WITH the introduction of Budget 2021, many will be able to benefit from massive projects and investments the government has planned for the country and for new and existing business owners, it is no different. During the APNU+AFC government’s term in office, for five years existing businesses struggled to survive and make ends meet.

New business owners were challenged to keep their dream businesses alive as they were faced with many hurdles in setting up their business ventures. Some businesses were even forced to close due to the struggles of low demand for goods and services as cash-flow was basically on the low in the country.

Opportunities were also lacking for both local and foreign investors and the Guyanese diaspora. Businesses were destroyed by the exhaustive taxes introduced under the APNU+AFC government, as measures were not in place to have a steady cash-flow in the economy. However, with the new budget, all of these taxes were either removed or reduced, giving business owners a sign of relief as they will have better opportunities to improve their business operations along with expanding their ventures.

Since the PPP/C government assumed office, many businesses have been introduced, such as malls, hotels and resorts, restaurants and bars that are owned by both local and foreign investors. With Go-Invest partnering with the American Chamber and the Private Sector Commission, small businesses will be able to have access to opportunities both locally and internationally, with potential and relevant investors.

The government is also providing incentives for investors, whether locally or internationally, to assist them in setting up their operations which can be accessed on the Go-Invest website. Other extended services are also being offered by the government to allow investors to combat whatever challenges they may face. For example, the agriculture sector has extension officers employed by the National Agricultural Research and Extension Institute (NAREI) who will assist a local investor with the newly introduced crop of Irish Potatoes.

The government has budgeted $250 million for the Small Business Development Fund. The minimum ceiling in grant-funding at the Small Business Bureau has also been increased from $200,000 to $500,000. This will aid small businesses to grow and contribute to turning the economy around, especially after the difficult phase faced by the country in the last year due to the COVID-19 pandemic.

The government will invest $135 million in procuring the Electronic Single Window System. The electronic single window initiative helps to interconnect all stakeholders involved in foreign trade, allowing them to conduct all the trade procedures on one platform. This simplifies and speeds up the customs and trade processes, thereby benefitting traders and government agents with an automated system that results in a smoother and faster clearance process. A national E-Commerce Strategy will also be implemented to allow local businesses to tap into foreign markets.

The budget also catered for improving accessibility roads throughout the country such as the interior regions, and a link between Parika and Bartica. There will also be new housing lands to be provided by the government which will prompt persons to open small shops to meet the local community needs. This is one way the government provides opportunities for new business owners. Some investors have already expressed their interest in creating malls in critical areas, which will further provide opportunities for new businesses to be introduced and existing businesses to expand.

Though the government encourages foreign investments, it aims to promote a partnership between both local and foreign businesses to promote local businesses, thereby giving them an abundance of opportunities. With the aim of providing 50,000 jobs while in office, it is without a doubt that this will be achieved. The government is giving opportunities to potential entrepreneurs which should be taken advantage of in turning Guyana into a fully developed country that is not only oil dependent.

With all of these initiatives in place, if there are 200 new businesses introduced by local investors, that will provide jobs for at least 5,000 persons. If 100 businesses expand their operations across the country in different locations, that will at least result in 2000 jobs. With foreign-introduced businesses and the gas-to-shore project, thousands of jobs are expected to be provided. This will result in an increase in government revenue at low expenses of business owners and disposable incomes will increase to be pumped back into the economy again.

With the commencement of the gas-to-shore initiative, energy costs will also be reduced, and businesses will benefit tremendously from a cut in operating costs.