With Suriname’s Assuria investing in an $800 million headquarters just after nine years of establishing a presence here, Senior Minister with responsibility for finance, Dr Ashni Singh yesterday urged local businesses to take a page out of the insurance company’s book and seek opportunities outside of the domestic market.
Delivering the feature address at the company’s sod-turning ceremony for its headquarters at Carmichael and Church streets, in Georgetown, Singh said the local private sector should not confine itself to the domestic market and like the insurance company, should venture out into other countries and tap into markets that are available.
“There is nothing to stop [you], just as Assuria spotted an opportunity in Guyana, there is nothing to stop Guyanese companies looking beyond Guyana. There are good business opportunities outside of our domestic economic space, outside of the confines of our domestic economy,” Singh posited.
Singh pointed out that the company’s success in Guyana and recent entry into the Trinidadian market illustrates what can be achieved by a company that chooses not to be confined by their domestic market.
He noted that the CARICOM Single Market and Economy has enabled more opportunities for businesses to expand regionally as there are “opportunities for business and opportunities for expansion” beyond the local market. He therefore urged businesses to seek out opportunities in the regional market.
Singh said he is aware that many Guyanese business have developed, invested, innovated, improved and raised the quality of what they produce so that they can easily tap into the regional economic space. He added that companies are now aiming to meet higher international standards since they have to work with counterparts in the oil and gas sector. These investments, he said, should motivate them to expand their businesses and seek to have a footprint in international markets.
“I would like to take this opportunity to say to the domestic private sector to look at the Assuria example as an example that you can emulate just as the rest of the world is looking into Guyana. There is nothing stopping Guyanese from looking out of Guyana,” he contended.
He added that he is looking forward to the day when Guyanese companies can be turning sod in another country after finding opportunities beyond Guyana’s economic space.
Nonetheless, Guyana, he said, remains open for business not only for Guyanese investors but international investors as well. He iterated that the Irfaan Ali government remains firmly committed to welcoming foreign investors into the Guyanese market. He also urged such investors to examine the opportunities that are available in Guyana.
The minister also appealed to local citizens to consider investing in insurance since it is a vital part of any company or household’s risk management tool kit.
According to Singh, many Guyanese fail to recognise the importance of insurance and believe they can do without it, but on the contrary, he sees it as an important tool to benefit from should a calamity occur.
On this note, he called on the insurance sector to educate the public on the benefits of insurance and the opportunities it presents. He also suggested that they develop and introduce innovative products that will appeal to citizens and businesses alike.
Assuria’s Guyana Managing Director Yogindra Arjune in his brief remarks said that the construction of the company’s new five-storey headquarters demonstrates that they are here to stay and contribute to Guyana’s development.
“This is indeed a high point in our Assuria Guyana’s history. This modern building is being constructed to highlight that we are here to stay and contribute to the development of Guyana,” Arjune declared as he informed that the modern building will be constructed by Nabi Construction Inc and is slated to be completed within 14 months.
Since its establishment in 2009, the company, Arjune said, has grown and now boasts eight branches across the country with another to be opened soon on the Essequibo coast. The company which pre-sently has 67 employees and 18 full-time agents, is also ISO certified. This, he said, will enable Assuria to continue to provide internationally certified service to all its clients.
