–President Ali tells regional forum, says gov’t is giving attention to every sector

OFFERING exceptional opportunities backed by a dynamic and diverse economy, Guyana is the ideal destination for investors, President Dr. Irfaan Ali has reiterated.

The Head of State on Wednesday evening while addressing the mammoth gathering of regional private sector players, investors and other stakeholders at the opening ceremony of the Caribbean Investment Forum (CIF) here in Georgetown, pitched Guyana’s ‘investor-friendly’ environment as one that is enabling and abounds with opportunities.

“Why invest in Guyana? It’s the fastest-growing economy, ideal location to access global markets, resource-rich, fiscal incentives for investments, multisector investor opportunities, private sector-focused government,” he said.

President Ali keenly pointed out that while the country’s oil-and-gas industry is burgeoning, government has been heavily focused on investing in its traditional sectors to keep the country competitive.

“Guyana is not hedging its future on oil; we are modernising and investing in all our traditional and new sectors to make these sectors more competitive, and to ensure that these sectors can be successful. If you look at the growth profile of the country, you will see every sector has achieved significant growth over the last two years, and we are ensuring that we build the viability,” he said.

“Guyana is open to investment, and has a very friendly investment environment. Guyana offers very generous and fiscal investment incentives; Guyana has an open foreign currency market, low inflation, and stable financial system,” he added.

EASE OF DOING BUSINESS

In fact, he highlighted that policies are being implemented to promote the ease of doing business, noting the recent launch of the country’s planning and development single-window system, which aims to digitally refine the way business is conducted in Guyana.

“The system was bureaucratic; we had leakages. It was too subjective to human biases. There were too many interferences, and we decided that we are going to work on a single-window approval system,” he said.

The ‘rule-based’ system increases efficiency and transparency in the decision-making of applications with a single point of entry.

“If technicians do not give responses within a certain timeframe, your project is deemed approved. It holds people accountable, and that is what we want all the new systems to do; hold people accountable,” President Ali said. “There must be traceability; there must be traceability of everything we do.”

Persons looking to conduct business in Guyana can access the relevant information and agencies at a single point of entry. There, applicants can submit, monitor, and track the progress of their applications.

In an effort to enhance efficiency and transparency, the process is subjected to specific deadlines to ensure the timely processing of applications.

“We are going to continue on this journey of creating a single-window electronic system through which government business will be conducted,” President Ali said.

This, he explained, will further improve the connectivity between citizens, investors and other stakeholders.

OPPORTUNITIES

In Guyana, he stressed, there are a plethora of opportunities for investments. “It is a diversified portfolio,” he boasted before highlighting the country’s energy, agriculture, manufacturing, tourism and housing sectors.

“We do have challenges that we must confront, but in all of these challenges, we are developing strategies to overcome them.”

The building out of a green economy, agriculture innovation, and digitisation were among the key focuses at the forum which concludes today.
According to Executive Director of the Caribbean Export Development Agency (Caribbean Export) Dr. Damie Sinanan, the CIF symbolises a remarkable shift in the region’s collective approach to securing vital investments required for economic development and diversification of Caribbean nations.