…PSC urges, lauds good relations with gov’t

THE Private Sector Commission (PSC) has lauded relations between government and the umbrella business organization and while commending the administration for some commendable steps, urged that it re-examine the tax policy on goods from zero rating to exempt and standard-rated goods and services.

It also called for the removal of Value Added Tax on electricity and agricultural and mining machinery and inputs. Noting that in its ‘end-of-year statement’ the PSC had said “withholding disposable income from the economy does not bode well for growth. The PSC looks forward to discussions with the Minister of Finance, the Hon. Winston Jordan, at quarterly meetings in 2018 where it is hoped that beneficial solutions to the issues can be found.” VAT on electricity was introduced in the 2017 budget and despite fierce lobbying, it was not removed in the 2018 estimates. According to the PSC, while it agrees that measures published in Budget 2018 will certainly have a positive impact on local businesses, the commission believes that, in this budget, there is more that could have been done to reverse the negative impact of the 2017 Budget.

The broad-based PSC statement also mentioned that among the achievements for the year was the Guyana Business Summit 2017, which was held in collaboration with the Inter-American Development Bank in October. It focused on the ‘Challenges and Opportunities for Business Growth and Expansion’. This ground-breaking summit which was a success, saw the PSC bringing together key stakeholders, including the government and parliamentary opposition, in meaningful discussions on opportunities and such critical areas as Energy, Human Capital Development, Markets, Economic Development & Capacity, Taxation, Sourcing Capital and Governance. The PSC said it is hoped that from the findings and presentations of this summit, it would engage the Minister of Business and the Minister of Finance in 2018 in moving forward with the recommendations. The commission’s continuous discussions with governmental agencies are key to success.

Sugar

On the issue of sugar, the PSC said the year 2017 started with closure of the Wales Estate and ended with massive redundancies from the Skeldon, Rosehall and Enmore estates, leaving at least 5000 unemployed and with serious repercussions for 2018. “The commission stands by its proposal which was previously submitted, asking that government reverses [sic] these decisions and rethink a plausible solution that would alleviate the dire economic and social consequences of layoffs and hardships,” the statement added.

According to the PSC, as a business-related organisation, the commission’s engagements with the Minister of Finance and the Minister of Business throughout 2017 were very positive and the PSC looks forward to continuous successful engagements in 2018. “The Private Sector Commission understands the importance of public-private dialogue and is elated that the Minister of Business, the Hon. Dominic Gaskin, is making great headway to develop such a mechanism. Of significance, the commission takes this opportunity to congratulate Minister Gaskin and the Inter-American Development Bank for their monumental undertaking, “enhancing the national quality infrastructure for economic diversification and trade promotion” project. The commission is delighted at these developments which will surely benefit the business community. We are ready to contribute to the National Export and Investment Promotion Strategy and the creation of Special Economic Zones in Guyana.”

With regard to the threat from our neighbouring country, Venezuela, the Private Sector Commission says it stands in support of our Minister of Foreign Affairs, Carl Greenidge, in ensuring that claims to our lands can be refuted. “The cooperation between the Private Sector Commission and Ministry of Foreign Affairs during 2017 was fruitful. The commission thanks the ministry for their constant communication on trade-related opportunities and visits and looks forward to continuing this cooperation with the ministry in 2018, to establish new markets internationally.”

Additionally, the PSC said during the year that it welcomed members from the diplomatic community including ambassadors and high commissioners from high-ranking countries such as the ABC countries, China and India. The commission said it is grateful for the trade, technical cooperation and assistance from foreign nations and, in 2018, looks forward to continued dialogue with these and other foreign nations in an effort to pursue greater cooperation and build more trade relationships.

The PSC also commends the Guyana Police Force for their valiant efforts throughout the year to maintain law and order in Guyana. “The PSC has been in constant dialogue with the police force on matters of safety and we were happy with their response. We look forward to continue working with members of the police force to ensure that businesses and their clients may work in an environment where there is no fear of being robbed.“

Social responsibility
The PSC said that while comprises members of the private sector business community across Guyana, the commission’s role is not limited to business, noting that it has worked assiduously throughout the year to provide help and assistance to members of the larger Guyanese community through donations and assistance, where the need exists. Besides, the PSC said discussions throughout the year with government ministers have been fruitful and the PSC is committed to promote national unity, to encourage investment and to create employment for the betterment of Guyanese.

As part of the commission’s social responsibility, members of the Private Sector Commission through a successful Public-Private Partnership with the Prime Minister, the Hon. Moses Nagamootoo and Minister of State, Hon. Joseph Harmon, donated in excess of twenty-five million dollars of foodstuff and construction materials to hurricane-devastated countries. In addition, the commission went across the length and breadth of Guyana, from Skeldon to Linden, providing advice, hope and tangible donations to suffering areas.