As T&T Trade Mission seek investment opportunities, Gaskin Promotes Private Sector, touts Guyana’s strong commitment to CSME

DPI/GINA, Monday, June 12, 2017

“We are open, we are ready and we mean business and that’s what we want you to take back from this trip. And to just to clarify when I say “we” I am including Guyana’s Private Sector because that’s who really does business in Guyana”, Minister of Business, Dominic Gaskin said as he welcomed a Trinidad and Tobago (T&T) Trade Mission delegation to Guyana, at the Le Meriden Pegasus, Hotel, Kingston, Georgetown today.

The Trade Mission led by T&T Chamber of Industry and Commerce (T&T Chamber) is leading 24 companies including Information Communications Technology (ICT), Real Estate Development, Manufacturing, Business Support Services, Financial Services, Educational Services Sector among other sectors. The Mission aims to foster and build collaborative business relationships to promote the mutual growth and development of both T&T and Guyana economies, through increased trade and commerce.

Minister Gaskin told gathering that the Government of Guyana will observe and respect the provisions of the revised treaty of Chaguaramus regarding non –discrimination on the basis of nationality, and the rights of establishment, and provision of services.

“Guyana’s strong commitment to regional integration and the Caribbean Single Market and Economy (CSME), as well as our understanding of our obligation under the Treaty are manifested in the success and growth of many Trinidadian companies already in Guyana”, Minister Gaskin pointed out.

Minister Gaskin highlighted that the government supports the Private Sector when it comes to initiatives “such as this one” and will continue to fulfill the responsibilities as trade facilitators, and as regulators and upholders of the laws that govern and protect businesses. He explained that visits such as these create linkages between the Private Sector of the two countries and “the confidence that the countries need to increase the levels of trade and investments within the CSME.”

The Business Minister told the delegation that, “We are confident that our economy can provide the kind of returns that can sustain the long- term operation of any well run business.”

Minister Gaskin stated that Guyana is working to further improve its ranking on the International Index for conducting business. He explained that the government and the Ministry of Business have engaged the World Bank, which publishes the annual report, and are developing an Action Plan to tackle each of the “Doing business indicators.”

Minister Gaskin said that once these indicators have been improved, they will transform the business environment in Guyana during the coming years and provide long-term economic benefits to businesses operating here. Guyana has advanced 16 places from 2015 to 2016 in “The Doing Business” Index.

The T&T Chamber of Commerce Facebook page has Guyana as one of the fastest growing economies in the Caribbean with enormous untapped potential. Recent developments in the energy and commercial sectors provide great opportunities for Trinidad and Tobago Investors, Manufactures and Service Providers.

The page listed five benefits of the Trade Mission to Guyana as follows:

• Increased economic growth in Guyana due to recent oil & energy discoveries also indicates an increase in demands for goods and services, in sectors such as: construction, telecommunications, transportation, tourism and safety.
• There is mineral wealth in the form of gold, bauxite, sandstone and diamonds; vast agricultural lands for crops and livestock as well as healthy rain-forests with diverse species of timber.
• Through the Free Movement of Skilled Nationals in the CARICOM Single Market, there are significant opportunities.
• There are very little barriers to trade: proximity, language and culture. Also, Guyana is strategically positioned in Latin America.
• In essence, the Guyanese market provides an ideal opportunity for small businesses and emerging entrepreneurs, as well as established manufacturing firms and service providers.

The Trade Mission will conclude tomorrow.

 

By: Gabreila Patram