Gov’t supports private sector development – Min Todd tells IGCC

– Over 45 Indian companies operating within Guyana’s economy

Minister of Foreign Affairs and International Cooperation, Hugh Todd has underscored the government’s vested interest in advancing private sector development through policies and frameworks, aimed at attracting investments.

Minister Todd said this is evident as a conducive investment environment has been created over the last three years.

The foreign affairs minister was at the time addressing the India-Guyana Chamber of Commerce’s (IGCC) inaugural Cocktail Event Wednesday evening at the Marriott Hotel, Kingston, Georgetown.

The event saw the attendance of prominent business personnel celebrating the partnerships and progress between the two countries since its establishment in April 2023.

The minister commended the work of the IGCC and urged the Chamber of Commerce to strive to become successful in Guyana’s business realm.  

“The sky is the limit, get involved. Be part and parcel of this organisation, engage, build partnerships, strategic alliances, make it work because if we can make it work as policymakers, the task is now yours,” he charged.

Meanwhile, Chief Investment Officer of the Guyana Office for Investment, Dr Peter Ramsaroop disclosed that over 45 Indian companies are operating within Guyana’s economy.

This is a testament to the healthy business relations between Guyana and India, propelled by the government’s policies and engagements, Dr Ramsaroop noted.

“Texila has just recently submitted a proposal to expand the university and its programmes in our country. We have one of the largest mining companies doing the asphalt crush stones in Guyana from India, so it’s great to see the joint venture, the atmosphere among our companies,” he expressed.

Also expounding on the partnerships between the nations was the First Secretary at the High Commission of Guyana, Manoj Kumar, who highlighted the number of companies that are currently participating in Guyana’s infrastructural development.

Although trade is being conducted between the countries, Kumar noted that they must work hard to enhance trade, which currently stands at $6 million on an annual basis.

Member companies were presented with certificates and membership badges during the cocktail event.

The IGCC was established in April 2023 to foster trade, investment, and cultural ties through strategic engagement between the two countries.

Its president is Ramnaresh Sarwan and the First Vice President is Kalamazad Ibrahim.

Guyana and India have been enhancing cooperation and partnership over the years with several state visits between the two countries.