Global Business Summit: PM advocates for strategic planning amid global disruptions

Prime Minister Brigadier (retired) Mark Phillips has emphasised the critical importance of sustainable development and global cooperation as he represented Guyana at the 8th Global Business Summit 2024, hosted by The Times Group in New Delhi, India.
During his address, the Prime Minister highlighted the pressing need for strategic planning amid ongoing global disruptions, while stressing the necessity for adaptability and adoption of sustainable practices.
Collective action, he underscored, is key to tackling issues such as geopolitical tensions, inflation, and climate-related disasters.
“As we look at other examples, we see that much preparedness must go into planning for the persistent disruptions, to ensure that we can optimise their benefits towards sustainable development. In the realm of business transformations, we witness the ever-accelerating pace of technological advancements and the shifting dynamics of global markets,” Phillips outlined to the recently concluded summit.
He affirmed the summit’s theme, “Disruption, Development, Diversification”, as aptly reflective of the current global context and the need for innovative strategies to navigate complex challenges.

Additionally, he said, in light of rapid advancements and transforming dynamics, the ability to innovate, diversify offerings, and embrace sustainable practices would define success in the global business landscape.
“In today’s world, primary disruptive forces such as technology, globalization, and economic and demographic change are constantly occurring. As a result, businesses, governments and individuals must be able to prepare, adapt, and respond to these changes effectively. These transformative trends define the present and shape the future by impacting businesses, economies, industries, societies, and individual lives,” the PM said.
Speaking at the inaugural session of the summit, the Guyanese Prime Minister highlighted the opportunities arising from global disruptions, citing India’s Vaccine Maitri (Vaccine Friendship) initiative and Guyana’s leadership in Caribbean food security as examples of turning challenges into avenues for growth and international cooperation.
Emphasis was also placed on the significant contributions of both India and Guyana to the global arena, and the importance of collaborative solutions for a prosperous future.
Prime Minister Phillips commended India’s leadership in global business by acknowledging its remarkable achievements in renewable energy and its pivotal role as the “world’s pharmacy hub.” He stressed that any discourse on global business would be incomplete without considering India’s status as the fastest-growing major economy and a beacon of innovation and progress.
“The Global South remains committed to the development of its countries and the prosperity of its people. India’s dedication to inclusive growth, technological advancements and sustainable development has set a commendable benchmark for nations across the globe,” he declared.
Reflecting on the deep-rooted ties between Guyana and India, Prime Minister Phillips also celebrated the shared values and historical connections that unite the two nations. He expressed optimism about further strengthening of bilateral relations and fostering dialogue among participating countries towards achieving global development goals.
The Prime Minister outlined initiatives to leverage Guyana’s energy potential from gas and renewables to catalyse its manufacturing sector and enhance energy security. He detailed, “Guyana’s plan is to utilise the energy potential of gas and renewables to lower electricity and spur manufacturing. Our Gas-to-Energy project and large-scale solar and wind energy projects have diversified energy sources and reduced our carbon footprint. We have strongly focused on increasing power grid connectivity, which has improved energy access to citizens, including (those in) remote communities. Our country also seeks ways to harness its natural resources to enhance energy security and become a regional leader in clean energy production.”
Guyana’s commitment to economic diversification, particularly in agriculture, with aspirations to become the breadbasket of the Caribbean, was also highlighted by the Prime when he said “Critical to development, of course, is diversification. Our nations understand the importance of cultivating diverse economies, forging diverse partnerships, varying supply chains, and embracing innovation across various sectors. As Guyana accelerates the development of its oil and gas resources to become the world’s highest per capita oil producer by 2027, the Government’s vision is to lift the quality of life by investing in healthcare, education, and the diversification of the economy.” (G12)