GO-Invest targets $154B investments for 2018

DPI, Guyana, Friday, December 8, 2017

In 2018, GO-Invest will receive a total subsidy of $218M. The agency aims to facilitate investments of $154 billion for the creation of approximately 5,725 jobs in 2018.

This was disclosed in Minister of Business, Dominic Gaskin’s presentation during budget debates last Monday. Minister Gaskin noted that critical to enhancing the performance of the agency is the development and implementation of a National Export and Investment strategy.

The minister explained that this forms part of a US$9.2M loan-funded project, “Work has already begun in drafting the terms of references for the consultant required to design and implement this sub-component of the project. $200M is provided in Budget 2018 for expenditure on the National Quality Infrastructure Project

Additionally, in 2018 the Ministry of Business, GO-Invest and the Caribbean Export Development Agency will collaborate to host Guyana’s first Business to Business exhibition. This event is expected to attract participation from 75 businesses and seeks to foster ties between local sellers and international buyers, with a view to boosting exports and attracting investments.

In 2017, the investment portfolio of GO-Invest was restructured to ensure greater diversification within the economy.  There was a special focus on the tourism, agriculture, and light manufacturing sectors as the agency endeavoured to target $139.8B in investments.

Thus far for 2017, the agency has hosted and participated in a number of business forums to foster investment in the country. Recently, GO-Invest participated in the largest trade fair in Havana, Cuba which saw over 1000 companies participating. Throughout the five-day expo, Guyanese products and services exhibited garnered much interest.

GO-Invest’s mission is to contribute to Guyana’s economic development by promoting and facilitating local and foreign private-sector investments and exports in accordance with the country’s approved investment and export strategies.

 

By: Gabreila Patram

 

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