Govt’s Private Sector-driven development policy must benefit all Guyanese – Pres Ali to PSC

While the Guyana Government is pushing to strengthen relations with the Private Sector, President Dr Irfaan Ali recently emphasised to stakeholders the importance of ensuring that not only the country but its people benefit from investments.
He made this comment during an address to a business forum organised by the Private Sector Commission (PSC) on Wednesday evening under the theme: “The Private Sector in an emerging Guyana”.

President Ali reminded the gathering that the Government was pursuing a development agenda that catered for strong local private support, which would, in turn, benefit all citizens.
“There is no apology about this policy. Any company that is operating here must understand that they’re operating here not only for their own profit, which is important, which is fair, but also for the development and advancement of Guyana and Guyanese— that is critical,” he asserted.
According to the President, this structure is not only for the oil and gas sector but for all industries in the country.
The Head of State went on to underscore that public-private partnerships were integral to the progression of Guyana and should be the cornerstone of development going forward. He posited that these partnerships should not only be transactional or project-tied but become more established.
“We build policies together, we solve problems together, and we look at opportunities and open those opportunities. The local Private Sector has shown us that they have the ability to take the risk, and they have the wherewithal to make the investments,” he stated.
As such, the President noted that regular engagements between the two bodies going forward were extremely important.
“It’s very important that we reach at a forum like this to bring all our thoughts together and deal with the multifaceted nature of the challenges that we face…
“That is what we have to discuss today. How do we ensure the new economy involves you? And how do you ensure you get involved in the new economy? It’s two sides of the same coin. I expect that when we sit here together that you can bring ideas to the table, you can bring projects to the table, and we can work on making decisions together; that is important,” the Head of State explained.
According to President Ali, once decisions are made together, there will be greater ownership of those decisions and greater respect for those decisions. This, he pointed out, will create a more transparent and open environment, which is critical to development.
Moreover, during Wednesday’s engagement, the Head of State also gave an update on Government’s robust infrastructure development plan. He said that big projects, including the four-lane highway from Mandela Avenue to Diamond; a new four-lane highway in the West Demerara region; and six additional lanes along the East Coast of Demerara, would open up thousands of acres of land for development.
This, he added, would result in other major infrastructural development, including an industrial site on the East Coast of Demerara and an industrial zone for the oil and gas sector at Wales on the West Bank Demerara in the Wales Development Authority.
“What we’re hoping to achieve is, if not total, close to total local involvement and local Private Sector involvement in this development. And that is why understanding the scale of what Government is going to do is so important,” he stressed.
The President further emphasised that the local Private Sector must always be part of the equation as the country advanced.
“So, any company coming in to invest must understand that they have to rap at the door of the local Private Sector here too, and involve you in the process going forward. But do not expect the Government to spoon-feed opportunities. We have to work and make the policy known, but you also have to be aggressive,” he charged.
The gathering at the business forum was also reminded that the Government is working to significantly increase the ease of doing business by way of a Single Window Approval System.
During the event, President Ali was accompanied by Vice President Bharrat Jagdeo and Senior Minister with responsibility for Finance, Dr Ashni Singh.
The forum was attended by members of the PSC along with representatives from various Chambers of Commerce from across the country as well as foreign Chambers.
After his address, the Head of State and Vice President responded to questions. Participants were able to seek clarification on various matters including access to finance for micro, small and medium-sized businesses, capacity building to increase the technical capabilities of the workforce, the importance of regional development, the strengthening of local content, and the creation of public-private partnerships.
Other issues discussed were infrastructure development; improving competitiveness (locally and regionally); incentives; taxation; improving tourism; the forestry sector; financial services and the labour market.
The PSC business forum’s aim was to sensitise the business community on plans and opportunities within the various sectors in Guyana.
In introductory remarks, PSC Chairman Paul Cheong noted that the Private Sector was committed to working with the Government to advance development within Guyana. He underscored the importance of the Private Sector as a strategic partner in promoting economic growth and collaborative work within several sectors, including agriculture, energy, and infrastructure.
The Chairman endorsed and commended the work done by the Government and reaffirmed the PSC’s commitment to collaboration in building a brighter and more prosperous Guyana. (G8)