Indian philanthropist and founder of the Jain Group of universities and industries in that country Dr Chenraj Roychand has committed US$1.2 million to fund start-up small and medium size businesses here for youth, with a target of some 10,000 entrepreneurs in ten years.
He believes that although an oil producing state, Guyana’s economic wealth and growth of its people will not come directly from oil revenues but from a diverse economy driven by entrepreneurship of local products and services.
“I am so confident that this would work because any country would grow. There are strong SMEs (small and medium sized enterprises) and it is no different for Guyana, so I have committed, already, US$1.2 [million], not rupees, for an incubation startup centre here in six months. In that way we can set up 200 to 300 businesses initially. We are working out the ecosystem for that to make sure that in ten years you have 10,000 thriving entrepreneurs” Dr. Roychand told the Stabroek News in an interview.
