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PRESIDENT David Granger said that his overwhelmingly successful engagement over the past few days in London is a clear indication that there is renewed interest and investors’ confidence in Guyana.
He noted that while there is still a lot more work to be done, the current mood of restored democracy in the country has made it an extremely attractive investment destination. The President wrapped up a four-day visit to the United Kingdom on Thursday, during which he met with Queen Elizabeth and other top officials. Speaking at a town hall meeting with Guyanese in the diaspora, the President said that what Guyana needs now more than ever, is a surge in entrepreneurship and for its own people to come home with their capital and technical ‘know-how’ to play their part in the local economy. He was at the time addressing members of the diaspora at a forum in London.
The Head of State explained that this renewed interest stems not only from the discovery of petroleum, but also from the steps that the Government has been taking over the past two years to ensure that Guyana a lawful state. These steps include the passage of legislation to fight corruption, money laundering and the financing of terrorism, the holding of local
government elections and the setting up of the Procurement Commission and other constitutional bodies to improve transparency and accountability and to foster good governance.
“What we need is investment and this is where you, who have saved your money, can look at Guyana as a safe destination; we have Brazilian investors, we have Chinese investors, we have Canadian investors, we have Russian investors and, in our minds, we are confident that if Guyanese see that the door is open to them too, they will see their homeland, their motherland as a safe destination for their investments,” President Granger said.
The Head of State explained that the diaspora can play a role in transformation of the country’s economy, which has been largely dependent on primary products. “In Guyana, our economy has been dependent for over 350 years on a few limited commodities… Unless we become a manufacturing country, unless we move our economy forward we will always remain poor… We have to work together to transform our economy and that is why we are here,” he said.
Speaking of the country’s abundant natural resources, the President said that Guyana’s tourism potential is wealth in itself, but investments are needed in order to convert that wealth into a good quality of life for citizens. He also spoke of the country’s ‘green’ development thrust as well as its renewable energy potential, ranging from solar to biomass to wind and hydropower.
After the President’s presentations, attendees directed questions and comments to the Head of State, as well as to the Minister of Foreign Affairs Mr Carl Greenidge, calling on Government to do more in the areas of education, social protection with regard to domestic violence and suicides, the arts and cultural development, security transparency and diaspora engagement. President Granger outlined what was being done in each of these sectors, but also called for the support of the diaspora through non-governmental organisations and civil society movements, particularly in the area of the arts and social development, while committing to continuing to tackle the challenges the country faces for the benefit of all Guyanese. (Ministry of the Presidency)
4 thoughts on “Investments are what we need …President tells Guyanese in UK during town hall meeting”
I was invited by the Guyana High Commission to attend the event which was kept not in a town hall but at 28 Upper Tooting Road, London, without enough accommodation for all the invitees. I arrived at 5:30 pm, the scheduled start time, but like the majority of people who turned up I had to stay outside in the rain for over an hour. By the time I entered the premises over an hour later, the President had already started his presentation. Some emphasis on the presentation was for Guyanese in the diaspora to invest their savings in Guyana. As many Guyanese like myself living abroad may have accumulated some savings over the years, they may not want to risk their hard earned funds unless they can be assured of some protection. I am aware that every investment has some risk anywhere in the world. The President tried his utmost to convince the audience that there is no risk. He mentioned investments from countries like Canada, Russia and China. But investments from these sources are not from individuals. Guyanese individuals will need some greater assurance that they will not lose their life savings. Perhaps the government should do much more in preparing a detailed plan for implementation. This should be done after proper research and analysis, including invitation for suggestions from the public. The following, among others, can be looked at:
(a) the establishment of an investment corporation under which shares can be acquired. Under such a corporation investments will be carried out in areas suitable for investments. This will avoid the need for most shareholders to be directly involved, albeit some may be employed by the corporation. However, if shareholders are employed, they can have a personal interest in safeguarding their investments.
(b) A tax free zone should be earmarked for people with funds to establish their manufacturing concerns with a view to the exporting of manufactured products. A few other countries have done this. Some research can be carried out on this.
(c) The President mentioned last night how Guyanese entrepreneurs from the diaspora can be involved in the production of a variety of products in Guyana. A great deal of work is required to be done by the Government to entice entrepreneurs. In this regard, people with the relevant expertise should look into each and every area which can be earmarked for possible investments.
Dr Khublall you missed out the main impediment to investments in Guyana and that the very high crime rate prevalent there. So in addition to a good investment return, the return on your life and limbs is a vital consideration too..
Lionuk, thanks for pointing out the apparent omission about the high crime rate in Guyana. It’s a good point, but I have read in the newspapers recently that the crime rate is going down. This my not be true as the very newspapers report crimes on a daily basis almost.
I applaud the President’s appeal to the Guyanese diaspora for investments in Guyana. Before this happens in major way Guyana has to establish an environment where the diaspora feel they will not risk losing everything.
Many Guyanese have a nostalgic feeling and are eager to help build Guyana, but not at the expense of losing everything.
Here are at least three things that have to happen. Cut down on the bribing (slipping a few to grease the palm doe not help), increase efficiencies (standing in long lines is a killer), and increase security (the crime rate has to come down).