Guyana’s economic prospects bright – Dr. Ashni Singh

Guyana’s economy is set to see remarkable transformation in the days ahead despite the economic fallout from the COVID-19 pandemic.

Senior Minister with responsibility for Finance, Dr. Ashni Singh said transformation will provide the means to improve the well-being of Guyanese and realise the longstanding aspirations of the country.

Dr. Singh was at the time delivering remarks to the virtual Third Annual General Meeting of the American Chamber of Commerce of Guyana (AmCham).

The Finance Minister said the Government intends to build a “truly modern Guyana,” in the shortest possible time, with world-class infrastructure that will improve connectivity and unlock the vast potential of the Guyanese economy.

“Our plan includes ensuring availability of a highly-skilled workforce, and state institutions that encourage and facilitate, rather than hinder and frustrate, the operations of the private sector. In this regard, reducing bureaucracy and removing bottlenecks to doing business will be an important pillar of our institutional reforms,” Dr. Singh said.

Established in 2018, AmCham aims to further business interests of US enterprises in Guyana while promoting mutually beneficial business partnerships.

Dr. Singh said Guyana’s status as an oil producer and exporter has generated “unprecedented interest” by American companies. He said there has been a strong and special bond between the US and Guyana over the years.

 “This has manifested itself through traditional economic relations, such as Official Development Assistance through bilateral and multilateral channels, trade between our two countries, as well as other financial flows, such as migrant remittances from our large Guyanese diaspora in the US.”

US Ambassador to Guyana Ms. Sarah-Ann Lynch said U.S. investment in infrastructure, energy, health care and agriculture, is just the beginning of things to come. She added that the US looks forward to partnering with AmCham on webinars in all of these areas. 

“We look forward to U.S. companies competing fairly and transparently in tender processes, as we want to remain Guyana’s top trading partner and partner of choice,” Ambassador Lynch told the meeting.

She said AmCham’s expertise in the local market and know-how are critical elements for any investor who wants to work with Guyana. 

“Your advocacy for fair and transparent procurement processes, your adherence to environmental laws and fair hiring practices, your mentoring of young entrepreneurs, this all matters. And it all contributes to a bright and prosperous Guyana.”

Ambassador Lynch said the US will be happy to partner with AmCham members to brainstorm possibilities to encourage the next generation of entrepreneurs, since their leadership remains critical.

The Chamber also promotes corporate social responsibility and sustainable development in Guyana.

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