Guyanese urged to make reputable products for international trade

Geographical Indicators

Stakeholders from the private and public sector were on Thursday involved in a geographical indication workshop, aimed at creating unique Guyanese products that are recognised on the world stage.

Through collaboration with the Inter-American Development Bank, this workshop came on the brink of increased economic growth from the oil industry. Geographical indicators are described as a brand which identifies a product coming from a specific location, which can account for its quality.
IDB Consultant, Bernard O’Connor insisted that there are many latent potentials to create products that are of reputable standards. Presently, Demerara is well established around the world for its sugar, molasses and rum.
He said to the stakeholders, “There are potential to have many geographical indications because it is you, and all of us together, which determine what a geographical indication is. It’s because we as customers understands that a particular product, coming from a particular place has certain characteristics, which we as consumers recognise”.
Country Economist, Victor Gauto insisted that for this to materialise, there must be a strong Private Sector to ensure a competitive business environment. This is measured by the ability to withstand production or export challenges.
“A strong Private Sector is key for greater competitiveness and economic diversification, which are essential for building a resilient economy, capable of resisting external influences such as changing export crises or weather-related production challenges,” Gauto indicated.
He specifically mentioned the creation of new markets in light of oil production, which is expected to commence early next year. While these prospects are promising, they are coupled with economic constraints and setbacks.
“The development of new markets and greater competitiveness gain even greater significance in Guyana’s context of impending oil production. A healthy business environment with a developed Private Sector can contribute to strengthening investment, employment and family incomes.”
Director of Business, Dominic Gaskin acknowledged that Guyana cannot compete with prices on international markets, but will have to find some distinct feature which appeals to consumers. According to him, the country has not utilised geographical indication, but has rather used testing mechanisms for quality assurance as the main commercial drive.
Gaskin echoed, “We are unlikely to achieve the economies of scale that are necessary for us to compete with global producers on price but if we can carve out a little niche with which we can market our products and services on the basis of some special feature or benefit that is unique to our country or to a part of our country, then I believe we stand a fighting chance in the global marketplace.”
Business Minister, Haimraj Rajkumar called on entrepreneurs and producers to collaborate when there is an opening for goods on the international stage if one person or agency cannot sustain the market.