HEAD of State Donald Ramotar yesterday restated his Government’s commitment to the development of the private sector and, by extension, the development of the country as a whole, owing to the fact that the private sector is recognised as a country’s engine of growth.

“The Government will support all measures, all initiatives that will help to increase production and productivity in our country, that will help to create jobs and that will help to create wealth so that we can give to our people the life they deserve,” he said at the Private Sector Commission’s (PSC) 22nd Annual General Meeting
The event, held at the Pegasus Hotel, saw the attendance of representatives of the diplomatic community, private sector stakeholders, Prime Minister Samuel Hinds, and other government officials.
Delivering the feature address, the President noted that creating a conducive environment for the private sector is not an easy task, but one that the current Administration has placed high on its agenda, as evidenced by Government’s investment over the last several years.
He said, “Government has passed a lot of legislation to try to create framework for that (a conducive environment) to happen and over the years we have put a lot of infrastructure in place that has, without doubt, contributed to growth of the private sector and the growth of our country as a whole.”

JOINT EFFORT
He noted that the development of Guyana and the improvement of the livelihood of Guyanese must be seen as a joint effort and acknowledged the existence of the many obstacles facing the local financial sector, including ramifications of the non-passage of the critically important Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) (Amendment) Bill.
“All the legitimate groups and sectors of our country, all of us must go forward in the same direction if we are to realise the dream of our country becoming a better place,” Mr. Ramotar said.
According to him, Guyana needs to move to the next level of development and he underscored the need for cheap energy, among other major transformational projects, including a new East Bank Demerara road, a deep water harbor and a new crossing across the Demerara River, all of which will accelerate Guyana’s economic growth.
“These are vital for us to improve our infrastructure…the Government has also been spending a lot to develop our human capital. Our private sector will benefit greatly from this, as we have and we are developing a more educated workforce, a workforce that is more flexible,” the President said.
Mr. Ramotar added his call for the PSC to pay attention to small businesses and encourage the growth of this section of the private sector.
“Even in the most powerful countries of the world, sustaining development, sustaining economic development, creating employment, a lot of this has been done and is being done by small businesses…the private sector itself has to ensure that it encourages and creates the conditions for small business to grow,” he said.
According to him, the development of the local stock exchange is another area that needs to be focused on, particularly as it relates to raising capital.
The President said, “The way that private sector developed in Guyana over the years, fundamentally family oriented, has served its purpose and done a tremendous job; but now we need to look beyond that and look at developing a better system of shares.”
He also urged the private sector to address the issue of governance in the business community.
“On close examination of that (governance), you will probably find there is a lot of room for improvement and you can encourage better management,” Mr. Ramotar said.

LEVERAGING PRIVATE SECTOR
Also, the PSC Chair, Ramesh Persaud, acknowledged the private sector’s role as the “best option” for alleviating poverty and creating jobs.
Delivering the report on 2013 from the recently deceased PSC Chairman, Ronald Webster, he said, “The leveraging of private sector entities’ sustainable economic growth must be a priority.”
Webster’s report also addressed the fact that sustainable growth relies on three pillars, which include a solid economic foundation, investment in people and the growing of businesses.
The current PSC Chair pointed out the fact that the Commission’s recommendations during the 2013 Budget consultations were taken on board, on issues ranging from income tax and mortgage relief for housing loans to a new Demerara River Crossing, and spending on the maintenance and rehabilitation of interior airstrips.
Persaud also underscored the many initiatives undertaken by the PSC, including an update on work with the National Competitiveness’ Strategy and participation of Public/Private dialogue bodies.
“In 2013, the Commission continued to be represented on the multi-stakeholder steering committee, which is charged with transitioning the country to a green economy in keeping with the tenets of the Low Carbon Development Strategy (LCDS) and was actively involved in the National Working group, which is responsible for the achievement of the Millennium Development Goals (MDGs),” he said.
Additionally, the PSC recorded a deficit of $893,354, as a result of administrative expenses and expenses related to the hosting of the Guyana Investment Conference, which was supported in part by the Canadian High Commission.
Revenue for 2013 was some $19.6M, while expenses stood at $20.5M. However, debt collection by the Commission improved, reducing its receivables from $2.8M to $1.3M.
The Commission also saw increased subscriptions form $13.5M to $13.9M. The new members included Rubis Guyana, the Central Corentyne Chamber of Commerce and GAICO Construction and General Services Inc. The body boasts members from various sectors, such as Forestry and Aviation, and its corporate membership includes companies like the Demerara Tobacco Company and Excel Miners Inc.
The PSC’s mission is to be the leading advocate for the private sector on articulated and shared positions of national issues, which will promote socio-economic growth and development through the creation of strategic partnerships with Government and other stakeholders. This mission statement and other details related to the Commission’s operations in 2013 are included in its AGM report, which was circulated at yesterday’s meeting.
Written By Vanessa Narine