Latest update March 28th, 2025 1:00 AM
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Impact of corruption targeted in investment seminar
– Guyana eyes regulatory reforms
A two-day seminar geared to address challenges facing foreign investments in Guyana will kick off this morning with the organisers hopeful that the country can come up with a plan to also tackle regulatory reform.
The opening of the Guyana Investment Conference forum, under the theme “Maximising Opportunities for Investment in Guyana”, is scheduled for the Guyana International Convention Centre, Liliendaal.
President Donald Ramotar
It will be addressed by President Donald Ramotar, and President of the Caribbean Development Bank, Dr. William Warren Smith.
The event is being backed by the local diplomatic community and several prominent businesses.
According to a release from the High Commission of Canada to Guyana, High Commissioner David Devine and partners will be hosting the conference with a number of speakers which will include Francis Forbes, Executive Director, CARICOM IMPACS; Clement Rohee, Minister of Home Affairs and Dr. Ashni Singh, Minister of Finance.
According to the High Commission, the seminar will focus on enhancing Guyana’s economic prosperity, by identifying the challenges and opportunities facing foreign and local investment in Guyana.
Among other things, the seminar will seek to encourage greater foreign direct investment and enhance the ease of doing business in Guyana including through export credits.
It will also look to improve good governance by identifying areas where greater transparency, regulatory reform and enhanced enforcement is required.
One particular area to be discussed will be the impact of bribery and corruption on investments the international best practices.
“Stakeholders will share best practices and success stories that can be adapted and implemented in Guyana and identify effective recommendations for enhanced investment.
In this regard, local and international experts, from organisations such as, the Export Development Canada, Caribbean Financial Action Task Force, CARICOM IMPACS, Department for International Development, United Nations Development Programme, Inter-American Development Bank, the European Union, Private Sector Commission, Ministry of Foreign Affairs and the Georgetown Chamber of Commerce and Industry have been invited to make presentations and engage in panel discussions under six thematic areas…”
There include challenges and opportunities of investing in Guyana; investment promotion; investment protection; capital markets decision processes; corporate governance and security.
Canadian High Commission, David Devine
The seminar is a multi-stakeholder collaboration with several partners including the High Commission of Canada, the Government of Guyana, the European Union, the US Embassy, the British High Commission, the United Nations Development Programme and the Inter-American Development Bank, REPSOL, Pacific Rubiales, the Private Sector Commission and the Beharry Group of Companies (GBTI and NAFICO) and the Georgetown Chamber of Commerce and Industry.
While there have been significant investments over the years, especially in the mining sector, there have been complaints of red-tapes in the process to acquire the necessary licences and concessions. Investors have told tales of waiting months for permission and being forced to fork over millions for licences before operations can start.
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