The private sector’s performance during last year was “mixed,” the Private Sector Commission (PSC) reported on Monday.
The PSC, in a statement, said that most corporate members met or exceeded their performance targets during 2011, but for some the increase in performance targets did not meet the increases recorded in 2010.
Nonetheless, the PSC said most companies are satisfied with their performance and forecast positive expectations for this year. In this regard, it noted that many have upgraded infrastructure and have initiated projects that are expected to contribute to improved performances and the delivery of quality goods and services this year.
Acknowledging that official figures are “hard” to obtain, the PSC described as “exceeding” the performance targets achieved, especially in the areas of Information Communications Technology (ICT), energy and the environment.
The PSC noted that growth in the commercial sector continued last year and it added that the focus must now be on bringing quality to consumers by empowering the Bureau of Standards to enforce restrictions at points of entry to prevent substandard goods from entering the country. It credited the functioning of regional chambers of commerce with the development of business in a more organized and sustained way, while noting increased collaboration with the Guyana Revenue Authority (GRA) to address weak customs enforcement.
“We want to encourage the commercial sector to ensure importation is practiced at official ports of entry that are supervised by the GRA,” it said, while noting that alcohol and tobacco smuggling continued.
In manufacturing, the PSC noted that some exporters suffered from depressed consumption patterns and the slowing up of the global economy. “The issue of energy is to be pursued with extreme haste to invigorate the manufacturing sector further,” it added.
Further, it said servicing of the local market saw increased consumption in some locally manufactured products, which it said was a trend created by local companies now being certified by international bodies. Most of these companies, it added, are now looking at the overseas market.
In the area of shipping, there was a three and one half percent increase in performance in terms of containers handled, which indicates a concomitant increase in imports and exports, the PSC said. The increase in shipping, it added, was generally improved over 2010 and towards the end of 2011 there was a gradual reduction in freight rates which had risen due to the fuel crisis.
“There have also been innovations in packages and cargo handling,” it noted.
According to the PSC, the tourism sector saw an increased volume of traffic over the previous year and it hoped to create financial statistics to get government to view the contribution of the industry more meaningfully.
Additionally, it said the introduction of REDJet and other impending aviation services are expected to further create important linkages for the industry.
At the same time, it credited the domestic aircraft industry with helping to revolutionize air travel and the mining industry by delivering charters and good customer service and it looked forward to the development of Ogle Airport.
The PSC also hailed the performance of the mining industry, while noting that miners led the economy last year, with profits from the industry being ploughed into other areas of business. It, however, noted that miners have security concerns that still need to be addressed.
However, the PSC said that the forest sector saw decreases last year, mainly due to restrictions placed on the industry. “Although there was a decrease in the export of processed lumber, the export tax on logs did not contribute to the development of the value-added industry nor did it restrict the export of logs to other countries,” it said, while emphasizing the need to address the issue of Guyanese value-added products entering export markets.
