“Now is the time to create corporations, consortiums, partner with gov’t” – PSC Chair

Chairman of the Private Sector Commission (PSC), Komal Singh, believes continued investments by the government in traditional sectors augur well for the local private sector and the economy as a whole.  

During a recent interview with the Department of Public Information (DPI), Singh pointed to the development taking place in the non-oil sectors.

“The oil and gas sector is a booster to our economy, and we are seeing it. Over the next five years, our economy is going to be transformed significantly. In every single sector, you will see development, because they are all interlinked. If investors want to invest in Guyana, now is the time,” the chairman said.

He explained that now is the time to create corporations and consortiums and work with the government on public-private partnerships.

In a report published earlier this year, the International Monetary Fund (IMF) made note of the country’s unprecedented growth in GDP experienced in 2022, reaching a record high of 62.3 per cent, with the non-oil sector expanding by 11.5 per cent.

According to the 2021 mid-year report, the country’s non-oil GDP grew by 4.8 per cent that year.

In recognising the importance of a diversified economic base, the People’s Progressive Party/Civic (PPP/C) Administration has prioritised the development of a strong non-oil economy.

President, Dr. Mohamed Irfaan Ali holds responsibility for Agriculture and Food Security in the Caribbean Community (CARICOM) and much focus has been placed on fostering a reduction in CARICOM’s food import bill by 25 per cent by the year 2025.

In modernising the agricultural landscape to promote food security and sustainability, the government has implemented and continues to create forums to promote the use of technology in agricultural processes, through hydroponics farming and vertical agriculture to produce high-valued crops.

Other traditional sectors such as forestry and mining have also seen investment, resulting in an increase in production and export. For example, this year, the government launched a $900 million revolving fund to provide support to small and medium-sized loggers, to increase production in the sector.