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Finance Minister lauds investment environment

Jun 29, 2013 News

 

The hard work of the Guyana Government to fashion the right environment needed for investors, has been successful as seen in the decision of several large international companies and respectable local firms to either invest or expand their operations.
Finance Minister Dr. Ashni Singh who addressed the Guyana Investment Conference yesterday, at the Guyana International Conference Centre, Liliendaal, said that the Blackstone Group has invested more than US $700 million locally.
Guyana Gold Fields Inc, Reunion Gold and Manganese, ETK Sand Springs and CGX which, at the peak of mineral prices had more than CDN$2 billion invested in Guyana.
“I don’t believe that they invested because they had a conversation with me or because they had a conversation with the High Commissioner (Canadian). I believe that as sophisticated investors they made a conscious decision to put $2 billion in Guyana”.
Finance Minister Dr. Ashni Singh said, local businesses such as Banks DIH, Demerara Distillers Ltd. and Beharry Group are moving to expand their operations and widen their product lines through further investments, the minister noted, and this is because they all recognise opportunities locally.
These companies can take their operations overseas and while they all have subsidiaries abroad, they continue to see the benefits of more expansion in Guyana. The fact that more small businesses are being launched with more than 2,200 entities starting up in 2012 alone, according to the Small Business Association, is tantamount to the fact, that many recognise the opportunities in communities across Guyana and have an enabling environment to do so, the minister added.
They are all contributing to the economic growth that prevails, but government’s work is far from complete, noted the minister. Issues and challenges such as energy costs, corruption, bandwidth costs, crime, reducing red tape and regulatory frameworks are being addressed.
Minister Singh stressed that stakeholders must not be naïve or simplistic about the reality of democracy. He said that in a competitive political environment, where all are competing for political space, many issues are politicized; such as the issue of corruption. He urged that there be caution in perpetuating some of these issues, particularly from those persons representing esteemed institutions.
He identified the case of US Lobbyist Dick Morris, who has cited US President Barrack Obama for condoning various issues. The conflict between the Republican driven Fox News and the current US Administration was also referred to, as another example that is well known.
The Haitian reconstruction effort, the minister noted, has its own challenges and these are just a few of the issues which governments face, but they do not cloud the judgment of those who seek to do business with them.
“Because of the size of the US and other developed nations, these stories get diluted away and don’t enjoy the prominence that they enjoy in Guyana…not because this happens in the United States or Canada or the United Kingdom does it make it acceptable. We have an obligation as a government to have strong institutional structures in place to eliminate opportunities for corruption, for waste, mismanagement and fraud. We have a responsibility as a government to ensure that such systems are in place, and we will not shirk that responsibility”.
Minister Singh added that these issues are not acceptable anywhere, and urged that political rhetoric be left to politicians.
The Finance Minister advised that the conversation on investments and the way forward be cast much wider to include a variety of factors. (GINA)

 

 

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