Minister Gaskin welcomes foreign investments in Guyana

DPI, Guyana, Tuesday, May 22, 2018

“Guyana is ready to do business and we welcome foreign investors into our economy. We are on a green development pathway and that is the economy we would like to promote.”

This message was directed to foreign investors by the Minister of Business, Dominic Gaskin at the Entrepreneurship and Innovation Conference, held at the Ramada Princess Hotel, Providence.

Minister Gaskin said, while the government welcomes foreign investors, there are certain industry practices it does not wish to bring to Guyana.

“We have an opportunity to learn from the rest of the world and we are particularly interested in green business practices; in practices that are sustainable and will not bring harm to our environment …we are interested in business practices that will bring value to the country”, he said.

He reassured government’s commitment to making decisions for the benefit of Guyanese local and abroad. He further noted, “We have a small population and large enterprises do exert significant influence in countries with a small population. We have to be very mindful that our interest does not become subverted to those of large international corporations.”

In extending a welcome to foreign investors, the Business Minister indicated that the incentives made available to local investors are also available to international investors.

“The Investment Act of Guyana does not discriminate between domestic and foreign businesses…it provides for tax holidays for certain pioneering industries which can start from five years and can be renewed for an additional five years”, Minister Gaskin explained.

 

By: Crystal Stoll

Image by Keno George.