The Guyana Manufacturing and Services Association (GMSA) yesterday commended the government for its unprecedented $1.1 trillion budget and acknowledged the inclusion of some its proposals.
In a statement, the GMSA said that the announced growth in non-oil real GDP in 2023 by 11.7% has resulted in the expansion of the manufacturing sector by 25% and services by 10.3%.
It stated that continuing development of transformative infrastructure is key to enabling business activity and delivery. Such key infrastructure it said include enhancements to the energy grid such as the Gas-to-Energy project and solar and hydro initiatives.
It added that government’s inclusion of some of the association’s recommendations assured the intention to work collaboratively with the private sector.
It cited the following measures in the budget as key in supporting the manufacturing and services sectors:
1. $527.4 million for the development of the agro-processing sector.
2. $3.3 billion for the development and rehabilitation of industrial estates in Wales (Region 3), Regions 2 and 10.
3. $450 million for the replenishment of the Small Business Bureau Fund, which the GMSA has continuously advocated for to support product enhancement and growth in the agriculture and agro-processing industries.
4. $500 million for the Food and Drugs Lab, which the GMSA believes will strengthen regulatory bodies and accredit laboratories to do testing, inspection, and certification of products for export.
5. Over $8 billion for the development of human resources to fund tertiary education through the Guyana Online Academy of Learning (GOAL) and the University of Guyana (UG), and a further $2.8 billion to develop skills training. This, the GMSA believes, will address the shortage of skills and manpower in the country while enhancing the workforce through upskilling initiatives.
6. Containing the cost of fuel at 0% excise tax and extending the reduction of freight charges for another 12 months, will assist businesses to be more competitive on the local and global market and mitigate challenges, the GMSA said.
7. Upping the income tax threshold to $100,000 monthly, thereby adding $4.8 billion in disposable income to the working population, was also welcomed.
