-President Ali says, endorses upcoming local business conference

LEVERAGING Guyana’s geographic position and expanded trade relations, President Dr. Irfaan Ali has outlined a vision to expand the country’s manufacturing industry.

The Head of State in an interview ahead of the highly anticipated International Business Conference (IBC) emphasised the vital role the conference will play in fostering partnerships between regional and international stakeholders to drive growth and development in the sector.

“Historically, Guyana has been competitive in every area. In manufacturing, we have a very skilled workforce, a very talented workforce, and we know that we have to invest in the continuous upskilling of the workforce, and we have been doing that.”

President Ali pointed out that the government has been investing in continuous upskilling of the local workforce, as well as welcoming skilled and specialised labour from abroad to complement the nation’s efforts.

“We are also very open to bringing in skilled labour, and also specialised labour depending on the manufacturing activity. And we want to invest and get investment in manufacturing at every level, from the micro level, the medium-sized level, and of course, upskill sophisticated manufacturing activities.”

The Head of State further highlighted that Guyana is poised to become one of the most attractive places for manufacturing investment, with energy costs soon to be cut in half and energy reliability to be improved when the country’s flagship gas to energy project comes on stream.

He noted too that the government plans to launch a second power plant soon, which will ensure not only the availability but also the affordability of energy—a game-changer for manufacturing businesses.

“One of the areas that we were never competitive in was the cost of energy. Very soon this will be fixed, because the cost of energy will be reduced by half of what it is today, and the reliability of energy will also improve because of the building of new power plants and so on. We have already assessed that we’ll need a second power plant, and very soon we’ll be launching a request for proposal for the second power plant.”

Guyana, he noted, will be one of the most competitive locations for investment in manufacturing.

“Our geographic positioning also offers us easy access to Brazil. And right now, you’re investing in infrastructure to integrate northern Brazil with all of Guyana. So, the market potential and given our expanded trade relations, not only in CARICOM [Caribbean Community], but in Latin America, Central America.”

The President also highlighted the importance of bilateral trade agreements within the wider region, adding: “the ease and access to markets is becoming much simpler, less bureaucratic.”
President Ali has urged local businesses, especially those in the manufacturing sector, to capitalise on the upcoming event to forge stronger partnerships.

“This gives you an opportunity to build that local partnership, the local private sector. They have the know-how, they understand the market, they understand the culture and the foreign companies have the technology. They have a bit more capital,” Dr. Ali said as he endorsed the IBC.

The conference, which will bring together key players from the business communities in Guyana and Suriname, is slated to be held at the Marriott Hotel from October 15 to 17.

It is being hosted by the Suriname-Guyana Chamber of Commerce (SGCC) and the GMSA.

Meanwhile, the Guyana Manufacturing & Services Association (GMSA), Executive Director Nizam Hassan in a recent interview with the Guyana Chronicle stated that businesses will be catapulted to new levels.

“The conference aims to address challenges and promote collaboration, particularly in energy-efficient manufacturing to position Guyana as a Caribbean manufacturing hub. It will also provide information on setting up businesses, networking opportunities, and supply sourcing within the Caribbean Community (CARICOM),” Hassan said.
He pointed out that the conference’s agenda has been strategically crafted to ensure that businesses, especially those within the manufacturing sector in the region can access investment opportunities both locally and internationally.
Business owners and investors alike will have access to key information all in one space.

“It’s sort of like to shorten the learning curve in a new marketplace,” Hassan said.

He further urged local manufacturers to participate in the upcoming conference, pointing out the opportunity to share with international partners the expansive prospects that exist for investments.

“We’re pushing to position Guyana as the manufacturing destination for the Caribbean, especially with energy costs projected to be lower than what they currently are. And energy being one of the major contributors in any manufacturing process, in terms of the cost structure, the cost of energy plays an important part in any business taking the decision to go into manufacturing in Guyana,” he said.

 

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