Manufacturing sector saw no growth in 23 years despite numerous concessions – Min Jordan
DPI, GUYANA, Wednesday, July 19, 2017
Minister of Finance, Winston Jordan today said that for the last 23 years, the manufacturing sector has not progressed beyond its current contribution to the Gross Domestic Product (GDP), under the previous administration.
The Minister, while speaking with the Department of Public Information (DPI), was responding to reports which surfaced in the media recently, which published claims made by Opposition Leader Bharrat Jagdeo that the government is not supporting the manufacturing sector.
The Finance Minister responded that, the Opposition leader should focus on the “dead projects,” from the previous administration, which are contributing to the economy’s contraction. He pointed out that the government is now plagued with debts including those of the Marriott Hotel, National Insurance Scheme (NIS), Cheddi Jagan International Airport (CJIA) expansion and the Amaila Falls Road.
Minister Jordan said that during the 1970s and 1980s the manufacturing sector performed excellently.
“So why did the manufacturing sector not meet the heights it met in that dark 1970s and 1980s, where more commodities were manufactured than today? The amount of concessions given to the manufacturing sector for the past 23 years outstripped any other time in history of this country, so why after that, today the manufacturing contribution is still small?” Minister Jordan questioned.
However, the Minister expressed confidence that the government is capable of growing the economy. He said, “Our government will succeed because the economy is being prudently managed, and is managed in a way that will not allow you and your children to have to think about the taxes, they will have to pay to finance many of these debts left for us to pay”.
By: Ranetta La Fleur