–as work starts on 25 private projects

COUNTRIES the world over are still reeling from the effects of the COVID-19 pandemic, and while Guyana has been no exception, it has not only shown resilience but has been able to create an environment that has attracted a number of big investors.

Currently, 25 projects are onstream that will create over 1,600 jobs.

Employment has been one of the indirect casualties of the pandemic, as it was reported widely not just in Guyana but also abroad, that many persons, particularly those in the tourism and hospitality sector, lost their jobs as a result of the entity to which they were attached recording significant decreases in profits, or not being able to operate at all because of the necessary restrictions in place to curb the spread of COVID-19.

The importance of a job cannot be overemphasised, as it not only generates income to purchase basic necessities, but also imbues in one a sense of purpose, productivity and fulfillment.
And even as Guyanese continue to explore ways of coping with the pandemic and innovating to make ends meet, ongoing private projects are extrinsic motivation and evidence of an economy that has bright prospects.

A business-friendly climate, supplemented by the anticipated economic ascension, has served as a magnet for investors, both foreign and local.
According to Chief Executive Officer (CEO) of the Guyana Office for Investment (Go-Invest), Dr. Peter Ramsaroop, within the period August 2020 to April 2021, approximately 25 projects were initiated, and these have the potential to create 1,678 jobs when completed.

“The agency has, in spite of the COVID-19 restrictions, been able to facilitate significant investment from both local and foreign,” Dr. Ramsaroop told the Guyana Chronicle.
Of the 25 projects which were initiated within the past eight months, 16 are local, six are Foreign Direct Investments (FDI), and three are joint ventures.

In speaking further about those projects, he said: “These projects have all started. Local investments presented the largest portion of this investment, and I am elated to make this point.”
Based on a breakdown of the local investments, four were in the agriculture sector; six in the service sector; two in light manufacturing, and one each in Information and Communication Technology (ICT), tourism, forestry and energy.

SERVICE-ORIENTED
Of the six FDI projects, three are service related; two are in manufacturing, and one in agriculture. The joint ventures account for two in manufacturing and one agriculture-related project.
The employment opportunities created by those projects will be significant, especially since Guyana recorded a 12.8 per cent unemployment rate for the first quarter of 2020.

According to information from the Bureau of Statistics (BoS), the youth unemployment rate experienced a slight increase, moving from 29.7 per cent in the last quarter of 2019 to 30.2 per cent in the first quarter of 2020.

With the hope of tackling the unemployment rate, the Government has not only created an environment which is conducive to investments, but it has also invested heavily in education and training, as has been reported.

“An educated and highly-skilled workforce is critical to our competitiveness as a destination for investment, but also critical is ensuring that the Guyanese people are able to get jobs,” Senior Minister with responsibility for Finance, Dr. Ashni Singh had said in a previous interview.

Further, he related: “We want to create an environment where every single Guyanese who is of working age is equipped with skills that make them employable. Every Guyanese of employment age should have access to opportunities to acquire skills that will make them employable; and we are planning to do this at every level.”

Among the programmes the Government has rolled out so far is the 20,000 Online scholarships initiative, which is being facilitated through the Guyana Online Scholarship Academy (GOAL).
The objective of this and other initiatives is to ensure that every Guyanese of working age is equipped with the skills necessary for employment in the sector of their choice.

Personal enhancement, whether through skills training or academia, will be crucial going forward, especially since Dr. Ramsaroop said that Go-Invest will continue advancing its mandate of facilitating investments by both foreign and local investors.

While addressing participants at Guyana’s inaugural Diaspora Conference held virtually last Saturday, the CEO reiterated the words of Dr. Singh, who said that Guyana has moved from ‘potential’ to ‘opportunities.’

He said, too, that President Dr. Irfaan Ali has “renewed the dream” and created a national sense of pride with his vision for growth and development in every economic sector.
President Ali has said already that progress is expected on all fronts in 2021, which has since been designated as the Year of Investments and Development.

He said work will commence on the construction and rehabilitation of roads in hundreds of communities; new infrastructure will be created, and there will be major developments in every sector.