Businesses in Guyana are expected to benefit from a new regional challenge fund that is being designed by the UK Department for International Development (DFID) to support private sector development, a release from the British High Commission in Georgetown said on Wednesday.
In the meantime, DFID and the UK Foreign and Commonwealth Office are working with the Guyana government to develop a strategy to strengthen the response to violent crime here, including support to the police. And DFID, in partnership with the European Commission, is also funding the strengthening and renewal of the sea defences here, and together with the UK Foreign and Commonwealth Office, DFID is supporting the development of a low-carbon growth strategy with the government.
Meanwhile, UK Minister for Trade and Development Gareth Thomas has announced on behalf of the DFID a 46 million pounds package to help the Caribbean develop more effective ways to trade with Europe and the rest of the world. The funding, the release said, aims to tackle issues unveiled in research published on Wednesday by the department which shows that while the Caribbean has the natural resources and talent to be a global player, economic growth is slow.
The release said further that 10 million pounds has been earmarked for a regional development fund to help the area develop a single market economy – a larger EU style domestic market which will be crucial in delivering growth and making local businesses more competitive internationally.
Thomas is quoted in the release as saying “Thanks to new trade rules that came into force this year, the region can develop a stronger trading force as a region and make the most of new access to a wealth of new markets in the EU from creating Caribbean food chains to competing within the music or software industries. It has to find more innovative ways to trade beyond traditional exports such as bananas and sugar and look to exporting its talents and developing service sectors such as the insurance and telecoms markets in the region in order to keep moving forward.”
He said further that the funding “will play a catalytic role in reducing poverty levels in this area by creating more jobs, easier ways to trade with other countries and safer places to live.”
According to the research, violent and organized crime, HIV/AIDS and the effect of climate change on the number of natural disasters have been identified as major barriers to the development and economic success of many parts of the region.
And speaking in Jamaica on Monday, Thomas said there were challenging times ahead for the region as it looks to develop markets beyond the traditional goods of sugar, rum and bananas and look to the huge potential within new areas such as the services sector and niche tourism – eco or special interest trips.
