President Ali announces establishment of ‘Wales Development Authority’
-will offer special incentives to attract investment
His Excellency Dr. Mohamed Irfaan Ali, has announced the establishment of a “Wales Development Authority” to bolster the manufacturing and services sector.
President Ali made the revelation while delivering the feature address at the Guyana Manufacturing and Services Association’s 25th annual presentation of awards ceremony Wednesday evening.
“Before the end of this year we plan on announcing a Wales Development Authority. The Wales Development Authority will be tasked with the development of not only agriculture but agro-industries, processing facilities, manufacturing, industrial development and this facility would see special incentives,” he stated.
These include tax and fiscal incentives aimed at attracting investment. The President said as the oil and gas sector expand, it will create opportunities for the manufacturing and services sector.
“We have already initiated discussions with developers in understanding the full needs for the oil and gas sector and together we have to make the right investment and the necessary investment to bring as much business to the shores of Guyana that are connected to the oil and gas sector, that is very important in creating wealth and creating opportunities. The private sector must play an important role in this, the manufacturing association must play an important role in this,” the President underscored.
Guyana has seen a massive influx of investors since the PPP/C took office on August 2. Only recently, the Government signed several Memorandums of Understanding for the construction of several major hotels here.