The Guyana Manufacturing and Services Association (GMSA) has welcomed the measures announced for the manufacturing and services sector in the government’s proposed $383.1 billion national budget, while saying that they are in line with many of its own recommendations.
In a statement yesterday, the GMSA welcomed government’s commitment to establish new industrial estates; the $6 billion to be spent on enhancing infrastructure; the provision of an incubator that will help agro-processors and the enablement of manufacturers to access to Business Incubator Centres; the allocation of $25.6 billion for the building and upgrading of roads and bridges country-wide; the allocation of $135 million for the procurement of the single window system; the renewed focus on the Low Carbon Development Strategy and investments in renewable energy projects; the investment of $832 million in agricultural infrastructure including agro-processing facilities; the injection of $250 million to replenish the Small Business Bureau; the development of the National E-Commerce Strategy; the reduction of duty on industrial grade cement from 15% to 5%; zero-rating of VAT on locally produced pre-stressed concrete; locally fabricated mild steel beams for construction; and locally manufactured roofing and PVC products; the restoration of the VAT zero-rating on basic food items and household necessities; the establishment of the Universality Fund from which modern telecommunication services can be funded; Investment in research and development and skills training of the population; extending of the loan ceiling at commercial banks for low-income housing loans from $10 million to $12 million; and the reduction in water tariffs by 5%;
“These are critical measures which builds on those from Budget 2020 and will further stimulate the economy,” the association posited, while adding that it looks forward to continued collaboration with the administration in working together to implement measures for the benefit of local manufacturers and services businesses.
