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Budget 2024 demonstrates Govt.’s commitment to economic growth and development – GMSA
Kaieteur News – The Guyana Manufacturing and Services Association (GMSA) on Tuesday said that Budget 2024 demonstrates government’s commitment to economic growth and development.
The 2024 Budget was presented by Senior Minister in the Office of the President with Responsibility for Finance, Dr Ashni Singh presented the $1.146 trillion in the National Assembly on Monday.
“The growth in non-oil real GDP in 2023 by 11.7% has resulted in the expansion of the manufacturing sector by 25% and services by 10.3%. This hereby reaffirms private sector and manufacturing resilience, despite challenges in the global economy. The continuing development of current transformative infrastructure is key to enabling business activity and delivery,” the GMSA said in a press statement.
The Manufacturing Association said too that it is “pleased with the emphasis placed on supporting the manufacturing sector, as this will undoubtedly create new opportunities for local businesses and contribute to job creation.”
The GMSA pointed to the infrastructural developments in the energy grid, the Gas-to-Energy project and solar and hydro initiatives.
“Equally significant are transformative land infrastructures, including the Demerara Harbour Bridge, the Schoonord to Crane highway, and the Ogle to Soesdyke Linden highway. These initiatives collectively contribute to fostering a conducive environment for business operations. Government’s inclusion of some of the association’s recommendations assured the intention to work collaboratively with the private sector.”
The GMSA said too that several measures noted in the budget are essential in supporting the manufacturing and services sectors. Among the measures that the GMSA pointed to are the $527.4 million allocated for the development of the agro-processing sector.
“The GMSA anticipates that this strategic investment will provide manufacturers with the necessary infrastructure to enhance their production capabilities and meet growing market demands.”
The $3.3 billion allocation for the development and rehabilitation of industrial estates in Wales (Region 3), Regions 2 and 10 are considered growth opportunities for manufacturing in Guyana, the GMSA noted.
Additionally, the Association referenced the $450 million allocation towards the replenishment of the Small Business Bureau (SBB) Fund, something the GMSA said that it has continuously advocated for in order to support product enhancement and growth in the agriculture and agro-processing industries.
“It will also enable businesses to attend regional and international trade fairs and events. Entrepreneurs will also benefit from training and mentorship,” the Association stated.
The manufacturing and services body said that the $500 million allocated for the Food and Drugs Lab, will strengthen regulatory bodies and accredit laboratories to do testing, inspection, and certification of products for exportation.
“Over $8 billion for the development of human resources to fund tertiary education through Guyana Online Academy of Learning (GOAL) and the University of Guyana (UG), and a further 2.8 billion to develop skills training (Technical and Vocational Education and Training (TVET) and Caribbean Vocational Qualification (CVG)). This, the GMSA believes, will address the shortage of skills and manpower in the country while simultaneously enhancing the workforce through upskilling initiatives.”
Moreover, the government’s move to maintain the cost of fuel at 0 percent Excise Tax while extending the reduction of freight charges for another 12 months is seen as a positive by the GMSA noting that businesses will be assisted to be more competitive on the local and global market and help to mitigate challenges.
The increase in the income tax threshold to $100,000 monthly, which government said will add $4.8 billion in disposable income to the working population, has also found favour with the GMSA.
“The GMSA remains open and committed to working with the Government to foster a thriving business landscape and a prosperous future for Guyana,” the manufacturing body said.
Budget 2024 is themed ‘Staying the Course: Building Prosperity for All’.
- Development, Dr. Ashni Singh, Guyana Manufacturing and Services Association (GMSA), National Assembly, Senior Minister in the Office of the President with Responsibility for Finance
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