GO-Invest joins manufacturers to focus on investments in mining, forestry

Apr 29, 2021 News

GMSA President, Rafeek Khan.

Kaieteur News – The Guyana Office for Investment (GO-Invest) and the Guyana Manufacturing and Services Association (GMSA) have formally entered into an agreement to focus investment-related activities in the Extractive Industries and Forestry Sector. A joint meeting to this effect was convened on Tuesday, April 27, 2021.
The GMSA delegation was led by its President, Mr. Rafeek Khan, and included Mr. Michael Rodrigues, Chairman of GMSA’s Extractive Industries Sub-committee; Major General (Rtd), Norman McLean, Mr. Shyam Nokta, and Mr. Andrew Mendes. Go-Invest was represented by its Chief Investment Officer and CEO, Dr. Peter Ramsaroop.
According to a joint statement issued by the entities, following a Memorandum of Understanding (MoU), which was formalised between GMSA and Go-Invest in December 2020, Mr. Khan and Dr. Ramsaroop agreed

GO-Invest CEO, Dr. Peter Ramsaroop.

that “this is the opportune time to commence initiatives that would precipitate both local and foreign investment.”
It was noted that export earnings from the Mining Sector have continuously contributed to Guyana’s sustainability and development and that the success of the sector however, “does not come without challenges.”
Both McLean and Rodrigues have since alluded to existing Mineral Agreements for the mining sector that were intended to govern large Extractive Industry investments and alleviate challenges faced through all processes such as exploration, mine development, operations, exportation and fiscal concessions.
According to the joint statement, McLean had explained that there has been a delay in the approval of these agreements, “since approval of the Investment and Development Agreements (IDA) remain outstanding.”
As such, it was noted that in the interim, GMSA and GO-Invest committed to engaging in a joint meeting with the Ministry of Finance, the Guyana Geology and Mines Commission (GGMC), the Environmental Protection Agency (EPA) and the Guyana Revenue Authority (GRA), to resolve immediate challenges and streamline the process to mitigate roadblocks and facilitate more rapid investment in the extractive sectors.
Dr. Ramsaroop has since offered to facilitate this meeting and coordinate the activities of the various regulatory agencies in order to expedite the process.
It was noted too that discussions were also held around other opportunities for investment in Guyana.
As such, GMSA and GO-Invest have since agreed on a joint collaboration to host an Investment Forum in June 2021, in an effort to promote partnering of foreign investors with local businesses.
“The forum will be an opportunity to raise awareness of the incentives and investment support being offered by Government and to allow for discussion on the challenges and opportunities facing local businesses,” the joint statement added.

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