Business Ministry better positioned for take-off
Minister of Business, Dominic Gaskin
Minister of Business, Dominic Gaskin

-Gaskin says 2016 was a ‘busy year’

THE year 2016 has been a “busy one” for the Ministry of Business, according to subject minister Dominic Gaskin, who also has responsibility for Tourism.

In 2016, a total of $1.22 billion was approved for the Ministry of Business and its agencies. Spread over several areas, the allocation catered for a number of projects and programmes.

He revealed that the Current Expenditure for 2016 was six hundred and sixty-eight million, five hundred and sixty-four thousand dollars ($668,564,000), and the Capital Budget was five hundred and forty-seven million, two hundred and fifty-three thousand dollars ($547,253,000). The capital budget catered for the infrastructural agenda that provided motivation to attract investment and bring about economic growth.

The minister noted that the Ministry of Business has managed to successfully consolidate all the responsibilities and mandates of the various agencies and departments into a single set of strategic objectives with the launching of the Ministry’s Strategic Action Plan 2016-2020.

“There are many highlights, but I think — for me, I think what’s most important is that we now have a very clear strategic plan; (one) that will inform our work over the next few years,” Minister Gaskin said.

In explaining why the plan is very important, he noted: “This plan will help towards improving ‘ease of doing business’ in Guyana, while ensuring that the correct criteria are made.”

He emphasised that the plan is the Ministry’s, and is not a national one; and that it would address investment promotion, workforce enhancement, sustainable development, and export promotion.

The five strategic goals set out by the Ministry of Business in the Strategic Action Plan are to: improve the ease of doing business in Guyana; attract increased foreign investments in the economy; support the development and export of value-added industries; increase the economic opportunities and capabilities of vulnerable groups; and expand capacity to develop and promote sustainable, business-friendly policies.

Minister Gaskin explained that almost everything in the Ministry’s plan is geared towards improving Guyana’s economic performance, the business environment, and competitiveness. It is also targeted at creating an investment promotion strategy, a value-added export strategy, and small business development, all of which are expected to contribute to enhanced economic performance.

Businesses are the major source of the Gross Domestic Product (GDP), income, investments, and jobs in Guyana, and will therefore be central to securing the economic growth needed to drive the country’s future, he stated.

Minister Gaskin told the Government Information Agency (GINA) that there were a number of other achievements recorded by the Ministry of Business, such as the successful hosting of GuyExpo 2016; and that the agencies in the Ministry have been performing well.

“We made a number of key appointments in terms of boards and councils and other appointments at the leadership levels at all of our agencies. All of which have brought about significant improvements in the way that the Ministry has been functioning, and also in terms of accountability,” Minister Gaskin said.

GO-Invest
Minister Gaskin said the Guyana Office for Investment (Go-Invest) has been receiving a lot of compliments from various investors. He noted that management and the employees have been working diligently to facilitate investors, and pointed out that the agency has been going the extra mile to assist investors with relevant information and with getting concession agreements facilitated as efficiently as possible.

The Small Business Bureau, another agency which falls under the Ministry of Business, has been doing tremendous work in developing and promoting standards and the use of standards for business, Minister Gaskin said.

“There is a lot more that goes into the work that they do: monitoring compliance and providing testing facilities for numerous industries; and they have been doing a lot of work (that is) very commendable,” he declared.

The Small Business Bureau has been spreading itself all across Guyana, and has outreaches in all of the regions, Minister Gaskin said. The Bureau is working assiduously to ensure Guyanese small businesses benefit from the Micro and Small Enterprise Development Project, a project wherein businesses can access loans, grants, interest subsidies and training.

The Business Minister also said the Department of Industry has been doing a lot of work as well as outreaches, and has been working on several projects, especially in the Industry department. This Department has been working on completing several projects which were started a few years ago under the Rural Development Fund.

“We did a review of those projects last year, and we have decided to modify them and bring them to completion; and the Department of Industry has been working on getting those projects completed, as well as working on the (creation of) industrial estates,” Minister Gaskin said.

He added that a lot of work has gone into the creation of an Industrial Estate in Lethem, and pointed out that Guyana is ready for business even as he encouraged investors to come and experience all that Guyana has to offer.

(GINA)

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1 thought on “Business Ministry better positioned for take-off”

  1. We can eliminate this problem by adopting the ESOP model, Employees Stock Ownership Plan, we need to read and learn about the revolutionary model that is being adopted in America by Louis Kelso, 10.000 companies, employing 11.000.000 in people America.

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