SEVERAL local and international stakeholders have voiced their confidence in the Guyana Trade Investment Exhibition (GuyTIE) which was launched on Wednesday.
This new expo comes as a result of collaboration between the Ministry of Business, the Caribbean Export Development Agency (Caribbean Export) and the Private Sector Associations in Guyana.

The launch was hosted at the Marriott Hotel which revealed that GuyTIE, dubbed a ‘Business-to-Business (B2B) Trade show, will run from September 19-22 at the Marriott Hotel.

It aims to promote local investment opportunities; to prepare export-ready firms for export markets and to highlight Guyana as a profitable business destination.
The main targets are buyers and investors from select markets such as the United States (US), Canada, Latin America, the European Union (EU) and the Caribbean Community (CARICOM).

Businesses participating in the event can arrange to receive VIP booths packages which include being featured in the exhibitor catalogue, featured news coverage exhibitor training in marketing, packaging, pricing and more.

Present at the launch were Minister of Business, Dominic Gaskin; junior Finance Minister, Jaipaul Sharma; members of various business associations, heads of international organisations, ambassadors, members of the diplomatic corps and several sponsors.
According to Minister Gaskin, for some time now the Ministry of Business and Caribbean Export have been working to shape GuyTIE into existence.
He stated that such an event was necessary in Guyana as reviews proved that the national trade show, GuyExpo, was insufficient when it came to presenting the country as an investor hub.

IMPROVED MODEL
“We’ve been thinking for some time on how we can improve the GuyExpo model and it’s not that we had anything against GuyExpo, but I don’t think that GuyExpo was achieving the kind of outcomes that we, as the government, are looking for.

“It was successful in its own way but we wanted a model that is more focussed on matching exhibitors with potential international buyers and promoting exports, and GuyExpo was more like a business-to-consumer type of event,” he explained.
After reaching out to Caribbean Export, the Finance Ministry was able to arrange financial, technical and training support to significantly improve standards and efficiency at the new expo.

However, Gaskin stressed that in order to achieve the event’s main objectives, partnership is key, which is why the government welcomes support received from the private sector and sponsors thus far.

“I want to encourage businesses who have not yet registered to participate, to sign on early in order to benefit from the capacity building and preparation that goes along with participation which would increase your chances of success,” Gaskin
Meanwhile, remarks from Senior Advisor of Competitive Export Promotion at Caribbean Export, Damie Sinanan, said as Guyana is poised for significant growth in the near future, GuyTIE has become an important component.

“This is the most opportune time for Guyana to significantly push into the international trading and investment realm by establishing export and investment linkages in the global economy and, we see GuyTIE as an important first step in making this happen,” he said.
He added that research reveals that while GuyExpo has “significant cultural value and market testing value”, it offers very little in regards to building and promoting Guyana’s exports and attracting investments.

WIDER AUDIENCE
Sinanan assured that the expo has the potential to promote Guyana as a serious business destination as it reaches a wider audience of investors.

Speaking too was chairman of the Private Sector Commission (PSC) Edward Boyer, who said that GuyTIE is very timely and important for Guyanese businesses.
“This exhibition is an opportunity to showcase trade and investment opportunities available in Guyana. It is important that we recognise the fact that we are no longer isolating ourselves from the rest of the Caribbean or the world at large, but have come to terms with the fact that to be a successful nation we must be willing to compete in the global market,” he said.

Boyer said for the success of the event, local and foreign contracts must be adhered to and respected; all stakeholders must work together and all aspects of the environment must be business-friendly.

Brief comments also came from the heads of the company sponsors: Demerara Distillers Limited (DDL), E-Networks, Banks DIH, Brass Aluminum and Cast Iron Foundry, Massy Group of Companies and GTT.

The undertaking aligns itself with the ministry’s five-year strategic plan to increase sustainable private sector investment and to increase value-added production and exports.
It is expected that GuyTIE will be a reccurring event and Minister Gaskin said it will be improved as the years go by.