Business owners urged to consider models to tackle high unemployment

– State Minister tells GCCI

The Georgetown Chamber of Commerce and Industry (GCCI) held its 128th Annual General Meeting at Duke Lodge in Kingston, and Minister of State, Joseph Harmon, used the opportunity to urge business owners to consider the country’s high unemployment rate as they capitalise on growth from the incoming oil sector.
A quarterly Labour Force Survey done during the period July to September 2017 revealed that the unemployment rate for persons aged 15 and above was 12%, with the situation for women being substantially worse than that for men.
The State Minister told the gathering that business owners should employ measures to hire more Guyanese.

“We still have too high an unemployment rate in Georgetown and many parts of our country… While it might be efficient and it might be appropriate for us to choose the best models, I’m asking you to consider a model that will involve employment of more Guyanese people,” he pointed out.
President of the GCCI, Deodat Indar, while highlighting the parking meter project and the many value added tax-related (VAT-related) initiatives it campaigned against in recent months, noted that even as Guyana is preparing for the oil sector, the country must follow the path to a sustainable economy.
“Our Chamber believes that it has a responsibility to the private sector and citizens of Guyana to help strengthen the fibres of economic development,” Indar declared.
He reiterated calls for Government to develop and finalise the Sovereign Wealth Fund (SWF) legislation, which would safeguard against the “Dutch Disease”.
Speaking on trade facilitation, Indar said that through its memorandum of understanding (MoU) with the Newfoundland and Labrador Environmental Industry Association (NEIA) of Canada, there will be ‘multi-stakeholder trade facilitation councils’ which are slated to promote bilateral trade, trade missions, and promotion of strategic partnerships.
“It is my fervent hope that this acts as a catalyst to private sector growth, and by extension economic growth, by structuring trade, facilitating technology and skills transfer, as well as allowing access to new markets,” Indar told the gathering.
He said that, in going forward, GCCI must work harder to support the growth of the private sector and Guyana’s national development.
The meeting also saw presentations of audit reports, financial statements, and the appointment of an auditor.
Established since 1889, GCCI has expanded its membership to over 200 members, and has attained a net surplus of $ 5.6 million for 2017 out of $ 72.4 million for total revenue recorded.