Gov’t to open doors for small businesses to prospect of oil and gas sector – VP Jagdeo says
– Simplified business registration, reduced taxes for small businesses to be examined
The government plans to create investment vehicles for small Guyanese businesses to prospect on the burgeoning oil and gas industry, Vice President, Dr Bharrat Jagdeo has announced.
Speaking with reporters at a news conference on Thursday, Dr Jagdeo, who is the People’s Progressive Party’s general secretary, said the administration has already identified three major initiatives in the oil and gas sector that can be tailored to benefit small investors.
As part of this undertaking, he noted that the government will create investment vehicles with entry points as low as GYD$50,000 to $100,000.
Dr Jagdeo emphasised that the goal is to allow small businesses to share in national prosperity while excluding larger companies from these specific opportunities.
“It is a huge thing that we are talking about now. We have some intense discussions. We have had those discussions for a while but…that would be one of the key issues in the future,” he stated.
To further the development of small business, the government will also remove bureaucracy, simplifying of establishing a business. Smaller taxations for this bracket will also be examined, Dr Jagdeo revealed.
Another key initiative is the increasing of access to government contracts for small business, to increase participation beyond the current thousands of new contractors.
Another aspect of the PPP’s plan for shared prosperity, are initiatives that focuses on enhancing financial literacy and empowerment. Additionally, the government will come up with initiatives that will guarantee rates of return for peoples’ investments.
“We have already made it clear that people are going to get future cash grants …they can utilize the money in this fashion too, because we want people to own things, everybody must have the opportunity in Guyana to own something or get more for their money,” Dr Jagdeo noted. These initiatives, he said will be outlined in the party’s manifesto which will be released to the public in the near future, ahead of the 2025 general and regional elections.