…$10M fund to benefit small producers
PRESIDENT Bharrat Jagdeo met with members of the Guyana Craft Producers Association, yesterday to discuss ways to promote the industry locally and internationally.
Members of the association, as well as representatives from as far as Region Nine (Upper Takutu/Upper Essequibo) attended the meeting at the Guyana International Conference Centre, Liliendaal.
Addressing the gathering, President Jagdeo emphasized that the Government of Guyana is prepared to continue to be supportive of the sector through the implementation of various initiatives.
He announced that several programmes would be initiated, including the establishing of a $10M fund to benefit small craft producers, the provision of a building to house producers from across the country, and a plan to work with banking institutions to provide loans with special credit terms.
He said, “It requires working with the banking system and we have passed a unique piece of legislation which allows us to give a corporate tax waiver for some activities; so any bank which lends into the development of the craft industry will not have to pay the corporate tax on income arising from those loans, so they will make the terms of the credit better.”
In addition, President Jagdeo explained that there are policy issues that need to be in place to create the right environment for the development of the industry.
He also pointed to the need for a realistic assessment of the potential of the sector for the generation of income for people, and ultimately the diversification of the economy.
“Clearly, the sector cannot operate in isolation; if you want to grow the market for arts and craft, there has to be greater disposable income for persons to spend on art and craft, and fortunately we have seen a massive growth in disposable income in the country as the size of economy has grown from $300M a decade and a half ago to $2.4B today.”
Continuing, Jagdeo called on those present to recognize the importance of understanding the nuances of the market and the importance of this for the growth of the industry.
As to the benefits of this, he said, “If we want to grow the industry, we have to ensure that the country remains prosperous in other areas which will generate income, and by doing this, we will have a bigger market; the foreign market is available as we have one of the most open economies of the world, more so than many Caribbean countries.”
A significant part of our income and future prosperity will depend on international markets, as we are an export-oriented country, he added.
He called on members of the association to work along with the government and Ministry of Tourism, Industry and Commerce to continue to promote the growth of the sector and assured that he is willing to discuss with them ways they can work through the process to promote the development of the industry.
President Jagdeo also announced that the government and the Ministry of Tourism are also prepared to fund persons to come and work with people in the sector in order to improve the quality of products.
Meanwhile, president of the association, Ms. Denzil Hollingsworth, lauded the efforts of the Head of State in keeping promises made to the association last year.
She gave her assurances that the members will work along with the relevant associations to promote growth in the industry, locally and internationally.