GO- Invest will target investments in Tourism sector in 2017

GINA, GUYANA, Wednesday, January 25, 2017

The Guyana Office for Investment (GO-INVEST), which falls under the Ministry of Business, will be targeting investments in a number of key areas, including the Tourism Sector.

Chief Executive Officer of GO-Invest, Owen Verway said that his office will be collaborating with the Guyana Tourism Authority (GTA) and the Tourism and Hospitality Association of Guyana (THAG) to target investments which will benefit the sector significantly. He noted that emphasis will be placed on ecotourism.

Verway said that the two entities will be looking at promoting Guyana, while his office will be targeting the investors by participating in two trade shows in the European or North American Markets in the coming months. He pointed out that GO-INVEST’s interest is looking at the value chain opportunities in the sector.

“We are looking to invest in tour operators, in the accommodation facilities side and all the other services that are required for the successful operations of something in the tourism sector”, Verway said.

These investments are in keeping with the government’s initiative to ensure that all stakeholders benefit from the expansion of the tourism industry. In his 2017 budget presentation in the National Assembly on November 28, 2016 Minister of Finance, Winston Jordan said that the Government will undertaking  a stocktaking exercise of potential sources of tourism products within the 10 administrative regions, in 2017.

The government is also working on the draft National Tourism Policy which includes focusing on developing market-ready tourism products, enhancing the quality of service, generating increased employment in the sector, and improving tourism’s contribution to economic growth. These will clearly identify elements of nature, culture, heritage, community, and other assets that could serve as the basis for the development of tourism in the Regions.

Meanwhile, Verway explained that the $139.8B investments that the office is hoping to achieve this year. He said that the amount that was allocated in the 2017 Budget is the total amount of promised investments that the office is forecasting.

Verway told the Government Information Agency (GINA) that an investment project does not happen overnight and the funding received is spent over a period of time. “Some of the projects will take an average three years or more than three years”, Verway pointed out.

Verway said that the total$139.8B in investments is the commitment of projects that the office is expecting to come into the country based on observation, meetings and consultations and applications that the GO-Invest would have seen in the last two years. Verway said that they are focused on the amount and the office and respective agencies believe that it is an achievable number.

The Guyana Office for Investment (GO-Invest) was established under the Public Corporations Act 1994 as a semi-autonomous body and comes under the direct purview of the Ministry of Business.

The agency’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.

GO-Invest works within these five main areas of responsibility: Investment generation and facilitation, export promotion, policy advocacy, image building and enhancing the internal organization of GO-Invest.

 

By: Gabreila Patram