-reflects on Guyana’s rapid transformation

WITH President, Dr Irfaan Ali assiduously pursuing the goal of regional integration by removing any hindrances, the Private Sector Commission (PSC) has levied its full support for there to be free movement of goods and services.
In an interview with the Sunday Chronicle, the Chairman of the PSC, Komal Singh, spoke extensively on how this action would bolster economic prosperity.

Trade barriers have long affected regional integration among Caribbean Community (CARICOM) member states and, with that said, efforts are being rolled out to allow the free movement of trade, goods and services.

According to the PSC Chairman: “…There are some trade barriers that [are] preventing trade within the CARICOM region and, as a private sector, we feel that movement of goods and services within the region should not have barriers…We have seen some of those barriers affect some of our manufacturing sectors here…”

Using the Gas-to-Energy project as an example, he said that although it presents enormous economic opportunities for Guyana’s manufacturing sector, trade barriers could still present a hurdle to the overall success of the local manufacturing sector.

“With the Gas-to-Energy project coming on stream two years from now, our manufacturing sector in Guyana will see significant improvement and development. If we continue to have some of those trade barriers, it will not be good for some of those goods and services that we’ve got to produce.

“As such, you know, the call by His Excellency, to all leaders within the region to remove those trade barriers, so to allow more free movement of goods and services within the region is one that we from the private sector support 100 per cent.”

For context, the project, which involves laying a 200km, 12-inch diameter pipeline, will channel natural gas from the Liza Phase One and Phase Two Floating, Production, Storage, and Offloading (FPSO) vessels to a state-of-the-art power plant and Natural Gas Liquids (NGL) facility in Wales.

Meanwhile, the PSC Chairman reflected on how the nation’s image has undergone a remarkable transformation and how the country’s economic growth serves as an advantage for both the ordinary Guyanese and the private sector.
“Guyana’s economic growth right now is a significant plus for the private sector and for the people of Guyana.

“Businesses will have an opportunity right now to develop way beyond [their] capability. As a result of that, it is very important that businesses find strategic business partners…who can work with them to develop themselves rapidly to meet the opportunities that exist right now in the marketplace.”