New multimillion dollar Popeyes location commissioned…

Investor confidence ‘alive and well’ – Finance Minister

GUYANA Restaurants Inc., yesterday, commissioned a new ‘Popeyes’ restaurant location on Camp Street – an investment of approximately US$3.5M – and Finance Minister, Dr. Ashni Singh, noted that this latest undertaking signals that investor confidence is alive and well in Guyana.

“It signals progress that is being made in Guyana,” he said, at a simple commissioning ceremony, which saw the attendance of representatives from the diplomatic corps and the private sector.
According to Dr. Singh, not only does the multimillion dollar investment underscore investor confidence in the local economy, but it also signals the continued transformation under the current Administration and evidences optimism for the future.
He stated that such an investment also inspires efforts to work to protect the gains made over the last two decades, as well as consolidate and build on them.
The Finance Minister added that Guyana’s landscape continues to change and the opening of the new restaurant is another indication of that; pointing out that the new Popeyes location is situated where another entertainment square used to be, the old Plaza cinema.
“We are building a new Georgetown,” he said, adding that change is Guyana has taken on several different and new dimensions.
Dr. Singh also cited the amount of work being done by the current Administration to improve the conditions that would encourage investment and bolster investor confidence, an undertaking that has been met by success as seen through the “conscious and rational” decisions taken by both large and small investors to put their money into the local economy.
“The story of change is evident,” he stressed.
To this end, the Minister reiterated the need to “protect, preserve and consolidate” the gains that Guyana, as a developing nation, has made over the last few years and stressed the importance of such focus in ensuring that Guyana does not return to the days of the 1970’s and 1980’s when investors shied away from the country.
The Guyanese economy has experienced eight consecutive years of growth up to 2013, and is projected to expand by a 5.6 per cent in 2014 and the successes to date were credited by Dr. Singh to both the work by the ruling People’s Progressive Party/ Civic (PPP/C) and the work of “bold” investors and the private sector.
On this note, he extended his congratulations to the Chairman of Guyana Restaurants Inc., Mr. R. L. Singh, for the vision that resulted in his venture.
Mr. Singh, in brief remarks, reiterated sentiments expressed by the Finance Minister and confirmed that an encouraging investment climate and confidence in a bright future for Guyana informed his decision to move to have a second location commissioned.
He highlighted that some 44 jobs will be created, in addition to indirect opportunities for local service providers, since all raw materials, with the exception of the restaurant’s unique bounty of spices, will be sourced locally.
The Chairman of Guyana Restaurants Inc. noted also the opening of another location is planned for Water and America Streets, downtown Georgetown, which would see the creation of another 50 jobs, among other indirect benefits.
Additionally, the Latin America Consultatn to Popeyes, Mr. Luis Villasana, made brief remarks and credited the success of the Popeyes brand in Guyana to strong partnerships and contends that there are many opportunities for growth and development in Guyana.
Guyana Restaurants Inc. acquired the first Popeyes restaurant in August 2011 and the new location will be open for business from today.

(Vanessa Narine)