President Ali urges SMEs to seize opportunities amid economic boom
With an influx of large-scale enterprises flocking to Guyana’s shores, tremendous opportunities and avenues are being opened up for small and medium sized businesses (SMEs) to expand their operations.
This was underscored by President Dr Mohamed Irfaan Ali on Tuesday, as he addressed the International Business Conference (IBC) at the Marriott Hotel in Kingston, Georgetown.
He noted that government strategies aim to create an enabling environment for SMEs to integrate with larger companies and industries.
The president emphasised that SMEs should continuously invest in improving their capabilities to grow beyond their current status.
“Being an SME does not mean you must not have standards, or you must not invest in certification, or that you must be an SME all your life,” he stressed.
Dr Ali underlined that there must also be a clearly defined path for SMEs to grow and graduate beyond this level.
The head of state pointed to Guyana’s local content legislation, which plays a pivotal role in ensuring that Guyanese businesses receive the necessary support to grow.
The Act mandates that Guyanese businesses and workers be given preference in the procurement of goods and services, and in the filling of jobs in the oil and gas sector.
It also encourages the development of local skills and industries to support the oil and gas sector, reducing reliance on foreign imports and services.
According to President Ali, Guyana can leverage the local content legislation to integrate SMEs into the supply chains and operations of larger companies entering the markets.
“For example, let us say we have a large-scale port operator that comes in. Invariably, that port operator brings in with them a series of opportunities for SMEs. So, the big models are always built on the premise that it must be a series of SMEs supporting what they want, and that is where the local content legislation comes in,” he explained.
He added that there are also a host of opportunities within the Information and Communications Technology (ICT) landscape, specifically in areas like data sovereignty, integrity and security. This is integral as the government moves to boost the national and regional data infrastructure.
President Ali also acknowledged that bureaucracy poses a significant challenge to SME growth. He urged regional leaders to be more accessible to the population and break down bureaucratic barriers within their own governments.
“If we want to break down bureaucracy in governments and break down the tears in government, we have to break down the bureaucracy within ourselves. That allows us to think more selflessly in the entire ecosystem. Bureaucracy is the greatest burden for SMEs,” the president said.
In this regard, the IBC provides an important platform for supporting SMEs across the region and fostering their growth in the face of emerging opportunities.
The conference is also a significant event for Guyana, as it aims to attract international investors and businesses to the country. It will feature discussions on various topics related to business and investment opportunities, including manufacturing, energy, agriculture, and tourism.
The conference is co-hosted by the Suriname-Guyana Chamber of Commerce (SGCC) and Guyana Manufacturing and Services Association (GMSA), with support from the Guyana Office for Investment and Suriname Investment and Trade Agency (SITA).
United States Ambassador to Guyana Nicole Theriot, British High Commissioner Jane Miller, other members of the diplomatic corps, government and regional officials, as well as private sector representatives were also in attendance.