GO-Invest to implement Export and Investment Policy
─ 3rd component of National Quality Infrastructure Improvement Project
DPI, Guyana, Tuesday, March 12, 2019
The Guyana Office for Investment (GO-Invest) is set to continue the implementation of the National Export and Investment Policy, this year. This policy is the third component of the National Quality Infrastructure Improvement Project.
This was disclosed by CEO of GO-Invest, Owen Verwey at a press conference on March 11.
The $2Billion (US$9M) Inter-American Development Bank (IDB)-funded project, includes the modernisation of the institutional framework of the National Quality Infrastructure; the upgrade of laboratory facilities and equipment and the implementation of the National Export and Investment Policy.
The policy was launched on January 9 of this year by Minister of Business Dominic Gaskin who noted, “It will guide our approach to quality and provide the framework to change the way we do things in order to achieve better outcomes.” The policy aims to provide a framework for the development of a National Quality Infrastructure in the business sector.
For their part, Verwey said the project aims to enhance the capacity of Go-Invest to promote exports and attract investment.
“From this assessment, a strategic plan will be developed to overhaul GO-Invest’s strategic and operational arrangements and refine its investment promotion and export promotion strategies in keeping with current best practices in trade and investment promotion,” Verwey said.
According to the CEO, negotiations are in the final stages for the review and re-design of the agency’s framework, however, the proposal for consultancy for developing the Investment and Export strategy needed to be resubmitted.
“The consultancy for the strategy needed to be resubmitted since there was a slight technical issue between IDB and the unit that is managing it [initiative] so that needed to be resubmitted hence a few months delay,” he explained. Contracts for both consultancies are expected to be finalised by July, this year. Arca Consortium is providing consultancy services for the project.
Under the first component of the IDB-funded National Quality Infrastructure Improvement Project – the modernisation of the National Quality Infrastructure – all relevant stakeholders, especially the Guyana National Bureau of Standards (GNBS) saw enhancement in areas of technical regulations, compliance, conformity, accreditation and training and the capacity building of small and medium-sized businesses exporters of non-traditional products.
The second component realised the improvement of laboratory facilities and equipment. In this regard, this subcomponent allowed for the financing of a new facility to house metrology, testing, and legal metrology, the required equipment for the adequate functioning of the GNBS laboratory services as well as specific equipment for the Ministry of Public Health (MoPH) and Ministry of Agriculture (MoA).
The Ministry of Business is working with local stakeholders to ensure that quality standards are implemented across Guyana for the development of a better economy.
Image: The Department of Public Information