New Sol US$2.8M Mandela location will help to push competitiveness – PM Phillips

The government has recommitted to working alongside the private sector to bring investment opportunities and development in all forms to Guyana.

To this end, Sol Guyana Incorporated has opened a new US$2.8 million facility on Mandela Avenue, to expand the provision of its commercial services.

Prime Minister, Brigadier (Ret’d ) Mark Phillips said the facility will push the government’s agenda of creating a competitive market to boost the country’s economy.

“Our government is committed to ensuring the provision of an enbling environment and incentives for the expansion of new and existing businesses by removing obstacles to business growth, fostering an environment for investment and empowering businesses,” the Prime Minister said.

Highlighting that private sector investments are key in promoting sustainable growth, the senior government official emphasised that the vision for Guyana’s growth extends beyond the country’s burgeoning oil and gas sector.

He said Guyana recorded a Gross Domestic Product (GDP) growth of over 62 per cent in 2022 before stating that this growth will continue with the holistic work of all sectors.

“We also acknowledge that much of that growth is from the activities and contributions of our private sector. Therefore, we understand the need to empower and enable our private sector through measures such as increased access to financing to foster greater business activities and investment throughout Guyana,” the PM stated.

Moreover, he said these partnerships with the private sector will bring employment opportunities to Guyanese, bringing them closer to the realisation of the administration’s manifesto promise of creating 50, 000 new jobs by the end of the five years.

The prime minister noted that, “As we know, the public sector is a major source of employment for our people. Still, in every country, governments must form strong partnerships with the private sector to provide employment and drive economic growth.”

Meanwhile, Prime Minister Phillips also commended the contributions of the corporation to the country’s economy, urging them to continue along this trajectory of aiding in transformational growth.

“I urge that this organisation continues to explore investment and expansion opportunities that will contribute to the transformation of Guyana while also remembering the importance of investment in the lives of the people in the communities in which they operate,” he added.