Guyana’s manufacturing sector geared for exponential growth – Prime Minister Gonsalves
With the government’s financial injections into Guyana’s economy yielding major growth and transformation across the country, Prime Minister of St Vincent and the Grenadines, Ralph Gonsalves, sees a major shift coming in Guyana’s economic viability on a regional and international scale.
He made the prediction during his engagement with members of the President’s Youth Advisory Council (PYAC), the One Guyana Company, and members of the Youth in Natural Resources (YNR) programme on Thursday.
Citing the scale of fellow CARICOM member, Trinidad’s success in the manufacturing sector, Gonsalves stated that up until now, no other country has been able to compete with that nation due to their low energy costs.
However, he stated, that may well change shortly.
“Trinidad will be, in the next five years, challenged seriously by Guyana in respect of the manufacturing sector, and the manufacturing trade in the region, because… the price of fuel will be competitive with that of Trinidad, the wage rates in Guyana are on an average low, the country’s wealth will source more productive workers, and you have more, cheap raw materials from which you can draw for your manufacturing sector,” he said.
Critically, he added, Guyana’s government has been encouraging other CARICOM countries to invest and conduct business in Guyana.
Just last month, President, Dr Mohamed Irfaan Ali announced that the government was positioning the country to be second to none in energy and food security, climate, ecological, biological, and technological services, as well as health and educational services, and manufacturing.
Through negotiations, collaboration, and trade with other CARICOM member states, the government is also placing itself in a position of major growth and development to become a leader in the productive sector of the region.