The Guyana Office for Investment (GO-Invest) and the Guyana Manufacturing and Services Association (GMSA) have formalised a mechanism of cooperation to facilitate business development support including timely access to incentives for the manufacturing and services sectors, promoting joint ventures and partnerships between local and foreign investors, and undertaking joint activities aimed at investment promotion.
GMSA President Shyam Nokta and CEO of GO-Invest Peter Ramsaroop displaying the signed MoU
GMSA President, Shyam Nokta is quoted by a release from GO-Invest as saying that the MoU is timely considering the imminent expansion of Guyana’s economy and the opening up of the country to investments, both local and foreign.
In the past, he noted local businesses have experienced frustration in accessing support and incentives and “we hope through this partnership this could be addressed. Considering the focus being placed on local content, we are keen to work with GO-Invest to ensure there is partnering of foreign investors with local businesses. Importantly too is the need to address the uneven playing field in the oil and gas sector where Guyanese businesses have not been able to fully benefit from the concessions and incentives that foreign companies are able to benefit from,” Nokta said, adding that this is a major area of concern the GMSA will be taking up with GO-Invest so as to allow Guyanese businesses to compete in oil and gas and not be displaced in other sectors.
Meanwhile, CEO of GO-Invest, Peter Ramsaroop at the engagement said that the MoU between the Guyana Office for Investment (GO-Invest) and the GMSA represents a substantial revitalised commitment to the support for the development of the manufacturing and services sectors.
“We have recognised that the year 2020 has been an extremely difficult one for the manufacturing and services sectors. GO-Invest will continue to work to ensure the local Private Sector benefit from the oil and gas sectors and more so to promote and encourage joint venture opportunities between local and foreign investors.”
Additionally, he said that GO-Invest will strive to diligently promote and market locally produced goods and services, and advocate for the equitable treatment for both local and foreign investors as is catered for under the laws of Guyana, adding that through the MoU, GO-Invest aims to collaborate with the GMSA to resolve bottlenecks and difficulties currently facing investors in the areas of trade and investment.
One of the first initiatives under the MoU, the release stated, is the convening of an investors’ forum between GO-Invest and GMSA early in the new year targeting Guyanese businesses across sectors. The purpose of the forum is to raise awareness of the incentives and investment support being offered by Government and to allow for discussion on the challenges and opportunities facing local businesses.
