Investments booming under Coalition Govt

DPI, Guyana, Friday, March 15, 2019

Major companies continue to invest in Guyana’s economy.

According to Finance Minister Winston Jordan, this is a testament of the prevailing successes of the Coalition Government.

The minister was speaking at the commissioning ceremony of a $1Billion distribution warehouse by Distribution Service’s Limited (DSL) today.

“This investment is evidence of the improvements in the investment climate in Guyana. This is one of several large investments that are taking place in the economy and is an indicator of how confident private businesses are about the state of our economy.”

Minister Jordan joined Minister of Foreign Affairs, Carl Greenidge who is also performing the duties of Prime Minister, and Minister of Business Dominic Gaskin, along with members of the diplomatic corps to officially open the new facility.

The Finance Minister shared last year’s growth rate which stood at some 3.4 per cent, placing Guyana in the spotlight as one of the fastest growing economies in the Caribbean. The country’s latest estimate of 2018’s real growth of the economy is between 3.6 to 3.9 per cent. The actual growth, he said, will be presented in an end-of-year report by mid-April.

Minister of Finance, Winston Jordan addressing the gathering

Officials at the commissioning ceremony today

Minister of Finance, Winston Jordan [right], along with Minister of Foreign Affairs Carl Greenidge, and businessman Yesu Persaud [left] assists in the cutting of the ribbon today

The facility at Greater Diamond, East Bank Demerara

The $1B+ facility at Greater Diamond East Bank Demerara

According to Minister Jordan, the fact that growth has been achieved, considering low inflation and unimaginable fiscal deficit and depth GDP ratio, is a tribute to the prudence and management of the economy by the Coalition Government.

“Since this government has acceded to office, we have managed to keep the economy growing in an increasingly hostile environment such as de-risking and AML/CFT, and a domestic environment that is sometimes racked by political instability and challenges to traditional sectors.”

Construction of the warehouse commenced 17 months ago. It measures 136 by 240 ft and has a total gross area of 42,000 sq ft. The office area stands at some 8,000 square feet with ground floor space at 34,000.

General Manager, Brian Pritipaul said the company, which has been in existence for 27 years, operates four Cash and Carry stores across Guyana. The distribution reaches 2,300 retailers across the country.

Alexis Rodney

Images: Gajuan Jordan