Minister within the Ministry of Finance Jennifer Webster said Guyana has made progress in adjusting to the current economic environment by exercising monetary discipline and implementing initiatives aimed at boosting private investment.
Addressing at a workshop on Competition Law convened by the Private Sector Commission (PSC) and the Demerara Tobacco Company on Monday, Webster said the initiatives include tax reform measures, single window for trade transactions, creation of a property market, investing in social sector, improving infrastructure to support the country’s development agenda and boosting productivity in the traditional sectors.
According to the Government Information Agency (GINA), Webster noted that while there are many challenges, government remains committed to ensuring that issues are resolved in a manner that supports economic growth as well as the private sector. “Our main priority remains, at the government level, to achieve the economic imperative of improving national competitiveness in light of ongoing globalisation and Guyana’s efforts to forge a low carbon economy,” she said.
The Caricom Single Market and Economy (CSME), the flagship of the Caribbean Community is creating a single economic space which allows for more efficient utilization of regional resources, provides access to a market of over 14 million consumers and supports production of international standards, she said.
This environment will provide a platform that will enable Guyana to integrate effectively and competitively with the rest of the global economy, as citizens will be able to compete in both the intra and extra-regional markets.
“Guyana needs to seize the opportunities presented by the CSME, particularly in the young, non-traditional sectors, which are becoming the engines of diversification and growth, as identified in the National Competitiveness and Low Carbon Development strategies,” the minister said. She said the local economy is “quite an open one” as investors have free access to local markets, which are very competitive. The objective of the Competitiveness Law therefore, is not to ensure that every market is perfectly competitive, but rather to assess the markets with the aim of ensuring fair competition exists. It is “not another level of regulation, instead it should be viewed as the custodian of a competitive economy,” Webster said.
According to GINA, the Competition and Fair Trading Act of 2006 is focused on addressing two principal issues: abuse of dominant positions and anti-competitive agreements. It does not disallow monopolies, oligopolies or firms with dominant positions. The passage of this act led to the establishment of the Competition Commission which started its operations at the end of 2009. Though in its infant stage, its commissioners who were trained by judges in Guyana and the Caribbean Court of Justice (CCJ) in Trinidad have already begun to contribute towards enhancing the Guyanese economy.
In addition, Chairman of the PSC Ramesh Dookhoo said the commission is currently working to resolve its fifth case. He added that it has embarked on a work programme that will see an intense sensitisation campaign to create more awareness. Meanwhile, government remains committed to supporting and investing in the Competition Commission and has secured a grant valued at $150 million from the Caribbean Aid for Trade and Regional Integration Trust Fund (CART Fund).
Additionally, $36 million has been secured through support for competitiveness programmes to boost capacity to ensure that the commission meets its obligations under the law in an effective manner in order to promote the development of the Guyanese economy.
The minister said too that very comprehensive Consumer Affairs Bills will soon be taken to the National Assembly to enhance the PSC’s work and to provide consumer protection to Guyanese in the market place.
Chairman of the Caricom Competition Commission Dr Kusha Haraksingh said that Competition Law has the potential to create complete economic independence and it encourages countries to develop their own jurisprudence in strengthening their economies. He added that in Caricom Guyana is leading in this respect.
According to GINA, Competition Law experts from Costa Rica, Uri Weinstok and Pablo Tomaselli also made presentations at the workshop.
