He was at the time addressing a gathering at the Guyana Manufacturing and Services Association’s (GMSA) Annual Presentation Awards Dinner at the Pegasus Hotel on Thursday evening.
Montour said foreign trade plays a vital role in the economy of most countries and noted that Canada looks favourably at the emerging markets of Latin America and the Caribbean while outlining several perspectives on international trade between Canada and Caricom. In this regard, Montour said the Canadian authorities are committed to contributing some CDN$1M in technical support to the region, part of a $600M investment Canada intends to invest in the region over the next 10 years. He said that the two regions share a commitment to democracy, good governance and government to government trade cooperation.
Caricom and Canada are exploring areas of trade and cooperation for mutual benefit and Montour said free trade cooperation will furnish several benefits to both parties which would occur within the confines of the World Trade Organisation’s (WTO) regulations. Such benefits include equal access to Canadian markets from the point of view of the Caribbean, which Montour said would occur within a productive and stable business environment. He said that the venture would ensure that the Caribbean Community remains on a level playing field as the region competes with other stakeholders on international markets.
According to Montour, the move would also assist in the creation of jobs in the Caribbean region and it would also reduce existing trade barriers. He noted that the benefits of trade agreements would also provide transparency to Canadian regulations while providing room for the region to achieve international standards where products and services are concerned.
According to Montour, who was installed as High Commissioners to this country two months ago, Guyana has “tremendous natural resources” which would enrich the country’s economy to respond to the population needs. He encouraged the private sector here to address the needs of the economy, in this regard.
While congratulating the GMSA on the occasion of its award dinner, Prime Minister Samuel Hinds, who gave the feature address at the event, urged the GMSA to continue to see every Guyanese as a potential customer, adding that the business sector in Guyana should make use of the advantages which it has at his disposal. “Let’s look at where we have advantages, and go along in those areas,” he said.
Meanwhile, GMSA President Ramesh Dookoo, said that Thursday evening’s event represents the pillar of strength the business community has displayed over the years. He said that the GMSA continues to view itself as a national organisation, contributing to a national good.
He said that the GMSA has engaged the authorities in several areas including the Agriculture Ministry and the Guyana Revenue Authority; the latter on the issue of smuggling in cross the border trade. He said that on this subject, the issue of inaccurate information produced by some companies while invoicing items brought into the country was brought to the attention of the GRA .He said that the GMSA is confident that this issue would be addressed by the Home Affairs Ministry.
Dookoo said that the GMSA has several projects for 2010 and these include, among others, a database management project as well as a Canadian International Development Agency (CIDA)-funded packaging and artisan design project which will run for a one year period. In addition a trade mission will travel to Canada to attend an industrial trade fair. Dookoo said that the organization was advocating for the re-introduction of a development bank on these shores which would allow investors to borrow money a better commercial rates.
He said several new companies have gained membership with the GMSA while several companies, including the Guyana Sugar Corporation (GuySuco), have renewed alliances with the organisation.
Several companies were awarded for their contribution to the marketing and services sector on Thursday evening including Bulkan Timber Works, Demerara Distillers Limited as well as Guyana Stockfeeds Inc.-the latter copping the President’s Award for export achievement.
