–Private Sector urged to form consortiums, invest strategically
PROMISING guaranteed returns on investments across several key industries, the Government of Guyana is urging the local private sector to combine their talents to compete against global players.
Speaking at the Georgetown Chambers of Commerce and Industry (GCCI)’s gala last week, Minister of Public Service, Government Efficiency and Implementation Zulfikar Ally noted that the People’s Progressive Party/Civic (PPP/C) administration, led by President Dr. Irfaan Ali has been putting in the prerequisite infrastructure and incentives needed to ensure that Guyanese businesses can actively participate in the country’s economic transformation.
“Our expectations are that, and President Ali has said it many times that you in the private sector should think about not doing these things on your own, but forming consortiums; forming consortium so that you can compete with players who are coming here to compete with you; big international players,” he said.
Over the past five years, the government increased disposable income, raised public servant salaries by 31 per cent, and reduced taxes on essentials, benefitting the private sector.
He stressed that infrastructure projects like the Heroes Highway and the Schoonard to Crane four-lane highway have all been strategic projects in the government’s broader plans to create greater access across all the administrative regions, supporting interconnectivity and trade.
The government has also implemented fiscal concessions and incentives for miners and the manufacturing sectors, boosting local production and reducing import reliance, he reminded the gathering.
“We’ve made investments across all sectors and all areas in agriculture, from aquaculture to shape houses, coconut rice, cattle, we’ve supported farmers and fisherfolk. We’ve boosted local production efforts, and we provided subsidies and supports to reduce our reliance on imports,” he said.
Minister Ally stressed that as the government forges ahead to accelerate its plans for a diverse economy, many investment opportunities will become available, and the private sector must position itself to leverage them.
“We want to see you all coming together. When you pool your resources, your knowledge and your talents, you can be the best, and you can be very competitive. We want you to continue to be bold and to be innovative; we want you to utilise technology, modernise your operations, and, of course, to treat your employees very well,” Minister Ally said.
He added, “We have to develop and grow Guyana hand in hand. It can be done just by government led initiatives alone. It can’t be done just by the private sector; we have to work together.”
