BUSINESS MISSION REPORT – GUYANA IS OPEN FOR BUSINESS!!!
October 14, 2009
EDWARD HARRIS AT LARGE!
BUSINESS MISSION REPORT – GUYANA IS OPEN FOR BUSINESS!!!
Visionary Investment Consultants in association with the Office of the Honorary Consul for Guyana to Saint Lucia concluded a successful Business Mission to Guyana. The group comprised of twenty three St. Lucians representing manufacturing, distribution and services sectors. Seven Associations were represented. The visit coincided with GUYEXPO 2009 held from October 1 – 6, 2009 in Georgetown.
Officials in the Guyana Office for Investment (GO-Invest) did a great job in ensuring the necessary courtesies were extended to members of the Business Mission and that they were provided with information that will encourage them to do business in Guyana. Members of the Mission were met at the airport, assisted with immigration and customs formalities and dropped off at their hotel. Their return to the airport on the date of their departure was also facilitated by the Agency.
St. Lucia’s had the largest overseas delegation and was recognized in every major statement regarding participation. The St. Lucia Booth was used in the promotional advertisements on television and was visited by thousands of individuals. Several interviews were done on site.
During their five day stay in Guyana, members of the Mission were engaged in the following activities.
Day1. Attendance at the Official Opening Ceremony of GUYEXPO 2009. The theme of the exposition was “Promoting Business in a Low Carbon Environmentâ€. The gathering heard addresses from His Excellency, President Bharrat Jagdeo, Hon. Manniram Prashad, M.P., Minister for Tourism, Industry & Commerce, Mr. Derrick Cummings, Co- Chairman – GUYEXPO 2009 and Mr. Gerald Gouveia, Chairman – Private Sector Commission. After the ceremony, invitees were allowed to view the Exposition which consisted of over 200 booths which showcased goods and services provided by participating companies.
Day 2. Members of the Mission attended an Investment Seminar at the Conference Centre, on the East Coast of Demerara. This seminar was rescheduled from Wednesday 30/9/09 to Friday 2/10/09 to accommodate members of the Mission. Hon. Manniram Prashad, Minister for Tourism, Industry & Commerce traced the development of the economy from 1992 to the present and highlighted the following:
a) From a situation where Government controlled 85% of the economy and there was no role for the private sector to an open economy. From 90% of national revenue paid towards debt service in 1994 to 4 % currently.
b) Nationalised state owned properties were given back to private enterprise.
c) Guyana is the freest economy in the region.
d) Free to buy and sell property, no restrictions. 10% Capital Gains Tax is applicable.
d) Huge opportunity to acquire agricultural lands by serious investors in the sector.
e) Developing relations with Brazil will change the business dynamics in the region. The Takatu Bridge and the road infrastructure will open up access to a new shipping route for Brazil through Guyana.
f) Tourism is new to Guyana but steady growth is being realized. The Brazil/Guyana road will further develop the industry. Entrepreneurs were invited to get involved in small guest houses/lodges in the Lethem area. Guyana is forging ahead as a Nature and Adventure destination.
Hon. Manniram Prashad was so moved by the interest of the St. Lucian participants that he extended an invitation to them to visit Baganara Resort along the Essequibo River on Sunday 4/10/09.
Mr. Geoffrey Da Silva, Chief Executive Officer – Guyana Office for Investment in his address highlighted the achievement of his Agency and drew attention to:
a) The influx of proposals from Investors seeking to set up businesses in Guyana. His agency received for the period January to September, 2009, 348 project applications.
b) Keep Brazil in mind when considering investing in Guyana.
c) No foreign exchange control. Foreign exchange accounts allowed with Bank of Guyana approval. Full and unrestricted repatriation of profits.
d) Special Sector Incentives available. Unlimited carry over of losses from previous years.
e) Opportunity to export to markets outside Caricom – Brazil, Colombia and Venezuela, 3 countries with a population of 320 million.
f) Hot spots for investment in Guyana are Lethem, Linden and Corentyne. Guyana is currently hosting investors from 24 countries and forging closer relations with China, India and Brazil.
g) There are 8 sectors which are currently being developed, namely: 1. Petroleum, 2. Gas, 3. Solar Power, 4. Hydro Power, 5. Bio Fuels, 6. Bio Diesel, 7. Wind Power, 8. Cogeneration from Rice Dust.
h) Gold Production is on the rise, Call Centres and ICT services are expanding.
i) Concessions could be finalised between 3 to 6 weeks.
j) Efficient supply of Electricity and Bandwidth are two challenges that solutions are being actively pursued.
He cautioned employers to ensure that employees are properly compensated and encourage them to “work smarter and better, rather than harder and cheaperâ€
Some members attended One on One prearranged Meetings while others toured the Caricom Secretariat in the afternoon and met with Heads of Departments and other officials.
Day 3. One on One Meetings continued, Shopping Trip & Evening with St. Lucian Hosts.
Day 4. Boat trip to Baganara Resort.
Day 5. a) Meeting with Supplier of PreFab Timber Houses and other wood products.
b) Wrap up meetings and final visit to Exposition.
The stage is set for members of the Mission to share their experiences with associates and members of their respective Associations. Guyana is open for Business in all sectors and it is up to those who have been exposed to the information on investing in Guyana to take advantage of the opportunities.
Immediate opportunities are available for the importation of wood products, sea food products, craft items and pharmaceuticals. Opportunities are available for joint ventures in a number of areas. It is important for St. Lucian entrepreneurs to get together and invest in Guyana. Follow up will be necessary to undertake further investigations in possible areas of investment.
It has been a rewarding experience and many of the members of the group have committed to pursuing business with their counterparts. Thousands of Guyanese know a bit more about St. Lucia and many have expressed an interest in visiting St. Lucia to invest or for a vacation.
Check out these websites for further information on investing in Guyana: http://www.mintic.gov.gy and http://www.goinvest.gov.gy
This initiative was supported by St. Lucia Coalition of Service Industries Inc. and promotional materials were provided by SLISBA, National Development Corporation and the Tourist Board.
Hereunder is my selected motivational piece of the week.
COURTESY OPENS ALL DOORS
There is no investment you’ll ever make that will pay you so well as
the effort to scatter sunshine and good cheer where ever you are.
The deepest principal in human nature is the craving to be appreciated.
If you treat someone as if they were what they ought to be and could be,
they will become what they ought to be and could be.
Everyone thrives on being appreciated, loved and needed.
There is no stimulus like that which comes from the consciousness
of knowing that others believe in you.
Applaud others when they run.
Console them when they fail.
And cheer them when they recover.
As water is to a flower, so is praise to the heart of another.
© Copyright 2008 www.yourdailymotivation.com
Keep the Faith; remember always God is in Charge, Dream Big and Expect Daily
Miracles!!!
Edward A. Harris
Freelance Journalist, Real Estate CyberSpace Specialist (RECS)
Email: eaharrisdestiny@gmail.com
Websites: http://www.stluciasimplybeautiful.com http://www.brainstorminggroup.webs.com http://www.americasrealty.com (St. Lucia)
http://www.cariblist.com (ECREDMC)