On Wednesday, hundreds of business executives and prominent players in the local, regional and international Petroleum, Oil and Gas Sector converged in Guyana for the opening of the country’s first International Petroleum Business Summit and Exhibition (GIPEX).
They are here, no doubt, to get a firsthand look at Guyana’s plans for its emerging oil and gas sector, with the aim of seeing where and how they could benefit economically from securing opportunities that could be mutually lucrative in the future.
Also, companies will look at entering into bilateral partnerships that could see important investments being made, especially those that would require creating short- and long-term linkages with reputable and capable local private sector companies, to maximize economies of scales, launch cottage industries, and establish business ventures that would in turn make the necessary financial and infrastructural investments in the country, in order to enter the merging oil and gas sector with a competitive edge.
If the Summit itself ends on a successful note and Guyana manages to secure some more lucrative and transparent investments in its emerging petroleum sector, then all Guyanese stand to benefit. The Government’s line Ministries — along with the Guyana Office for Investment – which were directly involved in the negotiation or facilitation processes should be commended.
In the lead-up to the hosting of GIPEX, over the past couple of weeks, the Government had come in for constructive criticisms from both the political opposition and the private sector. It was evident that while some stakeholders had their reservations about the Summit, they supported the principles and backdrop against which it was being held because they understand the need for boosting this country’s ability to attract increased amounts of foreign direct investments.
Andeven ahead of the Summit being held here, all Guyanese backed the need for Government to develop a more realistic and transparent approach to developing the country’s emerging oil and gas sector for the greater benefit of the country. Against the worrying socio-economic climate and challenging macroeconomic fundamentals, none who have their country’s interest at heart would support any attempt to undermine Guyana’s potential or ability to attract and secure transparent regional or foreign direct investments.
So it came as a shock to many that two newspapers would publish in sections of the press an advertisement which advised and warned investors against doing business with Guyana. The ad, carried by two sections of the press, was in bad taste, opportunistic, and anti-nationalistic in its intent. It came at the wrong time, and the fact that it encouraged investors to “goinvest elsewhere” is abominable and reprehensible.
Both the newspapers and those who were behind the ad should apologise to the Guyanese people for attempt to sabotage Guyana’s economy by deliberately discouraging investments which could possibly provide jobs or an enabling environment for thousands of sugar workers and cane harvesters who have been made redundant or retrenched late last year.
Guyanese should condemn both the placement and publication of such an advertisement, as it goes against the grain of Guyana’s goals and objectives, which are centred on the creation of a green economy and an economically sound state.
In order for us to move forward and away from the precipice, all investments are needed. We cannot be penny wise and pound foolish.
As for the argument for “freedom of expression”, one commentator has succinctly noted, “The possibility to advertise in media is not the same thing as an absolute right to have ads published. Advertising is a business deal, and it is up to each newspaper and TV channel to make its own choices. This is not to be confused with the freedom to express opinions. Freedom of the press is not just the freedom to publish without governmental oversight; it is also the freedom to choose not to publish.”
This newspaper would never agree to publish such an advertisement, because it understands that its core responsibility is to protect the interests of the populace while defending their livelihoods.
