PSC applauds Government’s agreements with the US

The local private sector believes there is much room for growth in Guyana, and all that is needed is the right investments and the supporting legislative framework.

The sentiment came from Private Sector Commission (PSC) Chairman, Nicholas Boyer, in the wake of United States Secretary of State Mike Pompeo’s visit to Guyana.

Mr. Boyer expressed the organisation’s gratitude for the alliances born out of what he described as a common desire to build a relationship that produced several tangible benefits.

“I think it is very important for us to understand that we want to see the development of the local private sector, but we are hamstrung by the quantity of capital that is available. So, we need that foreign direct investment to help build up the local capacity,” the PSC Chairman told DPI.

The Government signed two cooperation agreements with the US during Mr. Pompeo’s visit; a Shiprider Agreement for improved maritime security, the other for US-Guyana private business investments. From the latter, local businesses will be able to collaborate with private US entities in the areas of energy, non-renewable and renewables, infrastructure finance and market building cooperation. That will be done through the Growth in Americas Initiative.

On the topic of legislation, the business leader explained that the 2004 Investment Act and several other pieces of legislation needed to be upgraded in the changing economic environment.

Addressing small and medium-sized enterprises (SMEs), Mr. Boyer said these businesses also stand to benefit from the US investments. 

“Would SMEs be pushed out or trampled on and not be able to get a piece of the pie that is coming from these investment agreements, these increased and improved relationships? No. SMEs have opportunities ahead of them to overcome barriers to enter into new sectors or expand those they are currently in,” the PSC head stated.

Former PSC President, Gerry Gouveia, who has been appointed National Security Advisor to His Excellency Dr. Mohamed Irfaan Ali, also lauded the agreements signed between Guyana and the US, saying they go hand in hand.

“Business development and job creation are both dependent on a stable political and secure environment; as such, both agreements will aide in this,” Mr. Gouveia told DPI in an invited comment.