Businesses participate in first ever local CCAA “oil and gas conference”
DPI, GUYANA, Monday, September 25, 2017
The Caribbean-Central American Action(CCAA) has collaborated with the Inter-American Development Bank (IDB) to host a two-day conference for business entities in Guyana. The conference will look at perspectives and opportunities the oil and gas industry will have on the nation’s economy.
The CCAA is a nonprofit organisation that promotes private sector-led economic development in the Caribbean Basin and throughout the Hemisphere.
Prime Minister Moses Nagamootoo, who is currently performing the duties as President, in his feature address, said “We must not contribute to the depletion of our natural resources. Oil and gas will and must hold an important place in our lives.” Whilst reflecting that many are anticipating the sector with optimism, he noted the need for persons to be educated by others who are experienced. This conference is one way of doing such, he opined.
The Prime Minister also took the opportunity to urge the business community to be involved and aid in the building of the local economy.
Chairman of the CCAA Cornelius Prior Junior, said that he is hopeful that with the discovery of the oil, and proper knowledge “Guyana gets the prosperity it’s been talking about for so many years”. According to Junior, this is the first time that the CCAA is hosting a conference outside of Miami, Florida. The decision was made to host the workshop here because “Guyana has the potential to radically shift the country’s economic future”.
The two-day conference being hosted under the theme – “The transformational economy: Perspectives and opportunities for Guyana’s Private Sector” – will look at the broad implications of the oil discovery for Guyana’s economy and the specific challenges and opportunities that will accrue.
The Vice President of the Private Sector Commission (PSC) Desmond Sears urged policymakers not to neglect other sectors, and called on business entities to “Not only look at the oil industry but grab the opportunities existing in agriculture, tourism, manufacturing, and services sector.”
Nigel Hughes, founder and Director of Guyana Oil and Gas Association Inc.; Frank Sader, Head of operations, Latin American, International Finance Corporation; Sophie Makonnen, Country Representative, Guyana Country Office, Inter-American Development Bank, also made presentations during the first round of the conference.
The discussions dealt with the questions – How to get most out of the revenue earned; Related industries and Opportunities to be derived.
Minister of Public Telecommunications Catherine Hughes, Minister of Business Dominic Gaskin, Minister of Natural Resources Raphael Trotman, Senior Vice President, PETRONAS, Dr. Nelson Modeste, Chief Planning Officer, Ministry of Finance were among some of the presenters for day one of the conference. The second day will cover the topics; making business work, manufacturing, Tourism and agriculture.
By: Zanneel Williams