Investors to find ways to incorporate people & communities

…economic diversification must be paired with social integration – Ali

With a British Trade Mission in Guyana seeking out investment opportunities in sectors such as agriculture, the extractive sectors and in manufacturing, President Dr Irfaan Ali has urged them to also look at the social side of investing and seek to incorporate the people.

On Wednesday, the President witnessed the signing of a partnership agreement between Guyana and the United Kingdom (UK) at the Marriott Hotel. Afterwards, President Ali engaged the British Trade Mission, which arrived in Guyana earlier this week.
He told them of the bountiful opportunities for investment in Guyana, but also told them of Government’s expectations. One such expectation is that investors would find ways in which they could involve communities and ordinary people in their developments.
“It’s a very complex debate, but we are in the room to find solutions and to ensure that our Private Sector and the Governments from both sides are integrated into those solutions; that they find a way in which they can survive; a way in which they can make a decent return; and a way in which they can incorporate people in their development,” the President said.
“At the end of the day, we want to have a system of investment in which people become prosperous. One of the reasons why we’re pursuing call centres…as part of the technology’s platform (is) we’re going to pass legislation by the end of this year…we must have legislation in the Parliament for data centres,” he said.
According to President Ali, this would be a massive business opportunity. Added to this is the need for reliable power and energy, which is a work in progress. Ali further emphasised the need for social and economic diversification.
“The next eight years is to ensure we have a very rigid, strong system in place to build an economy 2030 and beyond that is functional, highly competitive, above par, and among the big economies. That requires social and economic diversification,” the President added.

“I’ve added social diversification. You won’t see it in a text book, because in my own reading I’ve come to the conclusion that diversification cannot only be economic in nature, it has to be social. And social diversification is a concept that speaks to more regional planning, more regional orientation of growth and prosperity; looking more to the community level,” he explained.
The President also reiterated to the investors that Guyana is undergoing a massive transformation, and his Government continues to work on building the country’s economy to make it become extremely competitive by 2030 and beyond.
The British Trade Mission is in Guyana from November 14th to 16th, during which they would be engaging the Government and local Private Sector. Their visit is as a result of collaboration between the Department for International Trade of the British High Commission, the Caribbean Council, and the Georgetown Chamber of Commerce and Industry (GCCI).
The forum, meanwhile, featured presentations by Sector Leads and UK Industry, as well as ministerial interventions and discussions in several priority areas, including infrastructure, housing, education and agriculture.
The UK delegation included British High Commissioner to Guyana, Jane Miller; UK’s Trade Commissioner to Latin America and the Caribbean, Jonathan Knott; and other visiting officials, while President Ali was accompanied by Ministers Dr Ashni Singh, Hugh Todd, Oneidge Walrond, Juan Edghill and Collin Croal, along with other officials.
In his remarks, Knott noted Guyana’s green energy potential and also expressed that the two countries share a similar mindset when it comes to turning Guyana into the investment hub of the region.
“We share your ambition to build capacity and capability. We share your vision that Guyana is going to become a hub for investment gateway in South America,” Knott told those in attendance.
The British Trade Mission’s visit to Guyana aims to increase growth in trade and investment between Britain and Guyana. Guyana only recently collaborated with the UK Caribbean Infrastructure Fund, with the latter providing US$66 million toward the US$190 million Linden-to-Mabura road project. The two-lane highway between Linden and Mabura Hill forms part of the arterial link between Linden and the Lethem Highway, and links Georgetown to the Brazilian border.
Additionally, through the UK Export Finance (UKEF), the Government of Guyana is constructing a paediatric and maternal hospital. The building and equipping of the state-of-the-art hospital will cost 149 million pounds.
Meanwhile, co-operation programmes/projects between Guyana and the UK also include the Diamond Diagnostic Centre, the Lethem Hospital, the Leonora Cottage Hospital, the Mabaruma Hospital and the Paramakatoi Hospital. And as of November 9, through collaboration between the two countries, Guyanese are now able to visit the UK visa-free. (G3)