PSC slams Govt., Opposition participation in investment seminar

Jul 12, 2013 News

Local businesses have ripped Government and the Opposition over the lack of continuous presence at a recent investment seminar which was spearheaded by the diplomatic community.
According to the Private Sector Commission (PSC), a powerful advocacy body whose membership includes commercial banks, soft drinks companies and manufacturing entities, the seminar was discussed at its Council meeting held on Tuesday.
PSC congratulated the Canadian High Commission and the other organizers of the conference for the high standard of the presentations and overall organization of the conference. However, a statement issued yesterday had this to say on the participation by Government and the Opposition:

US Ambassador D. Brent Hardt (left) and Canadian High Commissioner, David Devine, during the closing press conference of the investment seminar last month.

“The Commission is, however, disappointed at the lack of a continuous presence of senior Government officials and leaders of the Parliamentary Opposition, since these are the persons charged with the responsibility for ensuring a stable and attractive investment climate for Guyana.”
Yesterday, the Alliance For Change said while representatives were present at the forum, it was difficult, because of prior commitments, for a continuous presence. During the closing press conference, there were no government and local officials, with only Canadian High Commission, David Devine, and US Ambassador, D. Brent Hardt, being present. The ruling party and administration and largest Opposition, A Partnership for National Unity, have been largely silent.
The Guyana Investment Seminar was held on June 27 and 28 at the International Convention Centre.
“The conference brought together experts on the promotion of investment and highlighted the steps that Guyana has to take to increase both local and foreign direct investment in the country. Of particular importance was the highlighting of the institutions that need to be in place to counter any perceptions that a transparent investment climate may be lacking, since foreign investors are answerable to the laws of their own countries for any questionable dealings in the countries in which they invest,” PSC said in its statement.
The seminar had seen sparks flying, with the Guyana government accusing the US of hindering more foreign investment because of what a number of perception reports had unfairly said.
However, US Ambassador Hardt opined that President Donald Ramotar had been unfair in his assessment.
According to participants of the seminar, there were strong opinions expressed over the content of the forum. Government went on the defensive, maintaining that the local investment climate remains healthy, but that a few things need fixing.
This was minutes after a regional expert hired to implement a crime and security strategy for CARICOM said that there is a perception that corruption is prevalent or endemic in Guyana.
Finance Minister, Dr. Ashni Singh, made it clear that his government was unhappy over the agenda for the seminar which, while it dwelled in no small way with crime and security of Guyana, failed to address burning issues of cost of power and bandwidth.
The government was one of the organizers with the High Commission of Canada as the lead organiser. Also collaborating for the forum were the European Union, the United States Embassy, the British High Commission, the United Nations Development Programme, the Inter-American Development Bank, REPSOL, Pacific Rubiales, the Private Sector Commission, the Beharry Group of Companies (specifically, GBTI and NAFICO) and the Georgetown Chamber of Commerce and Industry.
President Donald Ramotar at the opening of the seminar, used his speech to take a swipe at the U.S government on revelations by former spy agency contractor Edward Snowden of its secret surveillance operations.
“We have a free and open society. We do not interfere in people’s privacy. We do not read their mail or anything like that. That is an era I hope that is past forever in our country,” Ramotar stated.
During the forum, Francis Forbes, a former Top Cop of Jamaica, now the Executive Director of CARICOM Implementation Agency For Crime and Security (IMPACS), said that Guyana, the region’s financial success story of the millennium, is threatened by the scourge of corruption. He made reference to Singapore, a first world country with a solid economy and a “strong, ethical government with an efficient police force. There is also evidence that Government and politicians are even involved in trafficking and there are security officials who intentionally compromise law enforcement efforts.
In his recommendations, Forbes said that for Guyana to improve on its crime and security it will need new legislation to support anti-money laundering efforts and to ensure forfeiture of assets suspected to be acquired by illegal means.
There is also need for an ombudsman, an adoption of zero tolerance policy, and closer scrutiny of workers who issue permits and licences. The professionalizing of the police force, whistleblower legislation and witness protection legislations are necessary, he said.
However, Finance Minister Dr Singh, said that the local situation is different from what is being portrayed.
“The ultimate test of the investor environment is the investor. While crime and security are important aspects, they are no means the only aspects.”
He urged the organizers to speak to investors who may have a different view as to what the challenges are in Guyana. These include cost of energy and bandwidth. These were not included in the agenda of the seminar.
Of course, he admitted, there are still many things to fix, including crime and security, the cost of bandwidth and energy, regulatory framework and the reduction of red tape.