ONE of the first acts of the APNU+AFC government was the establishment of the Ministry of Business. The Ministry has a clearly stated mission: “The Ministry of Business aims to propel economic development through an equitable and conducive environment for all businesses and through active interventions.” The necessity of having a ministry of government in Guyana, dedicated to the fostering of a business-friendly environment with the goal of development is obvious. Regrettably, the previous PPP regime, for some reason, did not perceive such a need during all of its 23 years in political power. Fortunately, that monumental oversight has been corrected by the current administration.

Although the Ministry of Business is only three years old, it has already had a major, positive impact on the lives of Guyanese, particularly those who aspire to own or operate their own businesses, as well as citizens seeking satisfying and secure employment. Under the charismatic leadership of Minister Dominic Gaskin, the ministry has filled a major gap in the government of Guyana’s administrative structure, thereby promoting economic development along the full spectrum of commercial, trade, and industrial endeavours.

In his 2019 budget presentation to the National Assembly, Minister Gaskin emphasised that the single most important and ultimate goal of the ministry is to create the conditions for Guyanese to be self-sufficient. The minister said, “The work that we do at the Ministry of Business and our agencies is ultimately geared towards the creation of jobs by private enterprises large, medium and small. Whether it’s through tourism or industrial estates or the promotion of exports or investment facilitation or small business support, at the end of the day we want to see the private sector develop and grow because this is where the bulk of the jobs needed by the tens of thousands of young Guyanese who come out of school or some higher level of education or training each year are going to come from.”

Minister Gaskin elaborated that the ministry has detailed plans on how to achieve its goals; he explained that those plans may be categorized under one of four broad pillars: business support and development; business facilitation; tourism; and consumer affairs. He further explained how the 2019 budgetary allocation of $2.65 billion will be efficiently used to improve the lives of Guyanese by giving them access to never-before-seen opportunities within the context of government’s holistic plan.

Business support, said the minister, includes the development and management of industrial estates such as those in Lethem in Upper Takutu-Upper Essequibo (region 9) and in Berbice, on which over $1 billion has already been invested. Minister Gaskin underscored that accountability and transparency are paramount. He said, “Due diligence processes will be carried out to ensure that companies have the financial resources to fund their proposed activities.” In other words, while funds for new and developing business will be available, business proposals will be diligently examined before public funds are used.

High standards will, of service, must play a major role in all business activities, and recognised international accreditation will be sought where available, the minister said.
It was reported, too, that up to the end of 2018, about 1000 businesses benefitted from training in areas such as soap manufacturing, sustainable mining, forestry and cosmetology. Additionally, about 400 former GUYSUCO workers were trained in various skills, while the ministry supported over 200 businesses with access to finance by providing guarantees for loans totalling USD $618,000 and disbursing grants, amounting to USD $237,000. This support is estimated to have directly created over 500 jobs.

Business facilitation, another of the four broad pillars, has already created hundreds of jobs and will continue to do so by actively facilitating investment in the various sectors across Guyana’s regions. Such facilitation includes matching and connecting local suppliers with international consumers, among other initiatives.

Tourism, the third pillar, has already benefited from the administration’s interventions, showing a 17 per cent increase over 2017 figures. It was noted that visitors have to eat, sleep and travel around the town or the country and each of these activities costs money and employs Guyanese. Tourists also shop and enjoy local entertainment. With an estimated 30,000 visitors arriving in 2018, an additional US$15 million is now circulating, assuming an average expenditure of around US$500 per visitor. And this does not include airfares or the taxes applied to airfares which will bring in around US$15 million.

Minister Gaskin emphasises that the previous administration gave scant regard to accountability and transparency while in government; on the other hand, we are ensuring that there are accountability and transparency in the spending of money.

The pillar of consumer affairs assures that government works towards the goal of consumers getting value for their money; its objective towards efficiency and cost reduction will be to the benefit of all Guyanese. Speaking at the opening of a new showroom and head office for the Marics Company in December of last year, Minister Gaskin said that ‘good life’ should be for all Guyanese and not a select few. He added, “We cannot have an economy where working people cannot afford basic human needs,

transportation, proper nutrition, proper accommodation and other basic things that human beings need at a level that supports a decent quality of life,” Minister Gaskin emphasised. He said, too, that the direction we are heading as a nation should see all Guyanese who desire a car, being able to afford a good quality vehicle. “We have to be ambitious as a nation, and we must aspire for a minimum quality of life for all our people, and we will soon have the means to do this.”

As the Ministry of Business goes about its important work, citizens should bear in mind the vital nature of that ministry, the fact that its work will benefit all Guyanese – whether producer or consumer – and the fact that the previous PPP regime lacked the vision to establish such an entity. As such, we must ensure that the efforts and progress made by the government continue and our gains are not lost.