GCCI maintains commitment to ensuring a thriving economy

Mar 17, 2017 News

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By Murtland Haley
The Georgetown Chamber of Commerce and Industry yesterday reiterated its commitment to ensuring that Guyana has a thriving economy.
Expressing the entity’s support in this regard was President of GCCI, Vishnu Doerga. He was

at the time making a presentation at the Chambers’ 127th Annual General Meeting held at the Duke Lodge in Duke Street, Kingston.
Doerga said that plans are afoot to ensure that the Chamber is an engine for private sector development. He said that over the years the GCCI has responded to a number of initiatives – including capacity-building programmes for members and non-members, such as a conversation circle sponsored by Republic Bank.
“The programme has so far attracted over one hundred entrepreneurs who benefited from the guidance of experienced chamber members.”
Further, he stated that the business achiever programme with Scotia Bank continues to highlight businesses and stimulate entrepreneurial interests.
Doerga said that in keeping with the Chambers’ mandate to contribute to a thriving economy, focus has been placed on competitiveness and nurturing the spirit of innovation and entrepreneurship in Guyana’s private sector.
“Our relationship with our Regional funding partner, the Caribbean Development Bank, strengthened, and we were able to secure two grants from the CDB which are aimed at increasing export readiness of enterprises within creative industries, agro-processing, and also enhancing the capacity of business support organisations.”
He said that each of these projects focus on development workshops, training and one on one consultancy. Doerga added that the next major project under the grant relates to beekeeping, since it also holds significant potential to unlock more revenue and employment.
Doerga explained that many of the new and prospective sectors require a facilitating environment in order to flourish.
“The Chamber is and has been embarking on a path where we can be that partner in development; that adds our contribution at the planning stage towards creating a clear vision to success.”
He added that one of the areas of focus for the GCCI is to have stronger advocacy, which will become a loud signal to those in power to take pre-emptive action when necessary. This, he said, is in keeping with the Chambers’ constitution.
On the issue of compliance, the President said that the GCCI wants a structure that reduces the burden, but incentivises growth for the compliant and not the non-compliant. He said there seems to be a loophole whereby the compliant businesses are paying for the non-compliant entities.
According to Doerga, the GCCI needs to focus heavily on regulations and legislation that will create opportunities to lift Guyanese out of poverty and towards a better life. “The private sector is a key player in that value-chain because we are the ones who actually create employment.”
He said that while the country has been getting early budgets over the past few years, timely spending of such approved budgetary measures will provide the needed financial stimulus to energise the economy.
Meanwhile, Chairman of the Guyana Office for Investment (GO-Invest) Board, Patricia Bacchus, during her remarks, said that the agency has streamlined its investment facilitation process for businesses.
“It is no longer a secret; it no longer requires asking someone to help you. The tools that you are required to activate the investment promotion mechanism are posted now to the agency’s website; it’s called the expression of interest form.”
She said systems have been put in place to ensure that the submissions made by companies are recorded and accounted for. This, Bacchus said, will boost communication between the agency and the entrepreneur. Additionally, she said that employees of the agency, particularly investment officers, have signed a secrecy agreement that is legally enforceable, and which bars them from releasing sensitive information about companies and their submissions.
Bacchus assured representatives of the business company that the governance level at the agency has significantly increased. She added that all of the issues of non-compliance which were recorded in the Forensic Audit of Go-Invest have been remedied.
“The agency has developed a very strong inclination to compliance…The expression of interest form requires the either existing business or new investor to make declarations on areas such as Pay as You Earn taxes, NIS…whether you have audited financials, whether you are up to date with your annual returns…information on all of those areas is required before we commence the process.”
According to Bacchus, the form asks for disclosure of source of funding and a projection of expected taxes to be paid to the state. She said that this requires a strong business plan so as to have strong projections. She added that at the end of the third quarter, after receiving a signed investment agreement, businesses will have to produce a self-compliance form under the mandatory self-compliance programme.
The reason for this is that, previously, agreements were entered into and concessions awarded to businesses who would cash in on the concessions, but the projects would not take off. However on the self-compliance form, entrepreneurs would have to measure their actual implementation progress relative to the plans submitted at the beginning of the process.
Bacchus stressed to the members of the GCCI that compliance is a critical factor to business operations in Guyana and the mode of operation at GO-Invest and the Guyana Revenue Authority.

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