The Georgetown Chambers of Commerce and Industry (GCCI) has launched an ‘Investment Portal,’ which is expected to aid foreign investors in making informed decisions on where to invest when coming to Guyana.
A Department of Public Information (DPI) report on the launch said the portal was hailed as an impressive platform by Minister within the Ministry of Public Works, Deodat Indar, M.P, who delivered the feature address at the simple ceremony on Thursday.
The report said the initiative is the first of its kind in the country, and presents investors with all the information needed on business ventures they might want to pursue.
The minister said over the past few years local companies have been heading in the direction of modernization, and improved efficiency in how they do business.
“It can be used to guide a whole host of things of where people are looking to invest, how much they are looking for, but this is only for chamber members which is about 500 businesses. We have thousands of businesses in the country, so my suggestion to the chamber through the president, we have to market this every opportunity we get, so that the population of this portal is key to give you indications of where people want to go,” he was quoted as saying.
Guyana’s economy, the minister said, is becoming more attractive by the day, and he pointed out the World Bank’s recent projection that Guyana will grow about 47.9 per cent in 2022, the highest in Latin America and the Caribbean.
Local businesses are being urged to capitalise on the opportunities that will present themselves as everything will not be centered around the oil and gas industry.
“Development at institutional level whether it is a business service organisation or enterprise level at a company or as a sector, all of those things now have to develop in a form of being more efficient, being more cost effective and by that way, being more competitive,” he stated.
However, the businesses were urged to be honest and to let there be a structure in which the portal operates. Indar reminded them that they are a reflection of the business environment in the country. “Deal honestly, if it doesn’t work out, it doesn’t, but give correct information, give factual information to people that are coming here. What you don’t want to do is mislead people and then we get a bad name for it, so we have to make sure there is some level of conduct operating within this portal so that the integrity of the portal is maintained,” the report quoted the minister as cautioning.
Meanwhile, president of the GCCI Timothy Tucker, said the investment portal is a way of bringing people together for a common goal.
“What it does now is really the opportunity not only looking for financial assistance, but also looking at connecting businesses because you can have two similar businesses looking for a partnership to boost themselves in the oil and gas sector and other sectors as well, so, it is combining persons around the world,” Tucker stated.
Chief Investment Officer of the Guyana Office for Investment (Go-Invest) Dr. Peter Ramsaroop, and High Commissioner of India to Guyana, Dr. K.J Srinivasa and other local investors were present at the simple launch.
