GMSA hails strides in boosting international trade

Apr 22, 2024 News

Kaieteur News – Under the theme “Building Bridges: Expanding Trade Horizons Together”, the Guyana Manufacturing and Services Association (GMSA) presented their 2023 annual report last Thursday with its President Ramsay Ali hailing their hard work and dedication towards strengthening international trade ties so as to build the manufacturing and service sectors here.

Ali noted that his association not only hosted engagements with international delegates for diplomatic reasons but also to explore new markets and partnerships. “Each visit facilitated knowledge-sharing, market insights, and the exploration of potential collaborations, laying the groundwork for future economic growth and prosperity.”

GMSA’s president stated that new interests came from countries such as India, USA and the European Union among other major nations
Companies with footholds in sectors such as technology, manufacturing and agriculture have their eyes set on Guyana’s market.

Trading was not the only main focus as the GMSA also met with executives for the listing of Guyanese companies on the Jamaican Stock Exchange which will bring investors and enhance the visibility of companies on the international market.

The president highlighted that, “This collaboration could further strengthen Guyana’s financial sector and attract even more investment opportunities for small and medium-sized enterprises.”

Discussion on education was also on the table as Ali alluded to the shortage of skill and labour in Guyana. “This shortage hinders the growth of industries and limits the country’s overall economic potential.” he said. It was mentioned that representatives of the University of the West Indies Cave Hill School of Business and Management was engaged to discuss training needs in the manufacturing sector.

They aim to conduct research to be clear on what training is needed towards specific skills and the knowledge gaps within industries.
This goal ensures that training of a high quality is rolled out and in accordance with international standards. It was mentioned that a Memorandum of Understanding was already signed with the university to solidify this commitment.

GMSA also worked to secure markets for items that saw an increase in demand for paint, glass, meat, etc. They also pushed for participation in trade shows both locally and internationally.

With Ali at the head of GMSA he aims to have his association position Guyana as a focal point for industry collaboration and innovation so that the nation is propelled to be one of the lead players in the regional manufacturing landscape.