-PSC Chairman lauds President’s move to review taxation
CHAIRMAN of the Private Sector Commission (PSC), Ramesh Dookhoo said that most private sector organisations have met and exceeded their targets in 2011; while others have done satisfactory with bright prospects for 2012. Many companies have improved their capacities, upgraded their operations and initiated projects which are expected to contribute to improved performance and the delivery of quality goods and services this year.
The PSC has recognised the increased role of private sector companies in the social lives of Guyanese; making specific mention of companies like the Guyana Telephone and Telegraph Company (GT&T) and Banks DIH with their mass involvement in sporting activities as well as in environmental projects.

Services sector surpasses targets
The services’ sector has exceeded its performance targets especially in the areas of Information Communication Technology (ICT), energy and the environment.
On the other hand, the manufacturing sector saw some closures in the processing industry mainly due to depressed overseas markets.
“I would like to work with some of those companies that have suffered closure during 2011 and we would also like to work to create better conditions with the export of our value added wood products overseas,” Dookhoo said.
Notwithstanding this however, servicing of the local markets saw increased consumption in some locally manufactured products, a trend which was created by some of the local companies now being certified by international bodies.

Standards
The PSC Chairman said 2011 was a water-shed year for standardisation and certification in the manufacturing industry as it saw many of the manufacturing companies being certified. This will enable more access to overseas markets in the Caribbean and further afield.
Shipping increased by 3.5 percent in terms of the physical number of containers at the wharves, a positive trend according to Dookhoo.
Towards the end of 2011, the business community benefitted from a gradual reduction of freight rates which had risen in the earlier part of 2011 as a result of the fuel prices.
Companies also introduced new services in the shipping sector which reflects confidence in the Guyanese diaspora; many introduced innovative parcel packaging which was cheaper and drove their volumes in terms of small air cargo shipments into Guyana as well.
With regards to tourism, there was increased improvement of traffic over the previous year. The introduction of Redjet and the impending new aviation services in the aviation sector have and will further create important linkages for the tourism industry.
Dookhoo said “the domestic aircraft industry from what was reported to us also experienced improved results and this industry has shown Guyana that it has helped to revolutionise air travel and the mining industry by delivering charters and also good customer service.”
Several companies have added equipment in anticipation of more business in 2012 and are looking forward to the further development and internationalisation of the Ogle airport.  However, the development of the airstrips in the interior is of concern to the aviation sector. The chairman registered the private sector’s calls for more aggressive work to be done on these airstrips in the coming year.
As it relates to mining, the Chairman said this sector drove the economy; expressing his satisfaction at the fact that miners are now using their cash-rich businesses to branch out in other areas of economic activities.
“It is our hope that during the coming year that we can do a lot more to solve the security problems that we have in the mining industry. Miners have suffered tremendously from theft and robbery because of the high prices of gold. We have to throw more resources into the mining industry to create an environment where miners are more comfortable to conduct their operations,” Dookhoo said.

Support for taxation review
The private sector is also in full support of President Donald Ramotar’s move to review the taxation system and is hoping that the three-man committee set up to execute this task for which consultations will be held, do so in an expeditious manner. 
The PSC Chairman said this initiative can be the most meaningful input into the new budget for 2012. 
“We are very optimistic about Guyana and its economy, we are extremely optimistic in the private sector, many of my private sector colleagues have formalised plans for the development of their businesses,” he declared.