Newly-appointed Minister of Business Haimraj Rajkumar says the rapid expansion of the oil sector will boost the traditional sectors such as manufacturing and he has urged local companies to prepare themselves for this new reality.
He made the comments at a reception at the Marriott Hotel on Thursday night celebrating the 50th anniversary of the establishment of the National Milling Company of Guyana Inc (NAMILCO), a subsidiary of US-based Seaboard Corporation. Giving the feature address in the stead of President David Granger, Rajkumar lauded the company for staying in business in Guyana for half a century, which he said, is a long time to be doing anything.
He said that they could not have been a business for 50 years without focusing on the dynamic needs of the market, and astute leadership to navigate not only the opportunities but also the challenges encountered in their five decades of operation.
Rajkumar said that the government notes the challenges that NAMILCO faces and emphasised its commitment to addressing the obstacles the manufacturing sector faces including ensuring a level playing field when it comes to importing products.
“The government is indeed interested in seeing a modern manufacturing sector that relies on today’s technology, improved processing techniques and most of all, complying with international standards which allows for greater competitiveness and improved access to international markets,” he said. The minister added that investing in research must also become paramount as he observed that this is not yet normalised in Guyana.
Rajkumar also said that the rapid expansion of the oil sector within the next two years, coupled with the availability of resources, will boost the traditional sectors such as manufacturing and agriculture, along with the relatively underdeveloped technology sector, and as such, it is important for local companies to prepare and position themselves to benefit from the new reality.
He lauded NAMILCO for its commitment to improving the quality of its products over the years as well as its contribution to the country’s culinary heritage. Rajkumar also praised the firm for their corporate social responsibility, especially as it relates to the development of sports such as football and cycling in the country.
Managing Director of NAMILCO Roopnarine Sukhai, also made a presentation on the history of the company, as did CEO of Seaboard Corporation Steven Bresky, who spoke about the history of cooperation between the two countries over the years.
The US Embassy’s Deputy Chief of Mission Terry Steers-Gonzalez, as well as Senior Vice President of Governmental Affairs at Seaboard, Ralph Moss, also made brief remarks.
