Wealth creation rooted in procurement opportunities, tax breaks, development bank – VP Jagdeo

Vice President Dr Bharrat Jagdeo says the People’s Progressive Party/Civic (PPP/C) Government has a forward-thinking plan that will empower citizens to generate lasting income and assets through measures tailored to support businesses, workers and communities.

He outlined this ambitious blueprint during Monday’s episode of Starting Point, where he drew a sharp contrast to the opposition’s ‘short-sighted’ approach.

The vice president said the PPP/C approach is not just about putting more money in people’s pockets, but ensuring Guyanese have access to the tools, opportunities, and investments necessary to build a better future for themselves.

One way to create wealth includes expanding opportunities for small businesses and contractors through the public procurement system.

The government will open more procurement opportunities for small contractors, with projects to be undertaken in every region.

Take Region 10 alone as an example, where “700 contractors got projects up to $11 billion… these are all small people from the region,” the vice president said.

“You’re going to have maybe another 5,000 (small contractors) in the next term to add to those that we have across the country…we’ll do it in a manner like we’re doing now where they work based on rates, so they don’t have to bid at the lower level,” he further explained.

Access to land remains a major challenge, and Dr Jagdeo revealed that more acreage will be opened for farmers and small miners, alongside investments in smarter farming methods and improved infrastructure to reduce production costs.

“The miners are going to get more land so they can grow their business… we are doing 30,000 acres [for farmers] in Region Six, 55,000 acres in Region Five, and 5,000 in Region Two,” he said.

Additionally, access to capital will be addressed through the establishment of a Special Development Bank that will offer zero-interest loans to small and medium-scale businesses. This will be complemented by new business development and innovation hubs in every region to provide technical support and training.

The plan also seeks to create new avenues for personal investment as the government intends to “underwrite some lucrative sectors in the economy” and give citizens the option to buy shares or bonds with guaranteed returns. “Instead of putting your money in the bank where you get maybe three percent, we want to guarantee 10 percent return every year,” he explained, noting that financial literacy will also play a crucial role in empowering citizens.

Targeted tax breaks and subsidies will support key sectors like agriculture, mining, and fishing. With lower input costs for farmers and fishers, along with reduced taxes for equipment and vehicles, disposable income can be increased for this section of the population.

This approach, he stressed, is designed to ensure that “opportunities are taken everywhere, for all of our people, so that those communities too can benefit.”

This wealth creation initiative will be pursued as a nationwide effort, reaching “whether you’re a rice farmer… in Georgetown, a sugar worker, or an Amerindian living in the deepest recesses of the country,” Dr Jagdeo emphasised.