–private sector stakeholders say; welcome $584.2B for Small Business Bureau, other initiatives

VICE-Chairman of the Private Sector Commission (PSC), Ryan Alexander, on Monday, after the presentation of Budget 2023 by Finance Minister, Dr. Ashni Singh, said that the private sector has always been advocating for the Government of Guyana to have systems in place so that the sector could be more productive, and this budget has presented them with that opportunity.
He said that it has just moved the bar for them to become more aggressive in terms of the opportunities that will be rolled out.

Additionally, Rafeek Khan, Head of the Guyana Manufacturing and Services Association (GMSA), said that this budget is going to allow Guyana to move from a primary economy to a secondary economy.

He noted that two of the country’s biggest challenges are infrastructure and energy. Khan related that the country’s energy costs are perhaps among the highest within the Caribbean, and this is expected to be addressed frontally with the establishment of the gas-to-shore project.

“We hope to see the impact of this in bringing down our energy cost overall. At the GMSA, we are anticipating that our businesses, old and new, are going to have more confidence to invest and then… let us develop new industries that will help give a push into the economy producing products that we would have never been producing before,” Khan added.

He related that he would like to see more money going into the agriculture sector, noting that the intention would be to push and promote the agriculture more.
Khan added that GMSA will be working closely with the government to further promote products in the region.

Meanwhile, Halim Khan, Head of Region Three Private Sector Inc. (R3PSInc), said that based on the breakdown of the budget 2023, from top to bottom, it will be befitting everyone as Guyana aims at a new paradigm.

“One of the major projects that will benefit all in Guyana and is especially being monitored with anticipation by the Region Three Private Sector Inc. (R3PSInc); this will be the Wales Gas-to-Energy project, and this will advance as the government budgeted $43.4 billion to facilitate construction of the power plant and associated facilities as one of Guyana’s most transformational projects,” he said.

Khan related that this project is the single largest investment made in Guyana’s electricity sector and promises to slash local energy costs in half once the project is on-stream. Overall, the project is pegged at more than US$1 billion.

“In 2023, the R3PSInc forecasts a vast transformation of infrastructure in the public healthcare system as $13.2 billion will be spent on advancing infrastructure works at the forthcoming pediatric and maternal hospital, and six new regional hospitals at Lima, De Kindred, Diamond, Enmore, Bath and the No. 75 village,” Khan said.

Additionally, in a bid to deliver on its promise of creating a conducive environment for private sector investment, the government has set aside $584.2 million for the Small Business Bureau and the Small Business Development Fund, he noted.

Khan related that the $2.1 billion which has been allocated for the continued roll out of the school feeding programme is exceptional.

Additionally, the Guyana Oil and Gas Energy Chamber (GOGEC) supports the continued development of the Wales Gas-to-Energy (GTE) project.
Minister Singh, in his presentation of the National Budget 2023, detailed there is an allocation of $43.4 billion to support the construction of a 300 megawatts (MW) Combined-cycle gas turbine power plant, natural gas liquids plant, and associated facilities.

“GOGEC recognises the immense improvement to both the reliability of electricity supply brought by gas and the improved stability needed to sequentially incorporate intermittent renewable energy systems, such as solar and wind.
“By 2025, with 300MW of new baseload capacity provided with Natural Gas, the reliability of the Demerara-Berbice Interconnected System (DBIS) grid will increase while the Green House Gas (GHG) emissions associated with electricity generation will be reduced by half,” GOGEC said.

Further, the Rupununi Chamber of Commerce & Industry (RCCI) commended the Government of Guyana on the presentation of Budget 2023 in which there are numerous benefits for businesses and residents of the Rupununi Region.

“Budget 2023 and the mentioned investments in all sectors demonstrates the government’s serious commitments to improve the social and economic standing of our local population,” RCCI stated.

Komal Singh, the owner of GAICO construction, said that for budget 202, what is noticeable are the many initiatives that were included in the budget to increase disposable income and cost of living.

“Budget 2023 will also see massive support to achieve some of the major infrastructure development that is so badly need in our country. Kudos to the His Excellency and the government for once again presenting a budget that is very diverse,” Singh related.