PSC, US legislators say

THE Private Sector Commission (PSC) and a delegation of legislators from the state of New York recently held fruitful discussions at Duke Lodge Symposium Hall, where they stressed the importance of partnerships as a springboard for growth in both the US and Guyana.

Chairman of the PSC, Komal Singh, in his remarks at the engagement on October 27, provided an overview of Guyana’s economic landscape, highlighting that the country has seen massive transformation in the last three years, primarily due to investments in the oil and gas sector.

He was keen to note that while oil and gas has propelled Guyana’s economy to another level, the non-oil economy has also been performing well, with projected growth of 9.3 per cent for the remainder of 2023, and that numerous opportunities exist to invest in these sectors.
Singh elaborated on the ongoing infrastructural works across the country that are transforming not only the physical landscape of Guyana, but also the lives of Guyanese.
Vice Chairman of the PSC and the GMSA, Rafeek Khan, encouraged the delegation to concentrate efforts on small and medium-sized businesses which often face difficulties in accessing finance for expansion.

He also encouraged them to sample locally manufactured products, many of which are organic, a feature which captures an expanding market.
Other members of the private sector delegation spoke of the need to consider joint ventures as a means of navigating the legislative landscape and addressing the training needs of the labour force.

In responding to queries from private sector members in attendance, Senator Kevin Parker, Chair of the Committee on Energy and Telecommunication, advised members of the private sector to approach investment opportunities with business plans, and, echoing the sentiments of Captain Gerald Gouveia Jr., said that partnerships are essential to solving the challenges of the private enterprise faced in both jurisdictions.

Additionally, members were informed of the numerous avenues for assistance in establishing transnational businesses, including NGOs around the state.
At the conclusion of a fruitful engagement, attendees were informed of pipeline plans to establish a mechanism to engage the wider CARICOM diaspora formally in relation to trade and investment matters.