Local businesses urged to be more competitive, innovative

Guyanese businesses must become more innovative, imaginative and competitive as well as industrious in order to grasp the countless opportunities which are emerging as of recent in several traditional and non-traditional sectors of the country, if buoyancy is to return to the sluggish and underperforming economy.
This was the core sentiment expressed by the leadership of the Georgetown Chambers of Commerce and Industry (GCCI) as the entity launched the ninth edition of the ‘Business Guyana Magazine’ on Thursday evening at the Pegasus Hotel in Kingston, Georgetown.
That launch was attended by several high-level officials within the A Partnership for National Unity and the Alliance For Change coalition Administration, the Private Sector, civil society and a handful of key socio-economic lobbyist groups. Guyana’s Finance Minister Winston Jordan and his Cabinet colleague, Business Minister Dominic Gaskin particularly attended the event in order to show support to

the thrust of the magazine.
GCCI’s President Deodat Indar, while delivering opening remarks, lauded the work of the entity’s secretariat which resulted in a professional and diverse product being published on the Chamber’s work programme and ideological thrust.
Indar explained that all of the revenue garnered from the publication via its sale, advertisements and cash gifts will go directly to the construction of a new GCCI secretariat and the rehabilitation of parts of the building, as he expressed gratitude to all those who played a direct and indirect role in assisting the GCCI in achieving this key objective.
The GCCI President said a new secretariat was needed because the existing one was “getting dilapidated”. He emphasised that the Chambers presentation was important when meeting key stakeholders and foreign contingents to discuss its

work-programme and business.
Additionally, he called on the business community and those industry leaders present to tap into the lucratively performing sectors in the economy as he painted a picture that things were starting to improve in a number of areas which meant that there were new opportunities to be maximised and explored.
He pointed to the growth and expansion taking place in the real estate industry and the construction sector which he said was “good news” for businesses.
“Construction is good news… most of the money that I believe will come from the oil revenues… a large portion of that will go to the construction sector whether its (for the construction) of farm to market roads, bridges, Government buildings…”, the GCCI Head remarked.
Indar also underscored the important of the education and standards industry which had a serious role to play in improving the quality and efficiency of Guyana’s human resource complement.
“…Once you have the right people, you can move mountains”, Indar said to those present at the launch before telling them that the hospitality and tourism sectors, the service sector and whole sale and retail sector also had promise as they

showed potential to boost Guyana’s development.
The GCCI President warned businessmen not to become too oil dependent as he explained that there was a price to pay for complacency and a lack of focus even though he did not downplay the ability of the resource to transform the country’s socioeconomic development.
“Oil and gas, when it comes… it will be something so big that it will be the elephant in the room,” he remarked. As such, he called on the Private Sector to put its back to the wheel to drive the economy’s performance through consolidated and strategic economic approaches aimed at resolving conflicts and challenges which stand in the way of improved foreign direct investment, trade and economic progress.
“Whatever challenges we confront, we as the Private Sector must work with the Government and other stakeholders… we must lock our heads and pilot strategies… we should not be blinded by oil wealth,” he explained.
The magazine was launched under the theme “Guyana on the Rise” and features several writings and analyses of the GCCI as it continues to make its mark on the way business is organised, executed and engaged in Guyana.
Three of the sponsors of the event;MACORP, Caribbean Airlines, and Century Tamara Energy Services noted that they are committed to ensuring that the business sector maximises its potential through their involvement with the GCCI. (Michael Younge)