— business minister tells Guyana’s diaspora in the UK

GUYANA is on the cusp of a major economic transformation, to provide opportunities for the socio-economic advancement of its people, Minister of Business Dominic Gaskin told members of Guyana’s diaspora in the UK on Friday.

Gaskin said there has to be major economic transformation if Guyana is serious about development and noted that Guyanese living in the UK have lots to offer Guyana.

“Our Government has developed a Diaspora Engagement Strategy aimed at ensuring that Guyanese outside of Guyana have an opportunity to contribute to the development of our country,” said the Minister of Business, at the country’s 51st independence anniversary, celebrated at the High Commission of Guyana in
London.

Gaskin also spoke of some of the challenges faced when organising the diaspora and managing its expectations, the realities of governing and the advances of the Government on several fronts, a statement from the Ministry of Business said on Sunday.

He also commented on the terrorist attack at Manchester, England, following a concert by American singer Ariana Grande.

Gaskin said too that the challenges facing Guyana are not unique, while noting that there is poverty, inequality, poor health care and education, globally.

“This is what we inherited and this is what we are fixing,” he stated.

According to the Minister of Business, transacting business here has been a major challenge for many and noted that his ministry has sought assistance from the World Bank to work on an action plan aimed at improving the ease of doing business in Guyana.

“Significant improvements are expected over the coming years,” the minister stated, while adding that despite the many challenges, Guyana’s economy continues to grow.

DID BETTER
“Last year it grew by 3.3 per cent, which is impressive when compared to all our neighbouring economies: Venezuela — experiencing severe economic depression; Brazil — experiencing negative economic growth for a second year running; Trinidad — experiencing negative growth also; and Barbados — its economy grew by less than one per cent last year,” he stressed.
The minister of business said too that with the discovery of oil, Guyana is receiving a new level of attention,to which the country is not accustomed. He was quick to note that this new attention is “not necessarily a bad thing.”
Minister Gaskin reminded those gathered at the event that Guyana had been ignored by the international business community for a long time and not much consideration was given to make it an investment destination.
“We have a chance to change this and to transform our country into one that is ready to do business with the rest of the world,” said the minister of business as he stressed the dangers of the country’s over reliance on a single sector to drive economic growth.
He stated that value-added sectors such as agro-processing, forestry and pharmaceutical products, tourism, business process outsourcing and infrastructural development are in need of a “kick-start” to diversify foreign earnings and create sustainable economic growth and employment.
The minister of business reassured members of the diaspora that “Guyana has what it takes to produce food on a large scale; Guyana has what it takes to emerge as a top eco-tourism destination. Guyana has what it takes to provide various business services that meet global requirements. Guyana has raw materials that can be processed at home.”

INFRASTRUCTURAL PLANS
Meanwhile, Gaskin spoke of Guyana’s infrastructural plans and noted that investments in infrastructure are expected to increase national competitiveness.
He mentioned the road from Lethem to the Atlantic Coast becoming a reality, while noting that already a section from Linden to Mabura is being paved and a bridge over the Essequibo will connect that road to the final stretch to Lethem, providing an alternate route to the Atlantic for Brazilian businesses.
“A new bridge will be built across the Demerara River, to take off the heavy traffic that can no longer be efficiently handled by the current bridge; new roads will link the East Bank Demerara to the East Coast of Demerara and link Parika to Linden via the East Bank of the Essequibo River. So there will be the opening up of new lands, which will see development of new agricultural, industrial and residential areas,” the minister added.
Gaskin stressed too the importance of preserving the country’s wealth for posterity.
“The conservation and preservation of our natural habitats – rainforests, wetlands, and savannahs is therefore an obligation that we take seriously and Guyana has made several notable commitments in this regard.
“An additional two million hectares have been committed for conservation and Guyana has committed to the use of renewable energy sources for the generation of 100 per cent of its electricity needs by the year 2025. We are currently exploring the use of some form of sovereign wealth fund to guarantee the well- being of future generations of Guyanese,” the minister said.
Additionally, he made it clear that while crime remains a major concern here, the rate of most serious crimes has decreased when compared to previous years.