–gov’t modernising, investing in traditional sectors, Dr. Ali reiterates
WHILE Guyana’s vast oil resources could catapult the country to new heights of prosperity, the government is modernising and investing in its traditional sectors.
“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,” President Dr. Irfaan Ali said recently while engaging regional stakeholders.
The government, he said, is building a competitive economy, backed by dynamic and diverse investments that create an investor-friendly environment.
“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.
Speaking extensively on the agriculture sector, President Ali noted that Guyana could produce and supply enough sugar to meet the demands of the Caribbean region.
Reiterating that the government is not depending heavily on the oil-and-gas sector, he pointed out that attention is being given to traditional sectors.
Earlier this year, the President announced that the Enmore Sugar Estate is being converted into a sugar refinery.
The proposed Enmore sugar refinery is expected to refine 180,000 tonnes of sugar annually, and according to President Ali, the government may be looking at importing more.
“Whatever we can supply, we’ll supply, then we’ll have to fill the gap so refining will occur here,” he had said.
Dr. Ali said that the private sector is expected to play an active role in spurring this progress, as the refinery will present additional demand for transport and logistics services to fuel its operations.
In 2017, the then APNU-led government had closed several major sugar estates across the country, leaving thousands of persons without jobs.
Over 40,000 persons had either directly or indirectly lost sources of income when the estates were closed, and investments were stymied.
At the last general and regional elections, the People’s Progressive Party (PPP) government vowed to reopen these estates, and upon assuming office, major investments were made to fulfil the Manifesto pledge of rehiring sugar workers and increasing sugar production.
According to recent statistics provided by the Ministry of Agriculture, over 8,000 persons are now employed across the sugar belt.
