GNSC urged to consider Public Private Partnerships
─ Min.Jordan joined the Board of Directors and Management of GNSC to commission a $125M, 12, 600 square ft. modern warehouse facility
DPI, Guyana, Monday, February 25, 2019
Minister of Finance, Winston Jordan today encouraged the Guyana National Shipping Corporation (GNSC) to seek out opportunities available in Public Private Partnerships, (P3) to further the development of the company.
Minister Jordan joined the Board of Directors and Management of the GNSC to commission a $125M, 12, 600 square ft. modern warehouse facility at the Lot 1 Public Road, La Penitence, Georgetown location.
According to the Finance Minister, the government has already received “unsolicited” proposals from an international firm which specializes in port development, to invest in the corporation as a P3 Venture. The GNSC, he said, has been provided with the proposal which is under consideration.
“I am aware of your strategic plan which highlights warehouse development, equipment renewal and wharf rehabilitation as critical to success of the corporation’s five-year programme. The corporation is ideally situated and commands significant assets. But it has no money to implement the game changing projects that can exploit the known advantages.”
He, therefore, urged the shipping company to seek out partnerships to overcome this critical deficit. He said the government is in discussions with the European Investment Bank (EIB) on a proposal.
“I am told that the corporation has been providing information on its strategy and development plans to EIB for consideration,” the Finance Minister said.
The minister said the impending flow of oil and gas and what it means for the shipping corporation is a defining moment for the company.
“I expect that your sagacity would cause you to see new business opportunities in the new sector. I encourage you to take advantage of the many business opportunities that the sectors promise so as to ensure you company remains profitable and competitive.”
According to Minister Jordan, while the competition is fierce, it can be met head-on with imagination, innovation and foresight.
“It would require visionary leadership from Board Directors and Management. It would call for a motivated and skilled workforce that is dedicated to making the corporation number one.”
The company was further encouraged to establish more modern warehousing policies and practices that would discourage cargo being stored for excessively long periods. He said the changing business environment and advancements in technology is forcing companies to adapt to the changing customers needs in order to remain relevant and successful in their businesses.
Meanwhile, GNSC’s Managing Director, Andrew Astwood said he is proud of the successful completion of the warehouse. He said the corporation is constantly looking for solutions for customers and clients. The new warehouse is just another step in that direction.
The Guyana National Shipping Corporation renders maritime transportation services to all sectors of the economy. The company’s major role in the shipping industry is the provision of related quality services to shipowners, operators, and other customers, locally and internationally.
Images Giovanni Gajie.