Min Singh encourages micro and medium businesses to discover their niches

With the rapid transformation in the Guyanese economy, micro and medium business owners are encouraged to discover their niches to allow their entrepreneurial aspirations to be prosperous.

Senior Minister in the Office of the President with Responsibility for Finance and Public Service, Dr Ashni Singh gave this charge as he delivered the keynote address at Saturday’s Business Brunch & Finance Seminar.

The event, hosted by the Women’s Chamber of Commerce and Industry Guyana in partnership with the American Chamber of Commerce (AmCham) was held at the Guyana Marriott Hotel.

In his address, participants were informed of Guyana’s economic growth of 30 per cent every year, largely attributed to the production of the country’s oil and gas resources.

According to the finance minister, this blossoming sector will continue to significantly contribute to economic growth in Guyana, triggering rapid increases and expansion in demand for every category of goods and services.

 “Irrespective of the sector in which you operate, there is no shortage of demand for what you can produce in Guyana today. And that will only grow over the near and medium term,” he highlighted.

He went on to emphasise, “But what is critical, is that we identify our respective niches, what it is that we, the individual entrepreneur, what it is that we are interested in and what it is that we are good at and will be able to do successfully.”

He went on to underscore that with Guyana’s growing economy, there is significant competitiveness both within the country and globally.

And so, Dr Singh stressed the vital importance of businesses being highly competitive to thrive in this newfound era of economic growth.

“In the long run, you will only survive and succeed if you are globally competitive. We consider this a national imperative, but it is also, that is to say, to ensure that we create an environment where we are competitive as a country…whatever you do… competitiveness is essential.”

The senior government functionary also underscored investments in human capital and skillsets, pointing out that a successful business cannot merely run on skilled labour but requires specialist skills to deliver a world-class product.

And so, the government, he said is investing heavily in producing a skilled labour force with over 7,000 Guyana Online Academy of Learning (GOAL) scholarships recently awarded nationwide.

Minister Singh also stressed the importance of forming strategic partnerships among Guyanese businesses.

The landmark Local Content Legislation has identified 40 categories in which oil and gas companies are required to do business with Guyanese companies.

And so, he advised, “As a small business owner, you may not be necessarily automatically or immediately be in a position to do business directly with an oil and gas major, but the 40 categories give you a good idea of who is doing business with the oil and gas majors, and therefore, who you could potentially be doing business with.

Shifting gears to financing, Dr Singh emphasised the importance for businesses to establish a credible business plan to access large-scale financing.

He also restated the need for financial institutions to be more aggressive, innovative, and willing to take risks.

The government, through the Small Business Bureau (SBB), is also actively providing micro-business grants to those interested in kickstarting their business aspirations.

Saturday’s Business Brunch & Finance Seminar aims to aid small and medium businesses enhance their understanding of securing necessary financial resources. Topics centred around exploring various financing options, creating effective financial plans, and networking with key players in the finance industry

The event was themed “Leveraging your Assets for Sustainable Success.”