President Ali challenges Private Sector to tap into new industries

– says goal is to make Guyana economic powerhouse in region

By Vahnu Manikchand

With Guyana on the path to massive economic transformation, President Dr Irfaan Ali has challenged the local Private Sector to tap into the many opportunities that have and will come on board from investments Government is undertaking in various industries.

President Ali made this charge while delivering the feature address at the Private Sector Commission (PSC) 29th Annual General Meeting which was held virtually on Friday. He touched on a range of topics including human resource development, financial capacity, local content, security, democracy, the importance of partnership and the need for diversification.
The Head of State posited that the role of the Private Sector in advancing Guyana’s national agenda and driving structural change cannot be overemphasised.
“Over the next five years, my Administration intends to put in place the requisite macro-economic and legislative framework that will allow our Private Sector to grow and to be the integral part that it should be in the expansion of the economy. It is also very important that we create an environment in which our local Private Sector can develop their competitiveness and can be the primary beneficiaries of the economic transformations that will take place,” he noted.
Ali also called for diversification, noting that the country would not fall prey to over-reliance on oil wealth.
“While our focus and objective over the medium-term period is to bolster economic growth. We will remain vigilant of avoiding any supply-side constraints and indeed, the Dutch disease. To do this, we have to ensure that our economy and the strength of our economy, rests on varied plans,” he asserted.
The President also mentioned the road links and highways that will open up new investments, new agricultural land, new housing schemes and several new developmental projects.

Take the lead
According to the Head of State, Government is looking for the local Private Sector to spearhead these transformational projects.
“Stop thinking from a compartmentalised way that everything evolves only around a sector and understand the opportunities that these types of investments will bring for the Private Sector. We are ready to work with you… Aquaculture is a huge area of opportunity. Reach out, talk to the embassies [and] let them link you up with investors from the other countries. Take the lead and the Government will support you in putting in the infrastructure,” Ali posited.
The President further stated that there will be a host of tax incentives and other benefits that will give local companies a competitive edge to enter these new areas. This, he added, along with the plethora of infrastructural projects, will support business development in Guyana.
On the other hand, President Ali outlined that his Administration supports positive development, this includes creating a more talented and skilled labour force. On this note, he related that the 20,000 Scholarship Programme has been launched and would not only enhance the education of Guyanese but also ensure that they are trained in positions which will promote growth and development.

“We are also working to ensure that our promise of free university education is accomplished before the end of our five years. The objective of this is to ensure that not only do we have the most vibrant economy, but also the most vibrant pool of human resources, the most talented, skilled and qualified human resources to take our country forward,” the Head of State contended.
According to Ali, this will require Government exercising shrewd management of Government expenditures so that funds can be injected into building human capacity.

Economic powerhouse of the region
Moreover, President Ali outlined that his Government’s developmental plans hinge upon not just a stable and sustainable approach but are also beyond Guyana’s national needs. He highlighted that Government’s long-term objective is to make Guyana the economic powerhouse of the region while creating prosperity for its citizens.
“This is the focus of our Government. Positioning Guyana as a mainstay for regional growth and development. Our ambitions and targets are beyond our national needs because we understand that we operate in a much larger market. And we have great potential in reaching that market,” he said.
The President added that in the coming years, Guyana will be “a place where national prosperity would be a reality, and individual prosperity and wealth creation can and will be achieved for those who are willing and prepared to invest the required effort.”
Meanwhile, outgoing Chairman of the Private Sector Commission, Nicholas Boyer echoed similar sentiments, urging members that they need to make themselves ready to be able to capitalise on these opportunities that will be available.
“Guyana is about to be transformed in ways we have never before imagined and we, at the Private Sector, cannot sit back and wait to reap the benefits of this massive transformation. We have to act now,” he urged.

Political and economic stability
Boyer, in presenting the Chairman’s Report, recalled that just over a year ago, Guyana was faced with a threat to its political and economic stability following the March 2, 2020 General and Regional Elections when the previous regime attempted to derail democracy. He said that threat could have wiped out all the progress the country has made over the years including its thriving business climate.
“We have already started the process of repairing the damage done during those tumultuous five months and putting the country back on the path to prosperity,” he said, adding that the PSC has been working to engage stakeholders – both local and foreign.
According to the outgoing Chairman, the Commission has managed to get the new Government to incorporate a sleuth of recommendations which included tax reduction and removal to relieve the burden of businesses particularly those decimated by the COVID-19 pandemic.
He added that the PSC, during his tenure, has managed to transform the Private Sector umbrella body to facilitate the anticipated economic growth. In this regard, the Commission has inserted itself into key conversations and decision-making processes especially in areas such as local content, taxation, modern investment laws, infrastructural gaps, and electoral and constitutional reforms, among others.
However, Boyer pointed out that going forward, the Private Sector needs stability.
“The Private Sector cannot move forward without stable political climate and clear policy direction from the Government. And it goes hand-in-hand, the country cannot develop without the support and investments from the Private Sector. In the simplest of terms, the Private Sector is going to make significant investments in the country and we need to be guaranteed that the future holds political and economic stability,” Boyer asserted.