I refer to Mr. Mervin’s letter titled, “The spin doctor and his web of deceit “compares Guyana’s Foreign Direct Investments (FDIs) with the US FDIs? This is ‘hocus pocus.’ It is absolutely crazy to even think of comparing the FDIs of the United States with the FDIs of Guyana.

Guyana’s FDIs might be small when using the developed world standards but it is enormous when using the standards of the developing world. If Mr. Mervin wants to argue on this basis then I suggest he write a letter to the International Monetary Fund (IMF), or the World Bank (WB) and let these organizations be the judge of his convictions.

Our annual average foreign Direct Investment flows (in millions of dollars) from 1994 through 2007: 1994-107, 1995-74, 1996-93, 1997, 53, 1998-47, 1999-48, 2000-67, 2001-56, 2004-30, 2005-77, 2006-102, and 2007-152 is most commendable for a small state like Guyana. Mr. Mervin may scuffle over these figures, but what he should know is that the dynamics of these figures for poor countries are great. Mr. Mervin should note that in the context of a developing country that even one investment is absolutely vital.

Even though we have managed to attract FDIs to Guyana, it is important to note that, Guyana is also benefiting from a lot of local investments, for instance, enormous investments on the Berbice Bridge, the purchase of the Pegasus Hotel by the Robert Badal-led consortium comprising of overseas and local investors, and not forgetting the establishment of new businesses by returning migrants.

Recently, we have seen the expansion of a number of businesses such as: Roti Hut Fast Food Outlet, New Thriving Restaurant, German’s Restaurant, Duke’s Lodge, Bakewell with the acquisition of the Rituals Coffee House franchise, and is expected to open food courts at the Cheddi Jagan International Airport (CJIA), etc. Also, there is the introduction of a recently formed Guyanese/Brazilian sand exporting company called The Guyana Sand Port Incorporated.

Today, our construction industry is booming, and the demand for timber is rising. Also, today we are witnessing the expansion of commercial banks countrywide. This displays an indication of a strong circulation of money and development, especially in the rural areas.

These are just a few examples to show how a few local investments along with FDIs can contribute immensely to the development of a developing country like Guyana.

And, since Mr. Mervin seems to be a man of the nuances involved with FDIs in the developed countries, then I suggest he familiarize himself with the nuances involved with FDIs in the developing world. Hopefully, it might knock some sense into his head.
ELIZABETH DALY