Guyana economy attracting investors

-President Ali
– Gov’t will enable investments

His Excellency Dr. Mohamed Irfaan Ali says the world is now attracted to Guyana and is expressing confidence in its economy. The President was at the time delivering the keynote address at the launch of the Canada-Guyana Chamber of Commerce at the Arthur Chung Conference Centre today.

The Head of State said the establishment of the Chamber reflects investors’ confidence in Guyana’s future and the expectation of high economic prospects.

“The world is expressing confidence in Guyana’s economy. Today, the Canadian private sector joining with Guyanese private sector is expressing confidence in the economy. The Government has to ensure we work closely with the private sector in realising that confidence,” thePresident said.

President Ali said businesses help to create wealth and generate jobs, and that the Government’s role is to facilitate the growth and development of businesses.

“I want to assure you that the Government of Guyana would not resist but assist foreign investors. There is no point in saying we are a part of a global environment, of understanding we are competing in a global environment, of understanding that we are part of a global network but at the same time, do not recognise that we are also part of global competition.”

The local private sector, he said, needs to be more innovative and become partners who are capable of managing the new economy.

“The nature of the economy in the next three years, the structure of the economy in the next three years, the requirement of the economy in the next three years, note I am not speaking about oil and gas, that is not the economy, the economy is much more substantial than oil and gas… For that, we require people and there is where we have a natural population that we can go back to and that is the diaspora,” Dr. Ali underscored.

President Ali said the creation of the ‘secondary city’ is a “near term” plan that will create tremendous opportunities for investment.

The Head of State also said the Government is looking at the creation of an “agro-industrial zone” that will have tax incentives and create new opportunities for investment.

President Ali said Guyana is a safe place to invest and will not put hurdles in the way of potential investors. Further, he said, the time is right for investors to be attracted to Guyana and to capitalise on the opportunities the economy has to offer.

Canadian High Commissioner to Guyana, Her Excellency Lilian Chatterjee, Senior Government and Canadian Federal Government officials also attended the launch.

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