Jagdeo calls Govt out on absence of new, major investments

Opposition Leader Bharrat Jagdeo has come out swinging against the continued absence of new, major investments; criticising Government for the reliance on investments brought under the People’s Progressive Party (PPP).
The Opposition Leader zeroed in on this issue at his press conference on Thursday. There, he challenged the Government to identify a substantial investment it brought to Guyana since taking up office in 2015.
“They have not done a single major investment,” Jagdeo posited. “The two, large gold mines; ExxonMobil… now the Manganese plant… That is their mantra. And they didn’t bring the company here. Can they point to a single investment that they brought to Guyana? The answer is no.”
According to Jagdeo, the PPP was once heavily criticised by the then Opposition

based on their management of the economy. This is even though data shows that economic growth, as well as other indicators, is on a downward slide.
“These were the same people who were criticising us in the past and saying we are not doing a good job on the economy. They have not brought a single investment. They’re latching on to these investments that came under the PPP and they have no prospect of bringing any investment here.”
Foreign Direct Investments have been shown to play a major role in the economic health of a country. An example of this can be seen in the mining sector, where just two foreign mining companies produced over half the output of local small and medium-scale miners combined.
In February, it was announced that a number of Barbadian manufacturers and services exporters would participate in an exploratory mission to Guyana to seek new trade and market opportunities.
Organised by the Guyana Office for Investment (Go-Invest) in collaboration with the Barbados Investment and Development Corporation (BIDC), the event was intended to facilitate 10 recently formed companies from the island as they seek to network with local businesses.
The companies themselves were drawn from the food and beverage, Information Technology, construction, garment and fashion, footwear, media publishing and health and wellness fields. The participating firms included Artel Cimtect Inc (construction), Bibi’s Snacks Inc and Eve’s Creations (food and beverage).
In addition, companies such as Carepoint Solutions (ICT), Eastlanders Manufacturing (craft), Locks Protector (hair accessories), Regal Elegance (garment sector), Spa E’scentials and the Healing Power of Touch (health and wellness) and Thorne Publishing and Productions (media publishing) were also supposed to participate.
BIDC is a statutory agency of the Barbados Government, with special responsibility for export development and promotion; the establishment and expansion of business enterprises. But even then, the MoU in question was signed in 2014, during the GuyExpo Investment forum, under the previous Administration.
There had also been talk over a number of oil companies looking to invest in Guyana.