CANADIAN High Commissioner to  Guyana, Mr.  David Devine, has lauded Guyana’s growth potential, but advised that this country must continue striving to be an attractive investment destination in an increasingly competitive global economy. “Globally, the demand for investment dollars is becoming increasingly competitive. This is true even for countries like Guyana, which is blessed with extraordinary national wealth,” he said yesterday.
Speaking at the opening of the Guyana Investment Conference at the Guyana International Conference Centre, Liliendaal, Greater Georgetown, Devine noted that the forum aims to bring together all stakeholders to identify “best practices (and) viable solutions that will improve Guyana’s investment climate.”
He continued: “When pondering investment destinations, they (investors) will ask critical questions such as why should investment funds be channelled to Guyana as opposed to some other place in the Caribbean, South America or even Africa.”  
The diplomat cautioned that the simple promotion of the country’s attractiveness as an investment destination alone will not achieve the adequate level of what is needed to drive its development.
He said the implementation of a “balanced” governance and regulatory framework is essential to lowering the barriers to investment.

RED TAPE
According to him:  “Everyone recognises there will always be a certain amount of red tape or bureaucracy in every potential investment destination.”
However, he stated that archaic regulations hinder the efficient use of investment funds and can result in a loss of valuable investments.
Mr Devine added that businesses may not even be considering investing in a destination where the rules are seen to be too restrictive.
He said protection of intellectual property rights is also a consideration for investors, pointing out that: “Investors will look at copyright laws and intellectual property protection laws as indicators of how their investments will fare in international jurisdictions.”
Devine also suggested the implementation and strong enforcement of regulations which engender transparency and ethical business practices.
Stating that companies prefer pursuing investments in destinations where bribery and corruption are seen as “social ills”, he warned that those domiciled in Canada, United States (U.S.) and the United Kingdom (UK) face prosecution under home-country legislation if found engaging in bribery of foreign public officials during the course of their operations abroad.

GLOBAL IMAGE
“Investors who are ethical and conscientious of their global image will not invest in destinations which do not have effective measures in place to tackle corruption,” he advised.
He said it is hard to say what will sustain the Guyana economy in the long term, if the regulations are not right.
The two-day Guyana Investment Conference is being held under the theme “Maximising Opportunities for Investment in Guyana”.
Convened by the High Commissioner of Canada, in partnership with stakeholders from Government, the diplomatic community,the private sector and international institutions, it concludes today.