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President Jagdeo trots out economic blueprint

May 10, 2011 News

… GuySuCo’s political interference charge

Government yesterday insisted that it will continue to offer “political support” to keep key ailing sectors alive.
President Bharrat Jagdeo yesterday made the statements during the commissioning of a US$12.5M ($2.5B) sugar packaging at Enmore that overtime Guyana hopes will bring better price for the struggling industry.
In a clear reference to the recent charges made by Dr. Yesu Persaud, Chairman of the Institute of Private Enterprise Development (IPED), that there was too much political interference in the sugar industry, Jagdeo said that Government has a responsibility to do so to protect the livelihood of its people.
He then turned his attention to Demerara Distillers Limited. The President, before a large crowd of workers and other invitees at the event, noted that it was the “same” Demerara Distillers Limited (DDL) that blocked a US$12M molasses refinery investment to Guyana by Angostura, a Trinidad company, after a “perverse” court ruling.
According to the Head of State, the decision was made in a free market state, a move he was clearly unhappy about. DDL currently has a deal to buy molasses, a key ingredient for rum-making, from GuySuCo.
Included among the invitees were several Cabinet Ministers and union leader, among others.
According to Jadgeo, the sugar industry is crucial to Guyana’s development, with contributions to the Gross Domestic Product standing at 16 per cent.
Making his case for a continued government input, the Head of State was of the opinion that there was no other choice and the packaging plant is a clear signal of the importance.
However, there are still a number of key problems that need to be addressed.
With the Skeldon factory the single largest investment in Guyana’s history, and now the US$12.5M packaging plant, Jagdeo said that this was despite several countries, including Trinidad, St. Kitts and Barbados, pulling out from the industry—an industry which saw the European Union “unilaterally” slashing sugar prices by 36 per cent or US$45M annually.
The investments clearly speak of Government’s commitment to the industry, he argued.
On the major challenges, the President acknowledged that unpredictable weather and low workers’ turnout has not spared GuySuCo.
The good news is that government has an economic blueprint that will improve the country’s fortunes four-fold. These include the development of oil and gas resources, tourism, agro processing and the Information Technology sector, according to President Jagdeo.
Making a case for Government’s “interference”, Jagdeo gave a “resounding yes” to other sectors also, including bauxite and rice, stressing that it is not a “hollow commitment”.
In the bauxite industry, Government is plugging $2B alone to subsidize electricity for workers, Jagdeo disclosed.
Regarding the soundness of the sugar packaging plant, the President said that for too long Guyana has been selling raw sugar, losing out from a lucrative market. Investments will now target issues like improving cost efficiency and moving towards the production of ethanol, clean energy and the establishment of a sugar refinery.
The investments would be meaningless unless workers also put their shoulders to the wheel, increasing the miserly workers turnout which stood at 43% last week.
Jagdeo also warned workers should not listen to rumors about closures as some of the measures have to be taken to ensure the viability of the entire industry.
Regarding Donald Ramotar, a GuySuCo director and the PPP/C’s Presidential Candidate, Jagdeo noted that the trained economist, who worked closely with the Guyana Agricultural and General Workers Union (GAWU), is knowledgeable and has the commitment to help the industry in the turnaround drive.

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