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News related to the Ministry of Business

LIAT Executives pay Courtesy Call on Minister Gaskin

On Monday January 30, 2017, Executives of regional airline LIAT paid a courtesy call on Minister of Business, Mr. Dominic Gaskin.

The team which earlier met with the Guyana Civil Aviation Authority, sought the Minister’s views on matters related to regional air transportation.

 

Minister Dominic Gaskin[R] with Ms. Julie Reifer-Jones, CEO(ag) and Capt. Senhouse of LIAT

The Minister of Business who also has responsibility for tourism development in Guyana emphasized the link between tourism development and reliable transportation in the region.

He disclosed that all the aggressive marketing of the country would not bear any fruit if there is no corresponding transportation network to get tourists to the destination efficiently.

The Minister pointed out that Guyana, known for its rich bio-diversity and eco-tourism, is an excellent complement to the rest of the CARICOM region’s sun and sand tourism, therefore the need exists for multi-destination options. He stressed that there needs to be more options for travelers, better connections and reliability in order to support Guyana’s tourism development drive.

Destination Guyana represents a very important market for LIAT and one that the company is keen on growing.

Minister Gaskin meets UN Representatives to Discuss Guyana-UN 2017 Country Implementation Plan

On Thursday January 19, 2017, Minister Dominic Gaskin met with officials from three(3) United Nations agencies in Guyana to discuss the Guyana-UN 2017 Country Implementation Plan.

Minster Gaskin in discussion with Representatives from UNDP, UNICEF and FAO

At the meeting it was agreed that the agencies would compare work plans for the year 2017 to see whether there are areas for collaboration and to action those areas.

In 2016, the United Nations Development Programme (UNDP) provided assistance to the Ministry of Business to complete its 2016-2020 strategic plan which will guide the work of the ministry up until the year 2020.

 

 

Minister Gaskin calls for “a more conscious consumption” at launch of Nand Persaud International Communication (NPIC)Inc. Green Energy System.

On Friday last Minister Gaskin delivering remarks at NPIC, made a plug for Guyanese to support local industries by becoming aware of the impact of their consumption habits on the local economy and making a collective conscious effort to support local productivity.

We have had a warning last year that the economy is not something that will continue to grow at an ever-increasing rate regardless of how we behave. Our economy only grew by 2.6 percent last year.
If we want to avoid any further slow-down we have to become more productive and OUR productivity has to be supported by OUR habits of consumption. We cannot continue to consume everything that everyone else is producing without seriously undermining our own productive capacity.
Unfortunately this is precisely what we have been doing and we need to make a collective effort to arrest this trend and to turn it around. We all need to be involved – our people need to practice a more conscious consumption, our businesses need to invest in value-added production and our government needs to provide an enabling business environment for manufacturing
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The Minister also lauded the Nand Persaud Group for being a pioneering company and for this latest venture which represents the largest commercial operation in Guyana powered by solar energy.

Earlier in the day the Minister toured two manufacturing facilities along the East Coast Corridor, KSM Investments and Major Foods where he witnessed the production operations of those companies firsthand.

 

Government to focus on infrastructure development – says Business Minister

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In an effort to make Guyana an easier place to do business, the Ministry of Business has developed an action plan of doing business reforms which will be rolled out over the next two years and bring significant improvements to the ease of doing business in Guyana.

Addressing the gathering of prominent Business persons at Republic Bank’s Trade mission held on Monday, the Minister said that, “accelerated infrastructure development is a particular area of focus for our government”.

Gaskin further explained that by prioritizing the development of our transportation, energy, and telecommunications infrastructure, we would create a more competitive economy with expanded opportunities that can attract the investments we need.

The Minister also emphasized the need for the re-balancing of our economy to reflect the needs of our people and the priorities of our nation and expressed the view that the exploitation of our non-renewable resources is not sustainable and therefore cannot be the way forward for Guyana.

“We must start making the necessary investments to wean us off of our dependence on primary commodities and to promote the development of other sectors or other sections of the value-chains of commodities currently exported”, Gaskin said.

 

Private sector investment key driver of sustainable growth – says Minister Gaskin

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Minister of Business Dominic Gaskin, while addressing a gathering of regional business leaders at Republic Bank’s first trade mission to Guyana held at Marriott Hotel on Monday said: Government supports an economic model that sees private sector investment as the key driver of sustainable growth

He furthered emphasized that: there must be a long-term partnership between government and private sector to create an economy that is not only relevant to the people of Guyana, but to the wider region and beyond.

In addressing access to finance in Guyana the Minister told the gathering that:  financing plays a critical role in business development and our bankers need to be fully on board when we contemplate business relationships.

Speaking of the challenges faced by businesses in Guyana in accessing finance, the Minister concluded: So whether within borders or across borders we do need a financial sector that is responsive to the needs of a growing economy and is willing to put new options on the table to finance that growth.

 

Entrepreneurship is vital for Guyana’s economy

November 14, 2016:- Speaking at the launch of the Innovation Workshop hosted by the Government of Israeli, OAS, YABT and the Small Business Bureau at the Arthur Chung Convention Centre, on November 14, 2016, Dominic Gaskin, Minister of Business emphasized the importance of entrepreneurship to the growth and development of the local economy.

In addressing the attendees of the workshop which included young aspiring entrepreneurs, Gaskin said ‘our country needs a new breed of entrepreneurs who will build successful businesses on a scale that is not limited by the small domestic market and the size of our economy ‘.

He added that “entrepreneurs create jobs for people and add to government tax revenues and drive innovation and the use of new technologies. This helps to improve living standards and reduce crimes that result from high rates of unemployment.”

Minister Gaskin stated he is excited to see this particular collaboration because if there is one nation in this world that understands how to take the most unfriendly business environment and make it a profitable one it’s the State of Israel.

The workshop seeks to provide young entrepreneurs and potential trainers with guidance and support to generate viable and creative ideas to start and develop new businesses. The Workshop will offer technical skills and advice in business planning, marketing, and branding; it will evaluate existing ventures to identify and pursue new opportunities.