Business Minister Dominic Gaskin on Monday said his Ministry was prepared to do all that was possible to create a welcoming environment for investors coming to Guyana.
Dominic Gaskin
According to the Minister, Guyana supports an economic model that sees Private Sector investment as the key driver of sustainable growth.
He stated that sustainable growth, by its very nature is a long-term rather than a short-term model.
The Minister was at the time addressing employees of Republic Bank Guyana Limited and their counterparts from Barbados, Suriname and Trinidad and Tobago at the Bank’s first-ever trade Mission to Guyana.
“There must be a long-term partnership between Public and Private Sector in creating an economy that is not only relevant to Guyana, but the wider region,” he told the gathering at the Marriott International Hotel in Georgetown.
According to Gaskin, the business community in Guyana is aware of the challenges of raising capital. He said the high cost and stringent requirements of the formal banking system, coupled with the under-developed capital markets, do not provide enough financial options for a well-diversified economy to take place.
He said, “So whether within borders or across borders, we do need a financial sector that is responsive to the needs of a growing economy, and will be willing to put new options on the table to finance that growth.”
The Minister explained that despite this staggering reality, investors were flooding Guyana to explore opportunities. It was with this in mind that Government was seeking to create the right environment for businesses to do what they do best.
Gaskin said the Business Ministry has as its top priority making Guyana an easier place to do business. In so doing, the Ministry has developed an action plan on business reform that would be rolled out over the next two years. This plan, he said, will bring significant improvement to the ease of doing business in Guyana
“It is fairly comprehensive and relies on a number of agencies to collaborate and in some cases amend and create new legislation to change and improve the way certain things are done,” he said.
The Ministry also understands that there are factors that can limit economic growth and development. He noted accelerated infrastructure development was a particular area of focus. Minister Gaskin further stated that there was no doubt an investment in infrastructure needed to be aligned with economic opportunities.
Gaskin mentioned as an example the road through Guyana that would connect Brazil to a deepwater port on our Atlantic Coast. He said this was feasible given the lower cost of transportation it would create for companies in northern Brazil. Once the road is completed, a number of investments opportunities are likely to become more attractive.
“So, over the next few decades, with the right investment, Guyana can be transformed into a private regional economic hub. The right investments will come once there is enough confidence among partners and the likely returns attractive.”
