GCCI’s Business Development Forum returns after two year hiatus

Nov 12, 2022 News

Kaieteur News – After a two year hiatus, the Georgetown Chamber of Commerce and Industry (GCCI) opened its third Business Development Forum under the theme ‘Your roadmap to business development’.

The two day forum which is being held at the Pegasus Suites and Corporate Centre, Georgetown is geared at educating Entrepreneurs on how to develop their businesses and to address the issues that plague the private sector.

President Irfaan Ali alongside President of GCCI, Timothy Tucker and President of Esso Exploration and Production Guyana (EEPGL), Alistair Routledge cutting the ribbon at the opening of the Business Development Forum exhibition.

Attending the open ceremony on Friday were, President Irfaan Ali, President of GCCI, Mr. Timothy Tucker, Executive Director of GCCI, Richard Rambarran, President of Esso Exploration and Production Guyana (EEPGL), Alistair Routledge, Senior Minister of Finance, Ashni Singh, and Members of the Diplomatic Corps among other special invitees.

President of the GCCI, Timothy Tucker said that the Forum is the brainchild of GCCI’s Trading Investment Committee. The first and second editions were held in 2018 and 2019 respectively.

“Why business development you may ask. Business development retains to the ideas, initiative and activities that help us make business better,” he said while noting that ultimately business development involves developing and implementing growth opportunities for, within and among organizations. It is a process of implementing strategies and opportunities across organizations to promote growth and boost of revenue.

This year’s forum focuses on five thematic areas: Access to Finance, Opportunities for Businesses, Improving Standards and Quality, Doing Business in Guyana, and Marketing Fundamentals.

Tucker said GCCI has been advocating for access to finance simply “because we realize that it is the only way Guyanese business can adequately utilize the Local Content Act to our benefit.” He said too that access to finance will help Entrepreneurs to play a significant role in the oil and gas sector.

Capital markets, he said “are also fundamental in securing long term security… financing is important but we must also consider that the Guyana’s capital market are directly linked to its economy, so ripples in one corner can have major impacts elsewhere.”

Additionally, the GCCI President said taxation is also very important and described the country’s tax system as very primitive. “If we intend our businesses to move in the industries outside of the oil and gas industry we must encourage it. If we want to build capital market we must be able to have a tax system that encourages entrepreneurship, innovation, and businesses moving from that sole proprietor into corporate space,” he noted.

Scenes from yesterday’s opening ceremony of the Business Development Forum which is being held at the Pegasus Suites and Corporate Centre.

As it relates to corporate space, Tucker said this will improve the quality and standard of businesses. He reminded that the internationalization of Guyana’s market is forcing all local businesses to adopt higher standards, raised the quality of goods and services they provide.

Further, Tucker expressed that marketing is key to the growth of all sectors, and that no one should underestimate the power of branding and marketing. He said it makes consumers aware of available products and services, and impacts their purchasing power.

Doing business in Guyana “is not for the faith of heart”, Tucker said while noting that the process is “getter better” through the provision of “tremendous opportunities for Guyanese and businesses”.

The GCCI President said that the Business Development Forum is a platform to give back to its members and the public. “It’s a forum for learning, not just from an academic standpoint but from the experience from others,” he added.

The Forum which concludes today will see keynote addresses by members of the business community, presentations, panel discussions and an exhibition.

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