Former Jamaican PM tells Guyanese leaders…

Nov 30, 2019 News

As economy improves, it is vital local businesses are not disadvantaged

By Gary Eleazar

The Georgetown Chamber of Commerce and Industry (GCCI) on Thursday evening hosted regional and domestic business captains, politicians and members of the diplomatic corps. At the function, it doubled down on its call for a restructured approach to fiscal and other investment incentives afforded to the local private sector and a more ‘codified’ level, playing field.
This must happen in light of the emerging oil and gas industry and with the proliferation of foreign companies, which have been brought under the microscope. There is also the domestic inability to compete.
The growing chorus by sections of the Guyanese business community was echoed by former Jamaican Prime Minister, Portia Simpson Miller—guest speaker at this year’s GCCI’s annual Gala and Business Awards Ceremony.
Venued in the Grand Ballroom of the Marriott International Hotel in Kingston, Georgetown, Simpson-Miller, in her keynote address to the business leaders congratulated the 130-year-old organisation for its “role as a pioneering business and commercial development” during that time.
Reforms
The former Jamaican Prime Minister in acknowledging the emerging oil and gas industry in Guyana warned of the need for structural changes in the manner the economy is managed.
“Today, the people of Guyana are again beaming with confidence about the future…I am told that your country appears poised to embark on an exciting path to higher development growth and human development.”
This development, she noted, was in part due to foreign and global investments in the economy.
Relying on her experience leading Jamaica through its own economic reforms, Simpson-Miller told those in attendance that pursuing the promised oil and gas growth and its promise of development will require major adjustments as a nation.
One such component of change required, according to Simpson-Miller, is that of implementing changes to Government procurement legislation to enable local companies, “in particular small business to successfully participate” in bidding for contracts.
“As your economy improves, it is vital that local businesses are not disadvantaged by in participating and prospering.”
Codified Approach
GCCI President, Nicholas Deygoo-Boyer, in his address to the business leaders gathered for the gala affair, said that while the business support organisation welcomes “companies who invest into our country; GCCI believes that investment incentives should be expanded and codified as well as be accessible to both foreign and local companies in the various sectors.”
Addressing the growing debate over the issue of incentives, the GCCI President said based on “much of what we have heard complaints about can be traced back to a need to codify the incentives so that they are transparent and available to all investors, both local and foreign.”
According to Deygoo-Boyer, “We have seen some significant investments recently by local companies that should be commended, despite their challenges in accessing investment incentives commensurate to the level of investment.”

Discover more from Kaieteur News

Subscribe to get the latest posts sent to your email.

Latest News