Oct 12, 2017 News
– calls for innovation in manufacturing sector
The coalition administration remains open not only to dialogue but also ensuring that the private sector is able to play its role in being the engine of wealth creation and employment in Guyana’s economy.
Those sentiments were expressed yesterday by President David Granger who addressed a large audience at the business summit of the Private Sector Commission (PSC). The two-day summit, which concludes today, is being held at the Marriott Hotel.
The Head of State asserted that the private sector can indeed work with the Government, the labour movement and civil society to stimulate increased economic activity to ensure the ‘good life’ for all Guyanese.
According to the President, the three elements of Government’s approach to this objective are investment, innovation for the diversification of the economy and reduced reliance on its primary products, and the setting-up of strong institutional frameworks, which ensure that every Guyanese citizen benefits from the wealth of the country.
“Private sector investment is pivotal to development. Your Government, over the past 29 months, has been working to create a more enabling environment for business development by encouraging investment and ensuring stable macroeconomic conditions. Americans, Brazilians, British, Canadians, Chinese, French, Indians, Russians, Surinamese, Turks and Trinidadians are investing heavily here,” the President asserted.
He added, “Guyanese should have no good reason for not increasing investments in their own country.
Investment is the fuel of economic expansion and employment. Government has been encouraging the banking sector to expand its financial services to rural agricultural and hinterland gold-mining and other zones.”
Additionally, the President stated that Guyana’s economy has suffered from an overreliance on primary products or raw materials. He stated on this premise that there remains a need for innovation in the manufacturing sector.
With Guyana actively pursuing a ‘green’ agenda, President Granger said that there are opportunities for members of the private sector to seize upon innovative investment opportunities, which fall in line with a ‘green’ state policy that emphasizes the preservation of Guyana’s rich biodiversity, the protection of the environment, the provision of eco-tourism and eco-educational services, and the promotion of renewable energy generation.
But even as investments and innovation are important, Granger said that Government is working to modernise and transform the absurdly anachronistic adherence to the colonial ‘three-county’ system.
He stated that this still pervades the public administration system. It is for this reason, he said, that ‘capital towns’ were created in Mabaruma, Lethem and Bartica, with Mahdia soon to be named a town. Granger expressed that every Region in the country will have at least one economic centre aimed at creating real frontiers of economic development.
Deodat Indar, President of the Georgetown Chamber of Commerce and Industry (GCCI), read the remarks of Chairman of the PSC, Mr. Edward Boyer, who is overseas.
Indar quoted Boyer as saying that it is his hope too, that the outcomes of the Summit can be in the best interest of not only the members of the private sector, but of all Guyanese.
“I hope that we can agree on the things we have in common and to resolve or dissolve the things we do not agree on.
It is without a shadow of doubt that all of us in this room and beyond desire to see Guyana succeed, and we have chosen to work towards that success, as we do not expect to stand on the side-lines and expect it to be done.
Through this Summit we are taking the bold step to advance the economic growth of our beloved country,” Indar read.
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