Dear Editor,
Please permit us the opportunity to share some information on The Guyana Office for Investment (GO-Invest). GO-Invest is a semi-autonomous agency, established in 1994 pursuant to The Public Corporations Act with a mandate to promote and encourage investment in Guyana. GO-Invest has two primary functions, namely: (1) Investment Promotion and Facilitation; and (2) Export Promotion. These functions are supported by a complement of facilitation services offered to local and foreign investors.
GO-Invest’s mission is to contribute to Guyana’s economic development via increased competitiveness and the increased export of Guyanese products and services, by enhancing the country’s trade and investment climate and ensuring these are aligned with the policies and strategies of the Government of Guyana. One such strategy is the offer of fiscal incentives guided by both the Investment Act and the Income Tax (In Aid of Industry) Act.
While the Agency was once intended to be a one-stop-shop for investment, it was never legally mandated to operate this way. Assessment of the Agency’s management structure, systems of internal control and governance, and the effectiveness in the discharge of its mandate has been ongoing and as a result, a number of systems were put in place to elevate the functionality and effectiveness of GO-Invest to ensure that investors receive quality investment facilitative services and to enable a higher level of management and accountability for applications received by the Agency.
One such system was implementation of a standardised Expression of Interest form to facilitate applications for investment agreements. The Expression of Interest form was designed to structure all applications for investment agreements (both new and renewed). Applicants must state the type of assistance required from the Agency, i.e. Assistance with Government Ministries and/or Agencies, Licenses, Work Permits, Markets for Products, Land for Development, or Fiscal Concessions.
The form also clearly stipulates the information and various disclosures to be made by the investor when applying to the Agency. Information required includes, a comprehensive business plan, business name registration or certificate of incorporation, GRA/NIS compliance, value of investment, employment projections, source of funding, 5-year cash flow projection and prior year’s audited financial statements.
Once all this information is received, the Agency conducts a comprehensive review which results in a net benefit analysis of the short term cost of the investment versus the long term benefits to the economy. We recognise that not all benefits are quantifiable, such as the introduction and use of new technologies and knowledge transfer to locals. However, we believe this structured approach to investment will reap higher rewards for Guyana and we continue to refine our analysis as we build capacity within the Agency.
Having regard to resource limitations for monitoring and evaluation, another tool implemented focuses on enforcement of an investor’s responsibility under the investment agreement. In an effort to ensure a proactive approach to issues which may arise, the Agency has put in place a mandatory Progress Report form which is required to be completed and submitted by the Investor during the third quarter following receipt of a signed investment agreement. This provides the opportunity for GO-Invest to monitor project implementation and to be acquainted with any issue which has, or may occasion delays to the investor, and ensure that the agreement with government is adhered to. GO-Invest assists in amicable and efficient resolution of issues where the circumstances allow.
These forms have been uploaded to the Agency’s website, along with a number of other tools and resources that are relevant to investing in Guyana, including the Invest Guyana Magazine and the updated 2019 Investment Booklet which gives you an overview of the sectors for investment in Guyana and the incentives available.
Our work at GO-Invest is dedicated exclusively to advising, facilitating, and networking. This includes educating, advising, and building positive networking connections between investors and facilitator agencies and regulatory bodies. GO-Invest does not have title to any property nor does it control any assets belonging to the State which may be afforded to investors; it also does not make decisions on nor deal with the lease of State land. Its core function is to promote investment in Guyana by attracting investors and bringing them together with any agency/department or business necessary to complete their investment to the Guyanese economy.
GO-Invest shares knowledge of the local investment landscape garnered from working with government agencies and investors across the nation. The Agency provides an extensive collection of resources about application processes for investments, moving in and setting up, and everything investors might need to know, including government and legal processes, existing private sector businesses that can be employed, as well as developing capacities in Guyanese Businesses (through training) to take advantage of opportunities to partner with foreign investors and access export markets.
The assessment of the Agency’s fulfillment of its mandate and the quality of service provided will continue, with the necessary remedial and other actions needed to refine our services. We encourage you to utilise the services offered by GO-Invest and welcome constructive feedback so that we can continue to make positive changes to improve our services.
Yours faithfully,
Owen Verwey
Chief Executive Officer
Guyana Office for Investment