Guyanese entrepreneurs: the very heart of Guyana’s economic engine – Minister Prashad
Gov’t to foster a strong, competitive economic environment that benefits all Guyanese

Georgetown, GINA, April 28, 2009

At the 119th Annual General Meeting (AGM) of the Georgetown Chamber of Commerce & Industry (GCC&I) held at Duke Lodge, Kingston, Minister of Tourism, Industry & Commerce, Manniram Prashad, in the keynote address, reassured the audience that the Government of Guyana shares their goal of fostering a strong, competitive economic environment that benefits all Guyanese.”

“My Ministry, at all levels, is nurturing entrepreneurs and facilitating the development of business in Guyana by removing all red tape,” the Minister said.

He noted that Government is strengthening its economic policies, and is working with members of the private sector to implement the National Competitiveness Strategy (NCS).

“The Government of Guyana continues to work to further strengthen its economic policies, by having: (I) stable macro-economic policies; (II) increased investment in public services; and (III) improvements in the business and investment climate to enhance national competitiveness,” Minister Prashad said.

“The Government…has also been working closely with the private sector in implementing the National Competitiveness Strategy to generate new growth and prosperity, and to deliver more jobs, more exports and more investments for Guyana.”

The programme that seeks to deliver national competitiveness in Guyana is divided into four elements:

Strengthening institutional capacity to formulate and implement the NCS;

1. Improving the business climate;
2. Enhancing investment attraction, export promotion and raising production standards; and
3. Supporting private enterprise competitiveness for export development

Minister Prashad noted that the global financial crisis has the potential to threaten Guyana’s development and that of many developing countries and according to the World Bank, become “a human and development calamity”.

However, he stated, “I believe that the private sector in collaboration with Government can partner to cushion the effects of this crisis…the challenges we face as a developing country require us to continue our efforts to diversify our economy, develop new products and services to meet international market standards, and enter the value-added product industry, while at the same time, lobby to gain favourable terms of trade and support for our industries.”

He challenged the private sector to improve their business practices and to become more responsive to market demands. “The Private sector must also be prepared to adopt new business practices and systems to modernize and enhance their operations. To be competitive, businesses must respond to more demanding markets. It, therefore, means that the small and medium enterprises need to be efficient, innovative and proactive in their business practices.”

Also in attendance at the AGM were Chairman of the Private Sector Commission, Captain Gerry Gouveia, the Chinese Ambassador to Guyana, Zhang Jungao, and the Indian High Commissioner to Guyana, Subit Kumar Mandal among others. Many members of the GCC&I were also present.