MINISTER of Business Dominic Gaskin has expressed the view that Guyana has become increasingly vulnerable to economic downturns as a result of non-diversity in industry types.“We are currently paying the price for not diversifying away from our dependence on primary products because demand for most of our export commodities have eased, and this is now adversely impacting our economy and exposing our vulnerability,” he said.

Minister Gaskin was at the time delivering the keynote address at the Caribbean Association of Investment Promotion Agencies’ (CAIPA) Annual General Meeting (AGM) at the Marriott Hotel in Kingston, yesterday. The minister told the Assembly which was convened this year, to specifically focus on strengthening its membership’s investment promotion platforms.

“Here in Guyana, the goal of economic diversification has eluded us for decades and achieving this goal will be one of our greatest challenges as a Government. Nevertheless, we must find ways to promote those sectors which have traditionally not attracted much investment,” the minister said.

Noting the potential of such sectors as agro-processing, wood products, light manufacturing, ICT, film industry, and the jewellery, and garment industries, he questioned what is it that makes these successful industries in other parts of the world, but not in Guyana.

“What are some of the obstacles to having these industries operating successfully in our economy? And how do we dismantle these obstacles so that we can attract the investments needed to develop these sectors?” Minister Gaskin asked of this year’s attendees.
To this end, he expressed gratitude for the focus of this year’s AGM, noting that it is not only relevant but is an imperative, if countries like Guyana are going to rely on their Investment Promotion Agencies (IPAs) to secure capital inflows required to drive their economy, and build on their nations.
“So for us, it is important to know that there are initiatives dedicated to raising the profile of the Caribbean in the international business arena,” he said. It is only through regional strategies will the region achieve its greatest increases in Foreign Direct Investment (FDIs) into their economies. “We are small countries with small economies, small budgets and small populations, and if we are to prosper rather than simply survive, we need to promote ourselves as a single economic space with a diversified portfolio of opportunities rather than as separate, individual jurisdictions each with its own small voice.”

As the members deliberate over the next two days (November 26-27) on the business of increasing the region’s share of the global investment pie, Minister Gaskin assured that it is both an honour and a privilege for Guyana to be hosting this year’s meeting. The country as well intends to participate more meaningfully in the work of CAIPA going forward, according to Minister Gaskin.

He said it is because there is potential in a regional approach to overcoming many of the challenges that the region faces as individual small economies competing for investment capital in a highly competitive global environment.
The CIPA AGM is the annual meeting of the investment promotion agencies in the region who are the members of the association.

This is the highest policy-setting body of CAIPA. The Assembly is convened each year in November or December, to among others, treat with particular issues of relevance to the membership.

Guyana, through Go-Invest has benefited from its membership in CAIPA by way of training in areas such as Marketing for Investment Promotion Professionals; Investor Facilitation; and Investor Aftercare & Monitoring; as well as by attending Regional Stakeholders’ Conferences. (GINA)