–Minister Walrond points to rapidly growing foreign-direct investments

THE Unicomer Group, on Friday, turned the sod for what is being hailed the largest single retail investment in Guyana, their new US$33 million River Place commercial complex.
The sod was turned at the location in Farm, East Bank Demerara, where Minister of Tourism, Industry and Commerce, Oneidge Walrond noted that these types of investments contribute to overall economic growth.

According to the minister, foreign direct investments have been growing in Guyana and over the last year, continued in an upward trajectory from US$4 million to US$7 million, which, she said, is very significant.

However, this project that Unicomer will undertake, could also be considered as organic growth, as it is part of the company’s expansion of their existing operations here.
“Such investments contribute to our overall economic growth. Organic investments such as this one coming out of the Unicomer group lead to the adoption of new technologies, new processes and equipment that can improve efficiency and productivity,” she added.

Walrond related that as these companies invest in expanding their operations, they often create new opportunities thus stimulating employment opportunities in the economy.
“Everyone benefits from organic investments, the companies, employment is generated, consumer spending is generated,” she added.

The River Place complex which is set to be completed within 18 months, is expected to be some 25,000 square feet, and will feature 44 retail spaces and will be the new home for Courts Mega Store, Ashley Home Store and various other retail stores, a gym and restaurants.

In April of this year, Unicomer through its real estate management arm, signed an agreement with the Inter-American Development Bank’s private sector arm, IDB-Invest to the tune of US$25 million for the funding of the commercial complex.

The project is expected to be developed further with additions to be made as expansion continues.