Latest update December 21st, 2024 1:52 AM
IPED’s 27th AGM…Businesses are generally rewarded for innovation and effort
– Canadian High Commissioner
“Business can thrive here (Guyana) with innovation and effort, which are generally rewarded…Small and medium-sized enterprises (SMEs) are generally responsible for job growth in the Caribbean, and are seen by Caribbean leaders as keys stimulants to overall development.”
These sentiments were shared by Canadian High Commissioner, David Devine, during his feature address at the Institute of Private Enterprise and Development (IPED)’s 27th Annual General Meeting, held at the Savannah Suite, Pegasus Hotel yesterday.
In attendance were Chairman Dr. Yesu Persaud and Board of Directors of IPED. Russian Ambassador to Guyana, Nikolay Smirnov, and President of the Private Sector Commission Clinton Urling, among other special invitees.
The Canadian envoy further stated that a major obstacle for potential investors is the lack of security and the local business community is well aware of this, as the insecure environment affects them as well.
IPED’s Company Secretary Hermant Indar Singh receives an award for his twenty years of service from Chairman Dr. Yesu Persaud.
He said that a stable political environment, development of infrastructure and maintenance of law and order coupled with bold economic policy initiatives by the Government will be the defining factors of economic growth in Guyana.
“These are absolutely the defining factors of economic growth in Guyana, not just in 2013, but in the future,” Devine said.
Underscoring that illegitimate businesses cause real losses down the line, High Commissioner Devine said this interferes with the natural checks and balances of the market system.
“Security is a high priority issue, not just for Guyana, but for the Caribbean and the greater western hemisphere, including Canada. Guyana faces a number of security challenges that can only be managed effectively with greater coordination and synchronization of approaches.
“Insecurity is the threat of safety of a nation’s people. Insecurity means persons are vulnerable to the porous borders of their respective countries which facilitate transnational crimes; vulnerable to being trafficked to other countries; vulnerable to be co-opted to illicit drug trade; vulnerable to be caught in the crossfire of violent crimes.”
He added that with greater prosperity, Guyana will be able to prepare itself against some of these challenges. As such the role of businesses is to strengthen society and decrease insecurity.
“In order to do this it needs to be transparent and corruption-free. In a corrupt business sector, only criminals prosper. In such environments corruption only stifles the economy and retards growth. It is imperative that businesses commit to corporate social responsibility and would seek appropriate mechanisms that can aid us in doing this. We need to support initiatives and take the lead in promoting a healthier business environment.”
Noting the lack of foresight in other sectors, the High Commissioner said Guyana should not be at the mercy of climatic conditions, there should be proactive approaches to handle the worst.
IPED’s Chairman Dr. Yesu Persaud said the Institute started out with the intent of “helping people to help themselves, by providing loans and technical assistance to entrepreneurs to help them establish and grow their small enterprises.”
Canadian High Commissioner David Devine presents an award to Hope Nester for the Best Micro Enterprise Project.
Back then, he said, it was important not only to provide finance, but it was necessary to rejuvenate the spirit of entrepreneurship amongst people as they were emerging out of an era of state-controlled enterprises and the failed experimentation with co-operative socialism.
Underscoring that in 2012 the Institute processed and approved 4,814 applications for loans with a total value of $2.7B for micro, small and medium enterprises, Persaud said the average size of loans processed was $564,000. Approximately 1,000 of these loans were $100,000 and less.
This is compared to 5,002 applications processed with a value of $2.4B in 2011 with an average loan size of $479,000. Of the applications processed in 2012, 677 were for first time borrowers.
He noted that the number of enterprises that had outstanding credit facilities at the end of 2012 was approximately 3,888 compared to 3,931 in 2011.
It is estimated that the enterprises benefiting from services provided employment for approximately 9,628 persons, including the owners, based on data supplied by clients.
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