President Ali challenges business community to be more innovative

-expand vision, plans to capture regional, int’l markets

His Excellency Dr. Mohamed Irfaan Ali has challenged the local business community to position itself to benefit from the national economic transformation by adopting a bolder mindset.

The President said Guyana’s economy is expanding and buzzing, and businesses must capitalise on the emerging opportunities and the transformation of the productive, services and manufacturing sectors.  President Ali made this call in his feature address at the 131st Annual General Meeting of the Georgetown Chamber of Commerce and Industry, which was held virtually on Tuesday.

“Economic transformation demands a new mindset. The private sector must begin to think bigger, bolder, braver and brainier. In other words, it must become more ambitious, less risk-averse and more innovative.  

There is no time to be lost. The COVID-19 pandemic has set back business prospects, but the impending economic recovery must become the impetus for the private sector to upscale its ambitions and upgrade its capacity,” the President said.

The business community, President Ali said, must plan not only for the local market, but for the regional and international markets as well, as Guyana’s economy is expected to double over the next decade.  

“The expanding local market must become the springboard for extending the local business community’s reach into the larger, international and global economies and markets,” he said.

The President reminded the business community that the key to their resilience was the ability to adapt to change. He reminded them of past hurdles prior to the change in Government in 1992, when they found ways to deal with challenges which stifled their growth.  

“Ingenious ways were found to source goods, including spares. Small-scale trading allowed for the survival of commerce, and when the situation changed for the better, the business community positioned itself to make the most of the improving economic climate.  Adaptation to change has indeed been the forte of the local business class.”

Dr. Ali said Guyana’s impending economic recovery must become the impetus for the private sector to upscale its ambitions and upgrade its capacity. He also advocated for partnerships between the business community and the media.

“So today, I also ask you to rethink our local strategy. I ask the media and the private sector to sit down and to have a frank conversation. We cannot destroy each other with suspicion, where questions are necessary, the questions should be asked, and the answers should be provided.”

President Ali reiterated that his Government will support local investment in shore-based facilities, as well as support initiatives at the regional level to boost regional economies.

The President noted that he had outlined a seven-point National Business Development Plan in November, and added that his Government remains committed to changes which are necessary to transform the business environment.

He said the Government also recognises the link between democracy and economic freedom, and between the latter and investor confidence and it would ensure that democratic rights and freedoms are upheld. President Ali said the Government has also removed the bottlenecks and red tape to reduce time and costs, and increase the ease of doing business in Guyana.