Written by Clifford Stanley
PRESIDENT Donald Ramotar would like to see the banking sector provide more support and encouragement for the manufacturing sector by lowering their lending rates.

He made the remark while addressing the 50th anniversary dinner of the Guyana Manufacturing and Services Association (GMSA) held at the Pegasus Hotel on Wednesday night.

He said that the manufacturing sector had come a far way since the pioneers founded the GMSA fifty years ago, but it is yet to achieve its full potential largely because of deficiencies in the infrastructure such as low cost energy.
He said that the Amaila Falls project is intended to lower electricity costs and consequently manufacturing costs and expressed hopes that those in opposition to this project would have a change of heart and allow it to proceed unhindered.

HIGH LENDING INTEREST RATES
President Ramotar also mentioned the high lending interest rates of the banking sector compared to the low interest rates paid on savings as one of the restraining factors.
He said: “I think that there needs to be a stronger relationship between the manufacturing sector and the banking sector. We see the gap between the interest rates for savings and lending as very, very wide. The banking sector has a lot of liquidity.
”I think that there is scope for bigger investments in the manufacturing sector if there are moves to bring down the lending rates and give them capital to develop the sector even more,” he said.
President Ramotar congratulated the  GMSA for their achievements and contribution to national development  over the past fifty years and said too that he had  every confidence that the organisation will grow from strength to strength to enable Guyana to realise its full potential sooner rather than later.
He made the remarks shortly before receiving the 50th anniversary souvenir magazine of the GMSA during the dinner.

IMPORT SUBSTITUTION
Earlier President of the GMSA, Mr. Clinton Williams had said that the early years of the GMSA had been extremely challenging for members, particularly during the time when there was an acute shortage of foreign exchange in the country and government was unable to pay for factory components, spare parts and machinery.  That was when members resorted to import substitution.
“This was the era that produced coal pots and carahis; replacement parts for the ferries made as good as the original parts and innovations in home building and other construction using local materials.”
He said that had it not been for the staunch determination of the manufacturers, the GMSA would not have reached 10 years much less 50 years.
He noted too the sterling record of some of these members in the area of corporate social responsibility, of  voluntarily reaching out to the people of all of Guyana, offering help to the most vulnerable, including the youths by funding community infrastructure and needed social services.
He said that the GMSA was extremely proud that many of the pioneers had grown so spectacularly that they have become landmarks in the manufacturing landscape of Guyana.
The 50th anniversary dinner was enlivened by a scintillating fashion show put on by members of the Guyana Fashion Designers Council, a member of the GMSA which is receiving funding for its activities from the Caribbean Export Development Agency (CEDA).
The GMSA continued their commemorative activities for the 50th anniversary by hosting an Investment Forum for Guyanese and overseas-based business owners and representatives of BSO’s at the Guyana International Conference Center (GICC) yesterday.