Local businesses need to be innovative, competitive – GNBS

– improved quality needed in light of Regional, International companies’ presence

In light the presence of regional and international companies, innovation and competitiveness are essential for the sustainability of local businesses as Guyana prepares for first oil.

This is according to the Guyana National Bureau of Standards (GNBS) Head of Legal Metrology Department, Shailendra Rai, who told a gathering of business owners and managers at the recent GNBS Quality Awards ceremony that the presence of foreign companies will make it more difficult for local companies to compete in the Guyanese market if they are not prepared.
“So it is very important for us to be very innovative as we move forward in terms of developing the quality of our products and services. Local companies should look at not only the local market but also Regional and International markets as well because that is the aim to move forward…the Bureau commits to working with companies (stakeholders) to ensure that we provide the necessary technical assistance and other forms of assistance to help local businesses in this regard,” he stated.
According to Rai, a business can only be successful if it is able to sustain itself. “It is important that you sustain what you achieve because if you don’t do that, then your competitive advantage would decrease,” he noted.
Meanwhile, Guyana’s Business Minister, Haimraj Rajkumar explained that for the companies that copped awards at this year’s event hosted by the GNBS, it speaks volumes.
He said that they would have been judged on international standards and for those that participated but did not emerge victorious, they would have also displayed such quality work to have been selected in the first place.
The Minister also noted that more and more businesses in Guyana are developing and expanding with the “Green State” agenda in mind.
This, he added, is a move in the right direction and is in keeping with global trends.
“There are more efforts of local companies and businesses that embrace sustainable business practices and incorporate with more green initiatives in their operations. As we are seeing these days consumers are demanding more of this and are holding companies to higher standards.”