GUYANA’S largest Trade and Investment Exposition (GuyExpo) which showcases locally produced goods and services began last Thursday evening at the Sophia Exhibition Centre.

GuyExpo is a national event and has a permanent place on the Ministry of Tourism, Industry and Commerce’s annual Calendar of Events.

The event saw hundreds of exhibitors, who stepped out to showcase what they have to offer; dominating the showcase, however, were a majority of private companies and private sector entities.

Chairman of the Private Sector Commission (PSC) Mr. Ramesh Persaud, addressing the thousands in attendance said that this is the time of year when members of the business community showcase all that is good about Guyana and showcase their enterprises, products and services.

The theme for this year’s GuyExpo is ‘Transformation: Partnering for a better Guyana’. Persaud said that the theme resonates with the Private Sector Commission.

The PSC is an umbrella organisation comprising sectoral orgnisations; large private companies; Chambers of Commerce; business associations, etc, which themselves represent a wide cross-section of a large number of micro, small and medium-sized enterprises, he said.

He added that the PSC itself is a reflection of the partners working together as businesses with competing interests or even direct competitors coming together to advance policies for a better Guyana.

Persaud said that the private sector is proud of being a contributor to Guyana’s development today, and the private sector is optimistic about its potential and future.

He opined that the bright optimism manifested by the participation of entrepreneurs and overseas investors, is also a good show of confidence.

He said that the private sector partnering efforts with the Government for a better Guyana pre-dates independence in 1966, when the Governors and Mayors back then always consulted with the leaders of the Chamber of Commerce before any major decisions were made by the state.

This continued after independence, but was interrupted when the state began its experimentation with cooperative socialism and nationalisation in the 1970s up until the 1980s.

Persaud added that the private sector’s influence and contribution to the economy were significantly reduced during that period. However, after the markets were opened up in the late 1980s, the private sector regrouped and through the PSC became the major leading civil society partner in the struggle for restoration of democracy in Guyana and subsequent transformation of the economy.

He noted that in partnership with the Government and civil society, the private sector contributed to the establishment of the National Development Strategy; Poverty Reduction Strategy; National Competitiveness Strategy and the Low Carbon Development Strategy; all of which are policy tools used by the Government to achieve the economic transformation experienced in recent times.

He added that under the National Competitiveness Strategy, the private sector, through the PSC, has an input into the formulation and implementation of Government policies. Much has been achieved as a result of this partnership, but it is a work in progress.

The Commercial Court, which fast-tracks commercial disputes resolution, is one example of the improvements to the business environment effected under this strategy.
He noted also the introduction of a Credit Bureau, which would help to mitigate credit risks and increase access to finance by businesses, as well as the revamping of the Deeds Registry. Tax reforms through the introduction of VAT, reduction in personal and corporate taxes are also products of this strategy and partnership.

He said that the allocation of the Government’s expenditure has grown and this benefits the private sector as it is essential for businesses.

Addressing all of the major sectors, he pointed out that they are all privately owned, with the exception of the sugar industry.

Persaud further stated that the private sector is the pillar of Guyana’s economy.
In the case of mining and quarrying, gold- mining by the private sector accounted for more than 40 percent of all export receipts in 2013.

Even as the private sector expands its operations to transform the economy, it must be remembered that Guyana’s private sector is relatively young.

He urged entrepreneurs to showcase their assets through their products and services at the 2014 GuyExpo, persons should continue to think of how each of their businesses can be more effective in transforming the society.