Outgoing PSC Chair charges successor to push more local businesses to go public

As he cited some of his achievements during his two years in office, outgoing Chairman of the Private Sector Commission (PSC), Paul Cheong, has said he hopes his successor would do his best to help boost more local businesses.
“As I prepare to pass the baton on, I hope that the next chairman will continue to push for more local businesses to go public,” Cheong remarked.
During the PSC’s Annual General Meeting on Tuesday, Cheong shared that the PSC has implemented strategies to push Private Sector growth. One such strategy is the establishment of a Guyana/ Suriname Private Sector Business Council in March 2022.
“Following its formation, we met with His Excellency Chandrikapersad Santokhi, President of Suriname, to officially hand over a white paper detailing strategic areas of cooperation the council will like to see implemented between the Governments of Guyana and Suriname to improve trade and other relations between both sides,” Cheong revealed.
He added that President Santokhi welcomed the fresh ideas put forward and the pragmatic approach being taken by the Business Council to address issues outlined in the document, and added that there are many opportunities to be explored in agriculture and other sectors.
Additionally, Cheong has said there is need for new energy in the local business community, as he made reference to the vast opportunities being created for major and rapid economic transformation in the country. He added that Guyana is changing, and citizens must adapt and reposition themselves to be part of the change, and take advantage and lead Guyana’s development path.
“These are exciting times for the local Private Sector. Opportunities for investment and business growth and expansion are vast. The question is whether the local Private Sector is ready and willing to capitalise on these emerging opportunities. As Chairman of the Private Sector Commission, I will encourage you – whether you’re a small, medium-sized, or large business – to reposition yourself, be ready to take advantage of the opportunities that lie ahead. The Government has done its part to create an enabling business environment with new opportunities, and we are already attracting much-needed partners. With this we have to be ready with our plans, proposals, and feasibility studies. The time has come for new energy in the Private Sector,” he declared.
In speaking about the rapid transformation that is taking place in the country, Cheong made reference to the rapidly growing oil and gas sector, noting that the Government is providing opportunities for locals to get involved.
“The PSC recognizes the commitment shown by the Government to ensure that Guyanese benefit from the oil and gas industry, but the onus is on us also, the business community, to support the implementation of the Local Content Law,” Cheong stated.
He also highlighted that, in November 2022, the PSC hosted a Local Content Forum where feedback was garnered on the first schedule of the law. The PSC followed up with the businesses to get a better understanding of the challenges they are facing and general feedback on the changes they would like to see in the law. These responses were documented and presented to the Ministry of Natural Resources’ Local Content Secretariat.
“We look forward to these recommendations being included in the revised schedule of the Local Content Law,” Cheong has said.