INCOME-GENERATION or business is an integral part of our day-to-day lives and is a serious matter when it comes to government’s management of the economy.

How well an economy performs depends heavily on the level of investment it attracts and how well it is managed. The current administration on assuming power saw the importance of business in their fresh start to a good life. Businesses, including small enterprises, play a vital role in empowering citizens, reducing unemployment, while promoting and sustaining development. President David Granger himself has gone almost on a campaign, encouraging the setting up of small enterprises and making the case for greater agro-processing businesses. His vision was seen in the creation of the Ministry of Business. Under the previous administration, this component was subsumed in the Industries and Commerce portfolios of the Ministry of Tourism.

Now with a dedicated ministry, it shows that the government means business when it comes to serious business- wooing investors and creating a conducive business environment in Guyana. Of course, it has Go-Invest whose task is to promote Guyana as a good place to invest, actively promote Guyanese exports to foreign countries and facilitate investments, both domestic and foreign, through the granting of permits, concessions and other incentives, once all requirements are met.

The minister, in the scheme of things, has a broad oversight role and has thus far demonstrated maturity in the execution of this function. Attracting investors to Guyana is one thing; promoting local business is another, but both are vital for a stable economy and a sound investment climate.

Just after the May 11 elections, there was some unease in the business community over whether GuyExpo will continue since, notwithstanding its dominating entertainment feature, it played a key role in showcasing their products. The expo, though catering for small businesses, is not wholly about small businesses as efforts were made to get large enterprises to sponsor small operators who sell their products. It is a novel, synergetic relationship which should be fostered, but it will require more buy-in from larger businesses. In short, it is the promotion of large enterprises through their smaller, enabling partners.

The importance of small businesses to Guyana cannot be underestimated. Small businesses here account for about 40 per cent of total employment and remain a key driver in tackling poverty and unemployment. It would not be surprising to find out that many young people who are unemployed and vigilant for opportunities to earn, are creative but they lack the capital and collateral to engage in self-employment. And there are others who see themselves as employees at some firm or business. With these situations in mind, it is imperative for the government to look at existing programmes and see what modifications can be made to give guidance and support, especially to persons who depend on getting a job, rather than putting their creativity legally in motion, to earn a livelihood.

Guyana’s poverty rate is below 35 per cent, but generally speaking, in a resource-rich nation such as Guyana, with an abundance of arable land and water, no one really should be poor. It would be surprising to know that a large percentage of the persons who are still in poverty today, are in that condition because of inaction. Getting these persons to improve their station in life will require the creation of a new culture, one that is focused on discipline and utilising the opportunities that do not contravene the law at their disposal. The promotion and creation of sustainable small businesses can be of some help in the climb out of poverty, but investment in innovation is the viable solution for a more prosperous Guyana in the long run.