–PM Phillips says benefits range from job creation to domestic taxes

ACKNOWLEDGING the rich history and strong contributions of the West Indian rum industry to the Caribbean region’s economy, Prime Minister Brigadier (Ret’d) Mark Phillips maintains that Guyana will continue to embrace the sector as it grows and thrives.

He made this commitment during his address at the West Indies Rum & Spirits Producers Association (WIRSPA)’s Annual General Meeting on Wednesday evening.

Prime Minister Phillips said: “The Caribbean rum industry has made substantial economic contributions to the region. The industry continues to be a generator of employment, both direct and indirect. The industry is an earner of foreign exchange, a major contributor to domestic taxes, and supports other sectors of our economy, including tourism.”

While underscoring Guyana’s continuous and steady support to the rum industry, he remarked: “The Government of Guyana remains committed to supporting the region’s rum industry. WIRSPA can count on the support of the government to promote and protect the regional rum industry.”

The meeting, which was chaired by Komal Samaroo, Chairman of regional conglomerate Demerara Distillers Limited, was held at the Pegasus Suites and Corporate Centre.
Prime Minister Phillips addressed some of the sector’s challenges, emphasising the fact that although competition is beneficial, it can gamble with the region’s image of quality and authenticity when lower-cost producers enter the market.

He, therefore, advised regional rum makers to adapt in order to remain lucrative and competitive in a diversifying market.

“Let us continue to innovate; invest in research and development, and find new ways to maintain our competitive edge. We must remain proactive in safeguarding the integrity of our regional rums and spirits, ensuring that they continue to be synonymous with excellence and unmatched craftsmanship,” Prime Minister Phillips said.

He also lobbied for further cooperation to uphold the industry’s high standards, which he referred to as, “The hallmark of the industry”.

The Prime Minister also lauded the WIRSPA for its efforts in marketing and safeguarding Caribbean rum, as well as for partnering with regional stakeholders and governments to realign the industry with greater branded production and exports.

He said: “By diversifying into more branded products, the region’s rum industry has been able to adapt and survive. But this adaptability also demonstrated the exceptional leadership with which the region’s rum industry is blessed. I want to commend the leadership of the industry for the role it has played in safeguarding regional rums and spirits.”