…business minister urges commercial sector to maintain high standards
…says export strategy in the making

THE 2020 Guyana Trade and Investment Exhibition (GuyTIE) was launched with a call from the Minister of Business, Haimraj Rajkumar, for the commercial sector to maintain high standards in the provision of goods and services. The challenge comes as the Government crafts an export strategy.

GuyTIE 2020 will be held from February 13-15, 2020 at the Arthur Chung Conference Centre under the theme ‘Made Locally, Trading Globally.’ The biennial event, the second of its kind, is organised by the Ministry of Business, in collaboration with the Guyana Office for Investment (GO-Invest), Caribbean Export Development Agency (Caribbean Export) and Private Sector Associations.

On Wednesday, during the launching ceremony at the Arthur Chung Conference Centre, the Minister of Business challenged the production and services industries to provide products and services that are of high quality and on par with global standards.

“If we are to benefit from this new sector (oil and gas), we have got to ensure that we are prepared, not only to serve the sector but to benefit from opportunities that will arise as a result of increased demand and increased government spending in the economy. This calls for international certification of the highest level for quality standards and health and safety,” the Business Minister said.

Noting that a concerted effort is needed to ensure that local producers are able to competitively access international markets, the Business Minister said Government is already taking decisive actions. “I am happy to report that there is a project currently underway that will seek to address an export strategy for Guyana. This strategy is expected in another six to eight months,” Minister Rajkumar disclosed.

He noted, however, while GuyTIE focuses on creating opportunities for export-ready businesses, it is up to the participating entities to commit to the entire process that would allow them to build capacity while simultaneously marketing the goods and services. It was explained that GuyTIE includes various training and capacity building initiatives that will help exhibitors to maximise the benefits from participating in the trade expo.

“There must first be an acknowledgement that currently we are not where we should be and there is always something to learn. Continuous improvement is what will lend itself to innovative products being delivered to the market and business staying on top of the game,” Minister Rajkumar posited. He, therefore, called on exhibitors to capitalise on the trade and investment platform, and build their capacity.

Caribbean Export’s Competitiveness and Export Promotion Manager, Damie Sinanan said while GuyExpo has linked businesses with consumers, it held little value in terms of exportation, and business to business ventures. Reflecting on the inaugural event in 2018, Sinanan said it was very successful, and has set the foundation for GuyTIE to become a world class trade fair.

Anand Harrilall, Trade Commissioner at the High Commission of Canada, said the High Commission and the Trade Facilitation Office of Canada partnered with the Business Ministry in 2018 to help prepare and promote export-ready firms for international markets, including Canada. “Through our engagement we saw GuyTIE 2018 playing a pivotal role in helping businesses understand export markets; as well as connecting with other players of the industry which fosters the process of learning,” the Trade Commissioner said.
According to him, GuyTIE provides a unique forum for businesses to network with other local and international industry players, in addition to providing an opportunity to grow the customer base of companies.

“Each visitor can be a prospective customer, through an unparalleled opportunity for face-to-face interactions. This escalates the potential for lead generation, something advertising and marketing approaches fail to deliver,” Harrilall explained.

It is the intention of the Canadian High Commission to work with Guyanese firms, through the Ministry of Business, ahead of GuyTIE 2020, to improve their capabilities to do international business.

As the country experiences a new development paradigm, Harrilall said significant transformation in the commercial sector is required. Responsible conduct, efficiency, liberation and comprehensive investment frameworks are among qualities that would build investors’ confidence, he posited.

“The IMF reported economic growth rate of 4.1 per cent in 2018 for Guyana and projects this to reach 4.4 per cent in 2019. NASDAQ posits, Guyana is the fastest growing economy globally with an expected growth rate of 33 per cent and 22.9 per cent in 2020 and 2021 respectively. This is largely driven by the construction and services sectors, and oil production commencing in 2020,” the Trade Commissioner detailed.

Noting that Guyanese businesses will be operating in an increasingly complex environment, he said there would be need to bolster confidence through innovation and cooperation to take risks and address challenges.

“Only with bold innovations and reforms can Guyanese companies survive this new development paradigm. There is therefore an urgent need for concerted efforts on the part of Government and the private sector to promote innovation and foster new growth drivers. We need to leverage the opportunities associated with technological disruptions such as digital economy, artificial intelligence and nanotechnology to diversify economic interests, revamp antiquated industries to be more competitive in a modern economy and forging new forms and models of business, and foster new industries,” the Trade Commissioner explained.

Chief Executive Officer of Go-INVEST, Owen Verwey; Chairman of the Private Sector Commission, Captain Gerry Gouveia and Coordinator of GuyTIE, Tameca Sukdeo-Singh were among the officials that were present at the launching of GuyTIE 2020. GuyTIE is intended to promote packaged local investment opportunities for foreign direct investment and local investment. It is expected to have between 50 and 100 local exhibitors and approximately 50 foreign exhibitors from the region and further afield.