THE Guyana Office for Investment (GO-Invest) last year received almost US$1B in investment proposals, a threefold increase over 2013 that is being credited to the country’s sustained economic growth. 

As 2015 unfolds I will be providing weekly updates for our readers and potential investors on the work of this agency and many of the sweeping changes being instituted in order to deliver an even more efficient service.
Ever since Keith Burrowes was appointed Chief Executive Officer (CEO) of this Unit, which falls under the Office of the President, he has since been pushing for a more technological approach to managing the affairs of GO-Invest.
I sat with Burrowes recently and we talked about his plans, many of which, he has already started implementing since his appointment early last year.
At the time when Geoff Da Silva left the helm of GO-Invest, the entity had found itself in a position where a lot of problems encountered were as a result of vacuous leadership.
Burrowes believes that this problem has been addressed and contrary to what would have been reported in the media recently, this is not currently the case.
With more than 100 years of experience among its collective staff, Burrowes, is confident that his ambitious plan to reform the entity will soon reap its rewards.
“We can’t remain the same, we need to modernise.” A ‘Whitepaper’ has been drafted and President Donald Ramotar has already given his blessings on many of the proposals.
GO-Invest, has for example, through trial and error over the years, learnt an important lesson, in that for far too long it has not shared a closer relationship with sister agencies in the investment realm—agencies such as the Guyana Revenue Authority or the Lands and Surveys Department of the Ministry of Housing and the Ministry of Finance among others.
This is now changing as Go-Invest, through the acquisition of the requisite technology, will look to greatly enhance the sharing of information across the sister agencies.
This, inherently, will lend to shortening the length of time it takes to move an investment venture from concept to implementation.
In fact a lot of the successful changes at GO-Invest in the past year are a direct result of a Charge given by the President to the Unit in December 2013. Burrowes is looking to have President Ramotar, very soon, deliver another such mandate to the Unit for the coming year.

21ST CENTURY TECHNOLOGY
President Ramotar has approved the greater use of technology by GO-Invest and the entity is now pushing to have all of its investor information stored electronically to be accessed via a central data base.
The use of databases over the years has proven to be a most efficient resource when it comes to analyzing data such as those generated through investment transactions over the years.
This key entity will now for the first time, seek to centralise all investor related information from across all Government agencies which will allow for a better understanding of the investment landscape in Guyana.
GO-Invest is currently in the process of procuring specialised research, economics and financial personnel all meant to analyse and use the information generated and sorted by the database.
The specialist skills to be brought on at GO-Invest are certainly going to better position the entity in executing its mandate.
For example, the three skill sets working in tandem with each other would be able to analyse economies of the countries from where investors have come and be able to predict future risk or prosperity, which could either lead to Guyana embracing or distancing itself from investment deals it would have pursued.
Armed with information, such as where in the world the majority of those doing business in Guyana come from, GO-Invest will then be able to take a more proactive approach and promote local investment opportunities in those countries, rather than just wait on those expressing an interest in investing here.
Systematic and structured is how Burrowes said he wants the entity to approach executing its mandate in the 21st Century.

INVESTOR CREDIBILITY
On another note, due diligence is something that GO-Invest has taken flack for over the years, but with the specialised skills recruited there can now also be amplified scrutiny of potential investors in Guyana.
Proposals will now be even more thoroughly vetted and with the eventual introduction of a local Credit Bureau, this can only lend to even more measures in place to weed out those investors that are not credible.
This increased collaboration among sister agencies involved in the investment process: a push towards the greater use of 21st Century technology; the recruitment of specialised skills and a refocused approach in how it executes its mandate, is indeed bound to be a catalyst for the future successes of GO-Invest and investments in Guyana.
In broadening its approach in the way it conduct its affairs, it is heartening to hear that GO-Invest is now looking to effectively bridge the language barrier that exists between potential investors and the agency tasked with acting as a conduit to Government.
Many of GO-Invest’s promotional material, including information on its website on investment opportunities will soon be reproduced in four languages—English, Spanish, Dutch and Portuguese.
This is a logical course of action and one that many could also justifiably argue is long overdue but like the old adage reminds us, better late than never.
Brazil, our neighbour to the South, is a country Guyana has been trying to woo for generations now and certainly while not an insurmountable challenge in negotiations, the breakdown in communications as a result of different languages has certainly stymied if not prevented altogether several potential, albeit smaller investments in Guyana by members of the Brazilian private sector.
The same would apply to our business relations with our other immediate neighbours, Venezuela and Suriname as well as in the wider world of potential investors.
I learnt that over the years there were many reasons proffered as to why there could not be dedicated personnel at Guyana’s missions overseas. Guyana has consulate offices in a number of countries across the world with whom we share close ties with but these postings have never really been fully taken advantage of, in terms of promoting investment opportunities in Guyana.
This state of affairs has undoubtedly led to numerous potential investment opportunities never being explored and GO-Invest, intends to change this.
During talks with the GO-Invest CEO, I also learnt of a plan to have at least one dedicated individual at the large missions such as the consulate in New York, while information on investment opportunities locally will periodically be forwarded to the smaller missions.

UPHILL TASK
Burrowes and his team certainly have an uphill task in achieving all of the stated objectives.
In the coming weeks, I will be keeping track of and providing updates on the work of GO-Invest.
In doing so it is envisioned that the veil of mysticism, engulfing this agency, will be lifted and clarifications of the very many misconceptions in the public domain will be offered, while at the same time wetting the appetites of investors both local and foreign.
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