Action plan to develop business environment

GINA, GUYANA, Thursday, October 27, 2016

The Ministry of Business plans to implement an action plan that would see Guyana improving its ranking as a destination for doing business in the World Bank – Ease of Doing Business Report.

Minister of Business, Dominic Gaskin, today, disclosed that the action plan would address all areas that are assessed so that Guyana could have a better ranking and be recognised as the ideal country for doing business.

“We have a committee that is actively engaged in implementing a ‘doing business action plan’ which is extremely comprehensive. It involves legislative amendments, upgrades to national ICT infrastructure and a number of other very specific indicators where we have scored badly that we are seeking to address,” Gaskin said.

Countries are assessed in areas of; resolving insolvency, enforcing contracts, trading across borders, paying taxes, protection of minority investors, getting credit, registering property, getting electricity, dealing with construction permits and starting a business.

The report surveys a country based on these areas of assessment from July of one year to June of the following year. At June 2016, Guyana had moved sixteen places up the ranking list from 140 to 124.

Minister Gaskin said that the improved ranking is due to three specific areas where major improvements were cited.

“Guyana increased its scores in areas of, access to credit, access to electricity and also in transparency by having more information published on some of our government websites; in particular with respect to registering property,” Gaskin noted.

With regards to transparency, Gaskin explained that the Guyana Lands and Surveys Commission as well as the Ministry of Business had published on their websites, information pertaining to the process.

Gaskin added that the Guyana Power and Light Incorporated was assessed on the provision of electricity and minimum power outages during the period.

In addition, businesses have been able the get easier access to finance.

The report also indicates that economies are ranked on their ease of doing business, from 1 to 190. A high ease of doing business ranking means the regulatory environment is more conducive to the starting and operation of a firm.

 

By: Delicia Haynes