THE Ministry of Business is reportedly set to create more than 400 new jobs, train hundreds of businesses, and release tens of millions of dollars in affordable financing before year-end.

The minister with the portfolio for business, Dominic Gaskin, has said that focus will be placed on development of a Small Business Development Centre, and there will be support for the development of small businesses in all regions next year.

Speaking during the recent budget debates, Gaskin noted that efforts will also be made to ensure that small- and medium-sized enterprises (SMEs) have a fair chance of being awarded Government contracts by taking forward the 20 per cent procurement initiative.

He noted that the Industry Department of the Ministry of Business will implement new industrial development policies that are designed to stimulate investments in value-added industries and focus on expansion, diversification and development of a competitive productive sector.

“The Industry Department will also seek to ensure that lands allocated to investors for the purpose of industrial development are utilised for this purpose. The National Industrial and Commercial Investments Limited (NICIL) will be encouraged to reinforce the terms of leases granted to investors at industrial estates, including those at Coldingen and Eccles.

“NICIL will also be encouraged to provide the services required for the proper functioning of businesses on the estates,” the minister revealed.

In addition, some $805 million has been budgeted this year for the development of roads and infrastructure at the industrial estate in Lethem.

The Commerce Department of the ministry has been responsible for processing and issuance of import and export licences for a number of commodities.

Currently, the entire process is done via paper applications, which need to first be completed in triplicate, before being endorsed by the relevant agencies then brought to the ministry for ultimate approval.

Gaskin said the Ministry of Business has committed to issuing these licences within 24 hours. “During 2015, the ministry will start the groundwork towards computerising the licensing process. On a national level, the ministry will be strongly involved in laying the foundation for a possible single-window system for trade transactions. With information communication technology (ICT), the sky is the limit,” the minister stressed.

PRIVATE SECTOR
In recognition of the important role that the private sector needs to play in the achievement of sustained economic growth and poverty reduction in Guyana, the Ministry of Business is committed to engaging the private sector meaningfully and regularly.

Already, there have been engagements with the Private Sector Commission (PSC), representatives from the various chambers of commerce countrywide, and numerous members of the business and investment community, Gaskin revealed.

Gaskin said continued engagements will develop within the Ministry of Business a better understanding of the many concerns of businesses operating in Guyana or hoping to operate in Guyana.

“We are taking on board, evaluations of projects previously implemented by this ministry that private-public dialogue can benefit from having a formal and institutionalised structure,” he said.

In addition, the Ministry of Business will establish a Help Desk which would aim to provide tailored advice and support to traders and businesses. It is anticipated that, through this Help Desk, more entrepreneurs, businesses and investors would be assisted, thus providing an impetus for increased economic activities, Gaskin revealed.

“The ministry receives thousands of requests for information from businesses every year. This help is a new initiative starting in 2015, which will be linked into the ministry’s wider support to public-private dialogue and to the ministry’s strategic plan,” he said.

The Ministry of Business has a number of existing departments and agencies which will contribute to implementation of policy initiatives. In addition to GO-Invest, the ministry also consists of the Guyana National Bureau of Standards, the Small Business Bureau, the Industry Department, and the Commerce Department.

The ministry will soon release its strategic plan, which includes provisions to reconsider previous measures identified to enhance competitiveness of the economy.

The Guyana National Bureau of Standards (GNBS) also plays a key role in business development by securing confidence in the quality of goods produced locally.

For 2015, $16 million have been allocated to purchase a truck and weight cart, which will allow the GNBS to expand the quality of its service outside Georgetown.

“In the years ahead, the GNBS will expand its support and consultancy services to help businesses enhance their internal operations and value added,” Gaskin said.