Latest update April 19th, 2024 12:59 AM
Oct 20, 2017 News
Concerns regarding the lull in the nation’s economic growth continue to be raised time and again. The Ministry of Business, however, is on a mission to roll out number of transformative measures which would without a doubt, address this state of affairs.
This is according to Business Minister, Dominic Gaskin.
The politician recently noted that the Guyana National Bureau of Standards is working on developing building codes for the construction sector which are expected to bring it into greater compliance with international standards and best practices. Gaskin insisted that this initiative will surely improve the quality and standard of construction works in Guyana.
Speaking to another measure, Gaskin noted that the Ministry of Business is in the process of drafting a Small and Micro-enterprise policy; National Entrepreneurship Policy; and a concept paper on the designation of special economic zones in which they are proposing that a study be undertaken.
He said, “This is actually very important in the light of a number of developments including the possibility availability of gas from Exxon Mobil’s Liza-1 well and the road link from Brazil with a deep water port on the Atlantic.”
The Minister also revealed said that a Small Business Procurement Programme is almost complete. The initiative is expected to allow for better access to the public procurement pipeline by small businesses in keeping with the 20% target set by the Small Business Act.
As it relates to the Single Window Automated Processing System (SWAPS), Minister Gaskin expressed that this is an important trade facilitation initiative that will propel businesses into a whole new world when it comes to transacting business with government. He commented that the time and cost for processing trade transactions are key factors that influence Guyana’s competitiveness on the global market. He noted that SWAPS will help to drastically reduce these processing times.
Gaskin said, “Work on this project had paused to give way to the installation of Guyana Revenue Authority’s ASYCUDA system, but now the government is accessing technical Assistance from the Inter-American Development Bank to conduct a technical review of works done to date and to prepare our trade regulatory agencies for the implementation of SWAPS within the next two years.”
Furthermore, the Business Minister said that efforts are being made in the direction of establishing Business Registration Hubs.
In this regard he said, “Thanks to efforts by our department of commerce, persons in Region Nine do not have to travel all the way to the Essequibo Coast to register a business. This is now being done via collaboration between the Ministry of Business, Rupununi Chamber of Commerce and the Commercial Registry. A similar programme is being replicated in Mahdia, Region Eight.”
Additionally, Minister Gaskin revealed that the Ministry of Business has been working with the World Bank and other stakeholders to develop and implement key reforms that would improve the ease of doing business in Guyana. In the last ranking Guyana improved in the area of access to credit due to an amendment to the Credit Reporting Act which now mandates banks to provide data to a credit bureau.
He said that a project for the development of a web-portal for registries in Guyana is currently underway. Gaskin said that it would allow for greater transparency in information and will enhance efficiency in the areas of registering property and starting a business.
Specifically, the Business Minister said that the new civil procedure rules adopted in November 2016 now makes enforcing contracts easier and will be favourably reflected in Guyana’s doing business scores.
Additionally, Gaskin said that personnel changes and increased resources have streamlined the process for transferring property at the Lands Registry and this will also be favourably reflected in doing business scores.
Gaskin told the media that just recently, the coalition government signed a collaborative agreement with the Inter-American Development Bank to develop a secure transaction system. Once completed, this will allow for moveable property to be accepted as collateral by lending institutions, paving the way for easier access to credit.
Additionally, the allocation of lands for industrial and agricultural use is being pursued by GO-Invest through arrangements with the Guyana Lands and Surveys Commission and the Central Housing and Planning Authority. This will allow GO-Invest to offer investors appropriate lands for their investments.
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Apr 19, 2024
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