President Ali says, outlines gov’t plans for special development zones

GUYANA’S agro-processing industry is rapidly growing, positioning the country as a food hub and prominent exporter of value-added products. As a result, investors are expressing significant interest in the country’s manufacturing and agro-processing sectors.
This is according to President Dr. Irfaan Ali, who during a press engagement with stakeholders from the upcoming International Business Conference (IBC) pointed out that the government has made significant investments and policies to support the growth of the productive industries.

Dr. Ali highlighted that now investors from the Middle East and the United States are showing a strong interest in manufacturing and agro-processing.
“The ease and access to markets is becoming much simpler, less bureaucratic. So all of this combines itself to give us an enormous platform, a competitive platform for investment in manufacturing, especially supporting small manufacturers and medium size, focusing on agro processing, focusing on technology, focusing on machining,” the Head of state said.

These, he stated, are the initiatives that are ‘propping up’ the local economy and unlocking enormous potential.
“We are creating a food hub in Guyana, a regional food hub, also points to the fact that we are serious about Guyana becoming a major food exporter, not raw material, not only looking at the raw production, but adding value to that production. So we are expanding acreage in terms of cultivation, so we’ll have the yield. We are adding technology to it, so volume will be there. It is now converting that volume into finished value added product.”

Citing the growth of the local the dairy industry, Dr. Ali pointed to private sector investments that have seen the industry generating $US45 million.
The government, he stated, has been working to create an enabling environment, creating both backward and forward linkages to expand industries such as dairy and poultry production.
“For example, in the poultry sector, for all poultry, meat product, processed meat products, sausage plants, then working backwards, to have the soybean and corn for feed production, and it’s the same thing for aquaculture. We want to become a net exporter of prawns, a net exporter of meat and also poultry. So there’s tremendous potential, and we are working on converting this potential into reality.”

SPECIAL DEVELOPMENT ZONES
The President highlighted Guyana’s competitive incentive regime and the government’s ongoing work to establish special investment zones across several regions, including Regions Nine (Upper Takutu-Upper Essequibo), Region Six (East Berbice-Corentyne) and Region 10 (Upper Berbice- Upper Demerara).

“I think we have the best incentive regime for manufacturing, a very competitive regime, both on the fiscal side and look at the support the infrastructure, support that government is giving, building out the infrastructure to support manufacturing. So we are creating different hubs. Some of these hubs will be tax free zone to encourage investment.”

These zones, which will offer special tax regimes and infrastructure support, are expected to further stimulate growth in the manufacturing sector.
The Enmore Development Zone in Region Four and the Wales Development Zone in Region Three, the President said, are examples of these special zones that will be created to stimulate investments.
“All of this will come under a special investment regime that will go to Parliament and outline clearly that these areas will have special and differential treatment, because we want to stimulate the growth and expansion in those areas,” The President said.
The President also highlighted the importance of bilateral trade agreements within the wider region, highlighting the ease of now doing business in Guyana.

He further urged local businesses, especially those in the manufacturing sector, to capitalise on the upcoming event to forge stronger partnerships.
“This gives you an opportunity to build that local partnership, the local private sector. They have the know-how, they understand the market, they understand the culture and the foreign companies have the technology. They have a bit more capital,” Dr. Ali said as he endorsed the IBC.

The conference, which will bring together key players from the business communities in Guyana and Suriname, is slated to be held at the Marriott Hotel from October 15 to 17.
It is being hosted by the Suriname-Guyana Chamber of Commerce (SGCC) and the Guyana Manufacturing & Services Association (GMSA).