Incentives in place to spur investment in Region 10 – Dr Ramsaroop
The government, in efforts to spur more economic activity in Region 10 (Upper Demerara – Berbice), has attractive incentives for investors interested in eco-tourism and the hospitality sector.
Chief Executive Officer of the Guyana Office for Investment (Guyana Invest), Dr Peter Ramsaroop made the disclosure during a recent television programme.
Guyana Invest is responsible for facilitating investment in the country, whether it be foreign or local investors.
“If you’re building in Region 10, eight rooms and above, we will give you all the tax-free on your equipment, your machinery, your bedding, your beds so you don’t have to pay VAT on those. Those are incentives we will give to Region 10 to expand operation both in eco-tourism and in regular hotels,” Dr Ramsaroop said.
This is critical as several infrastructural projects are slated to be undertaken in this region. These include the construction of a new river bridge connecting Wismar and Mackenzie, the Linden to Mabura road link, a new stadium in Linden and some 32 bridges that are being built from Mabura to Lethem.
“Imagine the amount of people, engineers and workers that will have to be here in Linden building, plus work opportunities for Linden,” the CEO pointed out.
While this transformation is taking place, it is paramount for citizens to make use of the opportunities that are being created through the government’s investment, Dr Ramsaroop stated.
“If you know where the government is spending on the public sector side, then the private sector and the citizenry have to then align, and as they align that’s where the benefits come to us and individuals within the region.”
Region 1o has also been identified as one of two regions that will be responsible for developing the hemp industry. Hemp has been identified as an industry that will create hundreds of jobs for Region 10 residents as well as Region Six.
The region is said to be one of the most important regions in the national economy as it has several natural resources including bauxite, timber and the agriculture.
In this regard, Dr Ramsaroop said, “The President’s initiatives are geared towards ensuring Region 10 holds up their component of the national economy… government must invest and we as a people got to step up and be part of that development.”