Government pledges support for small businesses

Nov 29, 2015 News

-as Business Expo 2015 wraps up
The inaugural Business Exposition 2015 opened on Friday last, with Prime Minister Moses Nagamootoo committing to develop small businesses in Guyana.

the ribbon cutting which launched the expo.

Although they are significant contributors to economic development, small businesses have always been beset with stumbling blocks.
The challenges being faced include limited access to finance, the high cost of borrowing, and inadequate advisory services as well as inadequate business training.
The exposition was held at the Sophia Exhibition Complex, Georgetown under the theme, “Guyana Products and Services – our gateway to the good life.” The venture is expected to conclude today.
The audience included several Government ministers, members of the Diplomatic Corps, businessmen and women, foreign business leaders, tourists and other officials. The Prime Minister who is performing the duties of President attested that small business persons have a chance to be progressive business individuals.
Nagamootoo described the expo as a new dimension in marketing and exhibition. He saw the small business sector as being critical to strengthening and sustaining Guyana’s economy.
He also pledged the administration’s continued support towards establishing the framework for a level playing field, to allow equal access by both local and foreign investors, to concessions and grants for the development of their businesses.
Minister of Business, Dominic Gaskin, said that the expo is being held in collaboration with the Ministry of Business and the Guyana Manufacturing and Services Association (GMSA).
“This event presents a real opportunity for small businesses to have access to a volume of customers over a three-day period that they may not ordinarily encounter in an entire year of business.”
“And this allows them to showcase and sell their products and can get valuable feedback that can be used to improve these products.”
Gaskin affirmed that the event was more than just a one-off event. He described it as a targeted measure to address the Ministry’s main goals in the five year strategic plan.
“Those goals are to support the development and export of value added industries and to increase the economic opportunities and capabilities of vulnerable groups,” Minister Gaskin explained.
The Small Business Act stipulates that 20 percent of all public contracts awarded must go to small businesses. One of the plans communicated by the Ministry of Business is to institute a programme that prepares small businesses to access public spending.
The event also saw the participation of members of the Caribbean Association of Investment Promotion Agencies (CAIPA). The huge crowd was treated to a dramatic presentation by Kross Colour productions.
The exhibition is a smaller version to GuyExpo. The larger expo has been shifted to next year, and will be a part of the activities to celebrate Guyana’s 50th anniversary of independence.
This year’s expo was sponsored by Republic Bank, Digicel Guyana, Toolsie Persaud Limited, BK International Inc, Pomeroon Oil Mill and Trinidad Cement Limited.
Small and Medium Enterprises (SME’s) contribute significantly to economic growth and serve as agents of change, innovation and pioneers for creating new technologies. SMEs in Guyana are estimated to account for 40 per cent of total employment and also play a part in the Gross Domestic Product (GDP) of Guyana.