BY MARGARET BURKE

Guyana is at the edge of a defining moment in its history. According to NASDAQ, our country is to become the “number one among the fastest growing economies in the world.” Our nation of just under 750,000 has hit one of the biggest oil and jackpots in history, with hundreds of billions of US dollars, ready to be extracted. There is the potential to rapidly transform Guyana for the better, allowing us to invest in our infrastructure, education and healthcare systems. But all of this is pointless unless we are able to create job opportunities for all Guyanese.

We need a government we can trust to provide the types of jobs that focus on innovation and entrepreneurship, not just taking resources out of the ground. For too long, we lived under a PPP government who had no vision for the country, no means to create jobs, and only concerned with filling their pockets.

During their years in power, many thousands of people left Guyana, as the economy tanked and failed to provide the necessary opportunities. Only recently, their own presidential candidate, Irfaan Ali, was back in court regarding the 19 criminal charges relating to his time as housing minister, where he allegedly sold off housing lots and land for below market prices to his well-connected cronies, making himself rich in the process, and depriving funding for schools and hospitals, and preventing ordinary people from securing a house lot. The reason I mentioned this is because, at the heart of all of this, is a question of trust. Who do we trust to create jobs, manage our oil resources, and secure a better future for all Guyana?
Over the past four years, we have seen real efforts to reinvigorate our economy, particularly through greater emphasis on diversification of the economy. For so long, we have relied purely on extracting our mineral and resources, without processing them into higher value goods. We are a country rich in gold, diamond, precious stones and bauxite. There is also rice, sugar, timber, and many other agricultural products. Under President Granger, there has been more support given to encourage innovation and grow new sectors.

FASTEST GROWING ECONOMY
The Guyana Office for Investment (Go-Invest) is one of the major players in the processes of business in Guyana. This agency, which falls under the ambit of the Ministry of Business, plays a pivotal role in attracting investment into traditional sectors, such as agriculture, mining and forestry, as well as more dynamic industries of energy, ICT manufacturing, and tourism. With greater support under President Granger, domestic and international investment has helped create 15,000 jobs since 2015.

Go-Invest signed over 300 Investment Agreements (IAs) during this government first four years in power. Heading the list of investments is agro-processing, followed by light manufacturing, and the services sector. Overall Go-Invest estimates that these agreements are worth almost $250B. Services fetched the largest value of over $82B, followed by our expanding energy sector securing significant investment of $70B, with Guyana capitalising on its reputation as the number one eco-tourism destination in the world, reaping in a tidy $44B, with agriculture and agro-processing at $30B. Light manufacturing, ICT and forestry flowed in the same order of projected value.

Investors in the varying sectors of Go-Invest not only anticipated good returns to their investments, but also saw many jobs being created during the period 2015 to 2018. The services sector continue to head the list by creating 5,566 jobs, with investors recognising Guyana’s potential as a new outsourcing hotspot. Agriculture and agro-processing, quickly followed by light manufacturing, then energy and tourism sectors almost tied for new openings for employment.

EFFECTIVE PARTNERSHIPS
Go-Invest is structured to work primarily in two areas – investment facilitation and promotion, as well as export promotion. The agency works closely with both local and international agencies – Foreign Direct Investment (FDI).

Earlier this year it was reported that for 2018 this agency was able to generate $89B in enabled investments, also $52B from 56 investment agreements that were signed for various sections of Go-Invest.

According to the agency’s report, the success achieved is solidly based on shrewd management of the various resources, including their finances. The latter created the conditions for maximum positive outcome. Added to that was the ‘strategic participation in trade and investment events in several nations and other key activities, based on best-value considerations’.

The promotion of Guyana’s exports in international markets continue to be of significance. Under President Granger’s leadership, Guyana once again is trusted as a nation open for business. Good governance, commitment to the rule-of-law, and initiatives to support innovation, all make Guyana a more attractive place to start a business.

The GO-Invest programme is just one area where this government is showing its commitment to stimulate economic growth and create jobs. The Granger-led government has made significant progress during its time in power. Although progress has been made, real change takes time. There is still much more to do. That is why we must give the APNU+AFC more time to continue to secure a better future for Guyana. Otherwise, we risk a return to a government of the past, with no vision and no plan to provide jobs in Guyana.