…President Bharrat Jagdeo advises at GCCI annual general meeting
PRESIDENT Bharrat Jagdeo has stressed that the yardstick for success in business is not financial performance, but rather the improvement in the environment as evidenced here in the past year. Addressing the Georgetown Chamber of Commerce and Industry’s (GCCI) 121st Annual General Meeting yesterday, President Jagdeo said, “We have seen progress”.
The meeting, at Duke Lodge, Kingston, saw representation from across the private sector, as well as members of the diplomatic corps. Minister of Tourism Industry and Commerce, Mr. Manniram Prashad, was also in attendance.
According to the Head of State, the further promotion of success will come through productive relationships that allow maintenance of opinions.

Pay Attention
Jagdeo urged the private sector to be wary of the implications of suggestions that sound good, but are not backed by logic, and “shun” them.
He pointed to the calls for income tax to be further decreased and, in some cases, be completely removed and said this can never happen.
Instead, the President explained that Guyana has advanced through careful moves, and the increase in the income tax threshold this year was possible because of these careful moves.
He observed that Barbados and England have increased their Value Added Tax rates, but Guyana did not have to do that – all because of strategic planning.
Jagdeo noted that at the end of the day, “someone has to pay the bill” and if living above one’s means is the path chosen for a sustained period, then at some time the payback period will present itself.
He also called the private sector’s attention to the challenges, present and emerging on the global arena, and observed that the scope for business is increasing and there is need to step up to the changes in the business environment.
He said the markets are more liberal – a fact to be considered when overall progress at the national level is noted, but there are reductions in performances at the individual business level.  
The President maintained that there are more players and businesses must step up to match the increased competition in the business environment.
In this context, the president encouraged the private sector to be nimble and re-invent themselves in response to the competition.
According to him, in this way, businesses will also respond to needs of consumers who are more discerning in an age of technology, where there is more information to inform consumers who want better levels of service.

Upgrade
“The small things you do are what make the difference,” Jagdeo said.
He stressed the need to undertake initiatives which will lead to an upgrade in the business environment.
The Head of State said, “This is not only about policy.”
He suggested a facelift to businesses at prime spots, such as Regent and Sherriff Streets in Georgetown, and the installation of surveillance cameras to improve security and encourage consumers to be engaged.
To support upgrade initiatives by the private sector, the president promised:
* Removal of the “unnecessary” bureaucracy at agencies such as the Customs Office;
* Restructuring of the Guyana Office for Investment (GOINVEST),
* Liberalisation of border trade, since with VAT there is an improvement in the audit trail when it comes to such transactions; and
* Liberal policies to encourage foreign investments and skills.
Mr. Jagdeo posited that the Government of Guyana is welcoming partnership with the private sector, especially in its role as an agent for change and development.
President of the GCCI, Mr. Komal Ramnauth, expressed similar sentiments and challenged the pessimists who seek to hamper development and progress.
“We do not have to be hostile to be effective,” he said.
Ramnauth added that the Chamber supports all initiatives that will benefit Guyanese and advance progress in the country.

On Track
On that note, he pointed to the fact that the GCCI is well on track to achieve the goals outlined in its strategic plan.
“We have come a long way and the future looks promising,” Ramnauth said.
He stated that the Chamber’s successes include a $5.5M surplus compared to $4.4M in 2009, the introduction of its ‘Business Guyana Magazine’, and the improvements to the GCCI website where online advertising is available.
Additionally, he pointed to the Code of Conduct, which contributes to social development, and the Corporate Social Responsibility programme that is currently being implemented.
Ramnauth added that on the cards for 2011 are several initiatives, including the refurbishment of the GCCI Secretariat, a comprehensive membership drive, the continued collaboration with the government and the continued partnership with the Private Sector Commission (PSC).
Chairman of the PSC, Mr. Ramesh Dookhoo, added his bit and said the GCCI has a venerable history that parallels the history of Guyana.
“Much has been accomplished,” he said.
Dookhoo suggested that for continued progress, leaders in the private sector need to be firmer, even when that is not popular, and the business community needs to act together and bring into focus the majority view.
Also delivering remarks was the GCCI’s Junior Vice President, Mr. Terrance Holder, who said the AGM gives the Chamber’s stakeholders a chance to refocus on their mission, assess the health of the Chamber, chart the way forward in the promotion of economic development, design the programme for 2011, and decide on the team to manage the implementation of that programme.
“The GCCI is proud of a long and solid history of service,” Holder posited.
The Chamber was founded in 1889 and incorporated in 1890, and its mission is ‘to promote and protect local, regional and foreign trade, and create a business environment that sustains economic vitality and promotes economic and social development’.