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Investments became much more viable under the PPP

Mar 06, 2015 Letters

Dear Editor
Over the past years, we have seen an influx of high profile investors, coming to Guyana, and along with local investors, make significant investments in our country. This is representative of the growing confidence in Guyana, as an investment environment, something that simply was not there 23 years ago. It is part of the People’s Progressive Party’s (PPP’s) dream to make Guyana a more marketable and suitable environment for foreign investors. I would like to highlight some of the works that the PPP did, so as to produce this very comfortable environment for investors.
One of the conditions that have to be in place, in order to attract investors, is a climate of political stability and peace. Guyana, over the years, made significant strides in achieving political stability and peace. Years ago opposition supporters, led by leaders of the opposition, would protest in the streets of Georgetown, uprooting, looting, blocking roadways and intimidating onlookers and investors. Over the years, Guyana has become a more tolerant society and this created a hospitable climate for investors.
There are now legislations that support legal protection and procedures for doing business in Guyana. This has definitely aided in the attraction of investors into our country. The fact that investors are legally protected boosts their confidence.
Over the last 23 years, Guyana has seen a massive improvement in social infrastructure; there are better roads, bridges, access to potable water and much more reliable electricity. The social infrastructure of the country has seen massive improvement. Paved roads now open up vast areas of lands. Access to communities is at its peak in Guyana. Gone are the days when blackouts used to last for days. Better access, electricity and water mean that investors are better able to get their goods and services to the markets. The infrastructure needed for investment simply was not there 23 years ago.
The current government of Guyana also offers generous tax holidays to investors. Duty free concessions are given to investors, and these significantly reduce overhead costs. Lower overhead costs mean an overall lower cost of production. This makes the prices of locally produced goods competitive with those produced overseas. Competitive prices make the products available to more buyers; hence the investors are more confident of their product competing.
The economic performance of Guyana, especially over the past nine years, has sent positive signs as well. The country has seen nine years of continuous growth and is currently the fastest growing country in the Caribbean. Inflation rates have also been kept to single digits. Guyana has achieved this amid a global financial collapse and is expected to grow further in the coming years.
Guyana is on its way to Universal Secondary Education. Guyana’s workforce has matured and this has made it easier for companies to come and invest. An educated workforce means that skills are available locally, and investors will not have to import talent from overseas. This is especially true for the numerous call centers that we have seen popping up over the years. Qualfon and Clear Connect employ thousands of young Guyanese. They have both given positive reviews of their Guyanese staff.
Guyana has shown continuous upward momentum under the PPP. We have made this possible through better education, better infrastructure, better legislations, more hospitable social and political climate and better tax holidays. With projects like a deep water harbor, CJIA (Cheddi Jagan International Airport) expansion, highway expansions and hydropower, Guyana can only climb further up. Over the past 23 years, we have seen tremendous growth and positive change. Guyana is now an economy where multinational companies like ExxonMobil and Marriot Invest. What can we expect next? Google? Samsung?
Davendra Kissoon

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