the ‘royal run-around’ in the process.
Additionally, when Government ministers visit abroad, even though they encourage persons to return and invest here, the necessary follow-up measures are usually lacking, or support systems for persons are inadequate. It could be recalled, too, that nearly one year ago, during the heavily promoted ‘Guyana Investment Conference’ in the United States, the APNU/AFC Administration had made a number of promises to the diaspora with the aim of convincing them to return and invest. Among the commitments made by Government Ministers during the conference were to establish clear strategies, policies and incentives for investment; implement better communication channels and integration between relevant authorities; and fostering a deeper connection with the diaspora. However, from all indications, very little follow-up action was taken to ensure Government delivered on these promises.
It is therefore hoped that Government, with the support of NGOs such as the IOM, would build on the present momentum and follow up with solid measures to show that it is serious about attracting investors here, in order to give the Guyana economy a much needed boost.
