Dear Editor,
The role of the private sector in the development of our country is not to be denied and I have always advocated that, for genuine development, the private sector should be the real engine of growth. Concomitantly, foreign investment and trade (FIT) are crucial additives to private sector growth, and, in places like Guyana where private enterprise has been curtailed and hampered by political interference over the years, FIT is increasingly the factor which will fuel economic growth and the creation of wealth, along with infusing the local private sector into new investments related to expanding FIT initiatives- all of which leads to better paying skilled jobs for the Guyanese citizens.
Of course, like in Singapore, the government of the day has to facilitate FIT by eliminating red tape and financial constraints to encourage more investments and also enhance infrastructural works (roads, water, power etc.) to attract more FIT. Under the previous government of Jagdeo/Ramotar the concept of wealth creation obviously did not make FIT and private sector growth paramount but instead, as their communist credo goes, the PPP government incorrectly believed that only politicians in power create wealth (building the Marriott with taxpayers money)- that is why none of the criteria for expanding FIT was ever implemented by the Jagdeoites in any meaningful way except to promote foreigners interested in ventures which excluded the best interests of the citizens of Guyana. Even infrastructural works to attract FIT were substandard under the PPP government and which works will have to be fixed by our new government in order to realize FIT initiatives.
Editor, the private sector of Guyana has to be responsible to the general public just as politicians have to be and that is why philanthropy should be one of their priorities in promoting a better Guyana. In many countries on this planet, the rich and famous give back to the welfare of their respective nations and even to international charities -history is replete with many who gave back like Getty and Rockefeller in the early 1900s to Bill Gates in the modern era; Mellon of Pennsylvania, upon his death left a fantastic collection of art work which now resides in the National Museum of Art in Washington, DC for all to visit and is a testament to the role the rich in any society can play- the list of philanthropic wealthy persons worldwide is a very long one and here in Guyana, our wealthy compatriots should follow suit and start to seriously look at giving back to the general public. Of course, as in other countries where philanthropy is common, based on the scope and intention of that effort, tax concessions are given in order to encourage the rich to give even more- all for the betterment of the regular folks. Our new government should examine the possibilities of extending such concessions as they could encourage real support to the upliftment of our less fortunate citizens.
Editor, we do not need or want a greedy and self-centred private sector just interested in making money and looking out for themselves and their rich friends, while they try to control money flows and constrict competition. What we need is an updated and forward looking private sector which accepts competition; provides economic patriotism through philanthropic acts; re-invests its profits, especially in manufacturing, to create better paying jobs; accepts international standards in doing business; encouraging and helping young entrepreneurs to start up new businesses while promoting capable young people in their own enterprises. All of the above will, along with this new government’s resolve to boost wealth creation for our nation, prepare the Guyanese private sector for expanded foreign investment and trade which, as I contended before, is absolutely necessary for our survival and growth as a nation.
Yours faithfully,
Cheddi(Joey)Jagan(Jr.)