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Guyanese businesses to benefit from Go-Invest’s Cooperation Framework

Chief Executive Officer of Guyana Office for Investment (Go-Invest) Dr. Peter Ramsaroop that the Cooperation Framework that Go-Invest co-signed with the Guyana Manufacturing and Services Association (GMSA) aims to build the capacity of local businesses and level the playing field for both local and foreign investors

Chief Executive Officer of Guyana Office for Investment Dr Peter Ramsaroop
(Photo: DPI Guyana)

If we can bridge that gap, in some form of joint venture, some form of support area, then we would have achieved a lot more for our citizens and for our local companies so that agreement was to drive local content,” he told the Department of Public Information in an interview yesterday.

The CEO pointed out that local investors offer the same incentives as their foreign counterpart and, therefore, the agreement will help them to grow. While the Government of Guyana encourages, and welcomes, foreign investment, it also endeavours to ensure that Guyanese businesses benefit from opportunities as well.

Everyone wins

“We are trying to put together investment packages and working along with the Guyana Manufacturing [and Services] Association allows us to interact with the companies to help them direct themselves to where the potential opportunities are,” Dr Ramsaroop said.

“Our external markets will benefit from local, indigenous companies who are moving up the ladder,” the Go-Invest head added.

(Photo: IOS Partners)

He noted too that building capacity of local business and increasing the rate of knowledge transfer will further translate into the improvement of the standard of living of the Guyanese people, such as better salaries.

More than petroleum

Recently, President of Guyana Dr Mohamed Irfaan Ali said the local manufacturers and service providers have an important role to play in Guyana’s transformative economic agenda, while speaking at the GMSA’s 25th annual Awards Ceremony in December 2020.

President of the Cooperative Republic of Guyana Dr Irfaan Ali (Photo: DPI Guyana)

“Development will leap-frog over the next decade. Our manufacturers and service providers will be integral to the writing of this glorious chapter in our country’s history,” the head of State said.

Notwithstanding the spotlight on the petroleum sector, the Government of Dr Ali has implemented measures to stimulate growth across all productive sectors, including agriculture, fisheries, forestry, and mining.

While the petroleum sector in Guyana has experienced a boom, the Government of Dr Mohamed Irfaan Ali has implemented measures to boost the performance of the agriculture, fisheries, forest, and mining sectors. (Photo courtesy of Noble Corp)

President Ali had said the measures will lead to transformation in five foundational areas. These are higher levels of and sustained economic growth; the modernisation of the primary sectors – agriculture, fisheries, forestry, and mining; the installation of transformational infrastructure, which includes support of manufacturing and services; rebalancing of the economy to boost value-added production and improving efficiency; and encouraging innovation and ensuring greater competitiveness.