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THE Editor of the new ‘Invest Guyana’ magazine, Business Consultant Sandra Ann Baptiste has called for more aggressive international marketing, more training in investment promotion and significant marketing budgets to attract foreign investment. 
In remarks at the launching of ‘Invest Guyana’, she noted that unlike Guyana, most countries in the region have dedicated trade and investment promotion personnel.
“In many other Caribbean countries, there are trade promotion specialists at overseas missions, countries like Jamaica have Trade Commissioners in the marketplace and most Caribbean countries have Tourist Boards. It is, therefore, critical that we beef up our international marketing efforts and ensure that we have people trained in marketing who understand how to secure business.”
‘Invest Guyana’ was recently launched by President Donald Ramotar. The business magazine was published by Advertising and Marketing Services (AMS), which is headed by Guyanese Lokesh Singh.
Baptiste, who established and was the first head of the Guyana Office for Investment (GO-Invest) said, as the magazine highlights, Guyana has enormous untapped investment potential. She emphasized that to capitalise on this, a number of challenges need to be addressed.
“At the top of the list is the urgent need for a major improvement in investment facilitation which requires, among other things, training for investment promotion personnel and establishment of systems to provide more efficient and effective services,” she told the gathering which included members of cabinet, the diplomatic community and private sector representatives.
The business consultant also highlighted the need for regular data on the level of Foreign Direct Investment (FDI) in Guyana, which is readily available from other investment promotion agencies in the Caribbean.
Baptiste said attention also needs to be paid to ensuring that the information on incentives provided to local and foreign entrepreneurs and companies by Go-Invest and the Guyana Revenue Authority (GRA) is consistent.
Noting that she had conducted a review in 1994 of how Guyana compared with the rest of the region in terms of investment incentives, she suggested that another such review was overdue. “We need to be competitive and to know what the competition is offering,” she asserted.
Baptiste said in the tourism sector, for example, local tourism officials should be familiar with what similar eco-destinations such as Tobago, Belize and Costa Rica are offering to lure investment in tourism and to attract visitors.
She also called for a review of tourism investment incentives, which she had a hand in crafting, noting that the package of measures need to be broadened to include local investors who set up establishments that serve the hospitality industry.
“Advanced Planning is another area where we need to focus. Because trade show planning requires six to nine months planning, we need to plan for the next show at the end of the current one,” Baptiste said.
She also underscored the importance of significant international marketing budgets to achieve success in attracting foreign investment.
“There is a dire need to get our overseas missions to better understand and practise economic diplomacy. Again, this requires training and budgets,” Baptiste remarked.
She said the issues she mentioned are not insurmountable and despite any challenges, when Guyanese go abroad they should be good ambassadors and help promote Guyana and the many diverse business opportunities available.
In remarks at the launching of ‘Invest Guyana’, she noted that unlike Guyana, most countries in the region have dedicated trade and investment promotion personnel.“In many other Caribbean countries, there are trade promotion specialists at overseas missions, countries like Jamaica have Trade Commissioners in the marketplace and most Caribbean countries have Tourist Boards. It is, therefore, critical that we beef up our international marketing efforts and ensure that we have people trained in marketing who understand how to secure business.”
‘Invest Guyana’ was recently launched by President Donald Ramotar. The business magazine was published by Advertising and Marketing Services (AMS), which is headed by Guyanese Lokesh Singh.
Baptiste, who established and was the first head of the Guyana Office for Investment (GO-Invest) said, as the magazine highlights, Guyana has enormous untapped investment potential. She emphasized that to capitalise on this, a number of challenges need to be addressed.
“At the top of the list is the urgent need for a major improvement in investment facilitation which requires, among other things, training for investment promotion personnel and establishment of systems to provide more efficient and effective services,” she told the gathering which included members of cabinet, the diplomatic community and private sector representatives.
The business consultant also highlighted the need for regular data on the level of Foreign Direct Investment (FDI) in Guyana, which is readily available from other investment promotion agencies in the Caribbean.
Baptiste said attention also needs to be paid to ensuring that the information on incentives provided to local and foreign entrepreneurs and companies by Go-Invest and the Guyana Revenue Authority (GRA) is consistent.
Noting that she had conducted a review in 1994 of how Guyana compared with the rest of the region in terms of investment incentives, she suggested that another such review was overdue. “We need to be competitive and to know what the competition is offering,” she asserted.
Baptiste said in the tourism sector, for example, local tourism officials should be familiar with what similar eco-destinations such as Tobago, Belize and Costa Rica are offering to lure investment in tourism and to attract visitors.
She also called for a review of tourism investment incentives, which she had a hand in crafting, noting that the package of measures need to be broadened to include local investors who set up establishments that serve the hospitality industry.
“Advanced Planning is another area where we need to focus. Because trade show planning requires six to nine months planning, we need to plan for the next show at the end of the current one,” Baptiste said.
She also underscored the importance of significant international marketing budgets to achieve success in attracting foreign investment.
“There is a dire need to get our overseas missions to better understand and practise economic diplomacy. Again, this requires training and budgets,” Baptiste remarked.
She said the issues she mentioned are not insurmountable and despite any challenges, when Guyanese go abroad they should be good ambassadors and help promote Guyana and the many diverse business opportunities available.
