New investment framework being sought for Guyana

─ GO-Invest launches consultancies to review current agenda 

DPI, Guyana, Thursday, October 31, 2019

The Government of Guyana, through the Guyana Office for Investment (GO-Invest) is seeking out a new investment framework for the country; as Guyana heads into the unchartered waters of an oil and gas economy.

The consultancies, which will specifically review and redesign GO-Invest’s Trade and Investment Framework and its Export and Investment policy, was brought to the local business community approximately one year ago. On Thursday, at the Marriott Hotel in Georgetown, the initiative was officially launched.

According to Chief Executive Officer of GO-Invest, Owen Verwey, “these consultancies will run over the next nine (9) months, concurrently, following which there will be a step-by-step implementation”.

During his welcome remarks, Verwey noted that these consultancies will have a significant impact on the structure, the focus, and the operations at GO-Invest and in turn on Guyana’s economy and development. Adding that close attention will be placed on the mechanism for the review and methods of measurements. Consultancies are being conducted by international firm, Global Partners Consulting LLC and IOS Partners Incorporated.

As he delivered the keynote address, Minister of Business, Hon. Haimraj Rajkumar remarked that the move by GO-Invest was in keeping with the Coalition’s ‘Decade of Development’ plan.

“I am happy to see the launch of these two very important consultancies in our country,” noted Minister Rajkumar.  He said work on this initiative has been in the pipeline for some time now, “it falls under the project; Enhancing the National Quality Infrastructure for Economic Diversification and Trade Promotion.”

In 2018, Guyana received a loan from the Inter-American Development Bank (IDB) to be put towards consulting services for the project. Technical assistance would also be provided.

During the next nine (9) months consultants will document best practices in trade and investment promotion, conduct a strategic planning exercise for GO-Invest, in line with the vision set forth by the Ministry of Business for the agency, assess GO-Invest’s organisational readiness to seize new opportunities delivered through strategy planning, and propose a renewed strategic and operational arrangement for the agency.

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