Govt.’s economic priorities can create opportunities for Chinese businesses

Oct 17, 2016 News

– Minister Gaskin

Minister of Business Dominic Gaskin believes that Guyana’s economic priorities can create opportunities for Chinese businesses in a number of sectors.
The Minister was at the time making his presentation at the Tenth China-Latin America and Caribbean Trade Summit held on Wednesday in Beijing, China.
According to Gaskin, opportunities exist in the manufacturing, agriculture and infrastructure sectors. He told the gathering that despite Guyana being a small economy; it has natural resources and secondary products which it needs help with to accelerate infrastructural development.
The Minister relayed to the investors that both China and Guyana can benefit by matching excess capacity in China’s infrastructural sector with Guyana’s need for improved infrastructure.
He said that in order for Guyana to exploit its natural resources, Guyana needed to have the relevant expertise, technology and market for agricultural products and other processed goods.

Minister of Business, Dominic Gaskin

Gaskin believes that with the correct investment and mechanisation in the agricultural sector, Guyana stands a greater chance to be a key contributor to food security in the Caribbean. The Minister advised the business representatives of various industries that they are encouraged to visit Guyana to explore possible linkages and opportunities.
In May of this year, Minister of Natural Resources and the Environment had told the new Ambassador to China, Bayney Karran that Guyana will be looking to him to ensure investors are above board.
The extractive industries which include gold, timber, bauxite, oil and rare earth have been identified as the biggest attractions for overseas investors.
Over the years a number of investors were being granted forestry and mining lands and even oil exploration concessions, but quite a few have failed to invest the monies as promised in agreements with the Government of Guyana.
Some of the commitments include building processing facilities. Investors were granted billions of dollars in tax breaks, waivers and other concessions.
The Coalition, while it was in opposition before May 11, 2015 General Elections, had vowed to ensure proper due diligence to investors is above board.