In an effort to identify the economic developmental priorities and existing opportunities that can attract investments in each Region, the Ministry of Business is seeking to collaborate with the local authorities within the Region.
According to Minister of Business, Dominic Gaskin, the Ministry may be based in Georgetown but its mandate applies to all regions of Guyana and each Region is an important contributor to Guyana’s GDP and revenue streams. “Whatever services, whatever opportunities, whatever benefits are available through our Ministry and its various agencies, must be available in every region of Guyana and we will be making every effort to ensure that the work of the Ministry is not limited to Georgetown but is spread throughout Guyana,” Gaskin said when he was in Region five, recently.
Gaskin noted that over the years, Guyana has failed to attract the level of investment needed in the manufacturing and the exporting of local value-added products. He explained that the intention is to prioritize the development of value-added exporting industries. “We are cognizant of the fact that economies need foreign inflows in order to grow and exports provide such inflows,” he emphasised.
The Ministry of Business will be taking action to diversify Guyana’s economy to significantly increase value-added exports.
“Guyana’s long-term development has to be placed on sound footing and must follow a vision that is clear and coherent. I’d like to start hearing serious talks about how we are going to do this. I’m throwing this out to the private sector. I know there are constrains and barriers but let us identify them, and let us start removing them and use value-added exports to place our economy on a more sustainable footing,” Gaskin said.