–attracting more foreign investments, developing value- added industries
The Ministry of Business has identified improved ease in doing business, attracting more foreign investments and support for the development of value added industries as central goals in its new five-year action plan.The plan released by the Ministry will also focus on increasing the economic opportunities and capabilities of vulnerable groups, and expanding capacity to develop and promote sustainable business-friendly policies.
Businesses are the major sources of Gross Domestic Product (GDP), income, investments and jobs in Guyana, and will therefore be central to securing the economic growth the country needs to drive its future, the Ministry said.
In recognition of this fact, the mandate of the Minister of Business addresses the matters of investment promotion, work force enhancement, sustainable development and export promotion. The strategic action plan is released at an exciting time for the Guyanese business sector. A new Ministry has been created, dedicated to providing the support and representation needed for businesses to thrive in Guyana.
The Ministry said the business agenda is central to achieving inclusive growth and national unity and successfully promoting a strong Guyana as a good place to invest.
On September 25, 2015, the UN General Assembly adopted the Sustainable Development Goals (SDGs) and the Ministry of Business said it will make an important contribution to achieving many of the specific targets, especially under goal 8.
Goal 8 aims to “Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all”.
The action plan also explains how the Ministry intends to fulfil its mandate over the next five years and ensures that the SDGs relevant to Guyana are on track by 2030.
The strategy document includes two parts: (1) Action plan with the concrete steps the Ministry will take to promote business development during 2015-2016; and (2), the time-line for the finalisation of the Ministry of Business costed 2016-2020 strategic plan, which will be completed with the assistance of the United Nations Development Programme (UNDP).
Providing foundation
“We recognise government’s important role in providing the foundations for private sector growth and sustainable long-term economic development,” the Ministry said.
The actions planned for 2015 include the upload of key Ministry documents and procedures to the website for greater transparency; this will include all vacancies; lead task force for the establishment of a Single Window System for automated processing of import-export licenses; the Business Expo to be held on November 27-29 at the National Exhibition Centre under the theme: “Guyanese Products and Services – Our Gateway to the Good live”; recruitment of new CEO for GO-Invest; structured engagements with private sector bodies; release draft strategy on Small Business Bureau 20 per cent public procurement programme; collaborate with Ministry of Legal Affairs to prepare legal agenda for enhancing the business environment; and creation of a strategy and policy unit within the Ministry to address areas affecting competitiveness.
Businesses are the major sources of GDP, income and investments in Guyana.
The private sector accounts for over 80 per cent of total expenditure and contributes over twice the public sector’s level of investment in new capital.
With this in mind, the Ministry said businesses will be central to securing the economic growth to drive Guyana’s future.
Businesses are also Guyana’s major employer.
“Most of the new and high-skilled jobs we need will come from the private sector. We estimate that around 2/3 of workers are employed in either the formal or the informal business sector. In recognition of this fact, the Ministry of Business was assigned responsibility for work force enhancement: to help increase the size and quality of our work force through better jobs,” the Ministry noted in the plan.
In 2014 over 80 per cent or $163 billion of the revenue here was generated by taxes, and most of this was paid to the Government directly by businesses.
“In order to continually expand our social programmes we need more tax revenue; this will come by supporting private sector growth,” the Ministry said.
