MINISTER Robert Persaud of the Natural Resources and Environment Ministry disclosed at the Foreign Direct Investment Study Inception Workshop that the Government believes that the framework and structure of the study, collaborated with the Foreign Direct Investment (FDI) within the mining sector, would provide tremendous benefits to the country.

Making remarks at the Herdmanston Lodge conference room yesterday, the Minister underscored the extreme benefits that would accrue to the country either by provisions for local content, fiscal revenues, royalties, or even support from the corporate social responsibility aspect of the project, given that it has been making an impact overtime.

“We have to look at our policy and various measures and arrangements, legislative wise, in terms of practical regulatory effort that is undertaken within the sector,” Minister Persaud said.

He highlighted thus: “We thought that having this study would allow us to review what we have on the books, and allow us to benefit from the input of others that have concerns — genuine or otherwise.”

He described the study as “dedicated”, since it primarily focuses on the impact of the Foreign Direct Investment in the mining and related sub-sectors, and is the first committed project.

The Foreign Direct Investment is seen in the eyes of the Ministry as a diversification of resource based in terms of utilization and development.

Furthermore, the Minister expounded on scrutinizing the FDI’s policies in order to stimulate the growth and development within that sector, since companies would be fostering development in excess of US150M each in the next few years.

According to the Minister, preference is heavily given to the foreign investors who respect the Laws of Guyana, who ensure that the county and its people are treated fairly. Thus via their involvement and investment, they can continue to create prosperity, wealth and stability for the people of Guyana.

Additionally, he emphasized that this activity is not an attempt to ignore or lessen the contribution of the local mining sector, since the study has specific emphasis on FDI; but, he said, there will be a forum by which players in the local mining sector can disclose their perceptions. He then stated that via the local mining sector’s activities, they are also contributing to the sector’s development.

Whilst the focus is on the mining and related sub-sectors, this also will provide insights on what more needs to be done in terms of managing the sectors entirely, thus simultaneously the FDI will continue to make an economic and environmental impact in Guyana.

(By Shivanie Sugrim)