– GuyTIE launches with aim to bolster Guyana’s global competitiveness

GUYANA could enhance its image as an investor-friendly state and improve its global competitiveness with the help of the Guyana Trade and Investment Exhibition (GuyTIE), said President David Granger.

The three-day event, which was launched at the Marriott Hotel on Thursday, presented a platform for local businesses to engage and network with Caribbean and international investors.

“It could enhance the investment image as an investor-friendly state, improve competitiveness for large, small and medium enterprises and position Guyana and the Caribbean to be competitive in the global market place,” said the President during his remarks at the launch of the inaugural event.

Over the years, local businesses, particularly manufactures, have been seeking to create a link with the rest of world. Guyana has been known for importing more than exporting, so the establishment of business links would possibly bring balance to that aspect of the local economy.

Guyana has been constrained by the small size of its population, small domestic markets and small range and value of the primary export commodities, lamented President Granger, who added that those factors have made the economy highly vulnerable to external shock.

“Government is however obliged to enhance the environment for business… we have been doing so by emphasising education to ensure sustainable development; enhancing physical infrastructure and energy security by ensuring that policies, laws and regulations are geared at promoting ease of doing business,” he said, noting that the theme for GuyTIE “Made locally, trading globally” is linked to that commitment.

OPPORTUNE

As focus continues to be placed on the local economy, President Granger said GuyTIE comes at a time when there are also renewed efforts to re-energise Caribbean economies which have been dormant in some instances.

He believes that the private sector has a major role to play in regional economic co-operation, and as such, the business community should aim to increase investment and become innovative in pursuing new markets and improving competitiveness of goods and services.

“It has been said that a rising tide lifts all boats and we are seeing a surge of a rising tide that will deliver transformative and economic change. The world-class discoveries of petroleum will unleash unprecedented business opportunities,” said the President, adding that petroleum revenues will catalyse economic growth, increase employment, propel innovation, intensify technology transfer and improve workforce productivity.

In years to come, he believes that Guyana will become the foremost investment destination and the private sector should aim to build capacity and establish strategic partnership to exploit opportunities in the petroleum sector.

Minister of Business, Dominic Gaskin also encouraged local businesses to use GuyTIE as an opportunity to build partnerships ahead of the economic development which is expected with the introduction of the oil and gas industry.

PLATFORM FOR EXPORT
“It is not about the numbers and ticket sales…it is not and was never intended to be a mega event or consumer event and it is not an entertainment event… GuyTIE is strictly a business to business event and it is expected to contribute to two of the four key objectives of the Ministry of Business’s strategic five-year plan,” said the minister, noting that the exhibition provides a platform for export.

Once successful, the event will also contribute to an increase in export earnings.
Although it is a pilot event, the minister said GuyTIE will be held regularly and will be a signature Caribbean Trade Fair which would not just link local businesses to international buyers but soon link international businesses to international investors.

The sectors represented at GuyTIE include agro-processing; chemicals and pharmaceuticals; construction; food and beverage; food processing; forestry and wood products; information and communications; printing and publishing; printing and packaging; tourism; and arts and craft.

There were 56 exhibitors, 55 of which were local and one Korean and over 100 buyers from the Caribbean, US, Asia and Europe.

Over the next two days there will be intense discussions with over 50 business to business meetings and awareness and information sessions which will cover subjects related to investing in some foreign markets.

Chief Executive Officer of the Guyana Office for Investment (Go-Invest), Owen Verwey said buyers will be informed about the great opportunities to consider when investing and forming partnerships in the resource-rich Guyana.

Chairman of CENTRAFRIQUE Investment Group Tochil Nwaneri said Guyana has a lot of potential and a lot of products that need to be exported.

Based on his observation, the products are good and of high standards, and as such, he urged local businesses to try to access outside markets.

Like many other buyers, Nwaneri said his group is ready to assist local companies in their effort to access global markets.

Exhibitors were also optimistic about the possibilities that GuyTIE present and they called for it to be a staple in the calendar of events for the coming years.

Chairman of the Private Sector Commission, Desmond Sears said private/public partnerships will pay great dividends in time to come.

“We feel assured that companies have our country in their interest and this creates avenues for locals to develop capacity and adopt new techniques to become more efficient and competitive,” Sears said.

He said Guyana is an investment paradise endowed with all natural resources, vast arable land, riches in mineral resources and primary commodities.