GUYEXPO 2000 opened at the Sophia Exhibition Centre last
Thursday afternoon. The following is the text of President Bharrat Jagdeo's opening address: A WARM welcome to the many visitors and investors from Canada, the United States, South Korea, the Caribbean, the United Kingdom, Venezuela and Brazil, and to the general public on the opening of what I am told will be the largest trade and investment exposition to be held in Guyana. This exhibition is an indication of how much we have achieved in a short time. As many of you know, our country has travelled a hard and difficult road. We have moved from a state-controlled economy to one that is open and democratic. We have moved from a private sector that was miniaturised to one that is developing rapidly. The investment climate has improved tremendously. Today, Government/private sector co-operation is at its best. My Government has a clear vision of the future. We are not hoping that by chance the modernisation of our country will occur, but rather through sound economic and social policies. Recently, the PPP/Civic administration took the bold step and involved civil society in creating a comprehensive National Development Strategy. The document has since been tabled in the National Assembly for discussion. This is an ultimate expression of involvement and inclusivity. It gives us a chance, for the first time, to move forward as a nation with a singleness of purpose. The NDS is comprehensive in its analyses, and crafts strategies for every conceivable area of activity, including infrastructure, transportation, social development, industry, tourism, energy, telecommunication, to name a few. It says exactly where Guyana would be in the next five to ten years and how to get there. Allow me to focus on some of the key elements of our economic strategy. The first is the restructuring of the traditional sectors so as to enhance their productivity and competitiveness. **Bauxite: The industry will be restructured through the infusion of capital from strategic partners. In addition, a Euro 14 million will be available next year to develop new industries in Linden and surrounding communities to reduce their reliance on the bauxite industry. **Sugar: A major restructuring is taking place at a cost of about US$200M to ensure the industry remains viable. **Rice: For this sector, the Government is aggressively pursuing a US$60 million grant from the European Union that would revolutionise the industry. This would lead to the modernisation of rice cultivation, better infrastructure, more research, strengthen marketing efforts and better support for farmers. **The forest and gold sectors are also to experience revitalisation. The second plank is to move rapidly into new industries. There are major shifts in the world economy and new areas of wealth creation are coming to the fore. In our case, we have to focus on expanding value-added activities, telecommunication related services and eco-tourism. **Telecommunications: Until recently, no one could have predicted the rapid use of information technology in every sector of the economy. This sector must play a vital role in quickening the pace of our economic growth. As such, just last Friday, we entered into an Agreement with the IDB, which would provide financing for the rapid modernization of the telecommunications sector. Over the next two and a half years, the modernisation of this sector would allow for a new set of information technology related industries to be established. This sector has the potential to create more than 15,000 new jobs in the next two and a half years. **Agro-industrial development: Given our natural resources, Guyana must become a major producer of value-added products utilisation livestock, fruits, vegetables, lumber, rice and sugar as raw materials. Guyana can supply the entire Caribbean food market. **Eco-Tourism: A modest start has already been made and the plans in place will make this a major area for growth and job creation. Just recently, two new resorts were opened. Operators in this sector have reported that in this season they enjoy near-full capacity. International and domestic airlines have reported close to 90 per cent bookings. There is also room for major Hotel and Resort development in all parts of our country. This we are supporting and encouraging through generous incentive packages **I want to spend some time on the small industry sector. During the period of the state-controlled economy, we lost our best entrepreneurs and entrepreneurial skills. Now, small industries and IPED have the potential to develop our entrepreneurs. Today, efficient small and medium size plants are making significant contributions to national development. A Small Business Development Bill will soon be tabled in the National Assembly. This necessary piece of legislation, identified at the October Presidential Summit, would simplify operating procedures, and attract more support for the small business sector. At the moment, arrangements are being made for the draft legislation to be discussed by private sector organisations and NGOs, in different parts of the country. The introduction of such legislation will open up even more opportunities for our people to be involved in production economic activities. Currently, the Government, in partnership with the Institute of Private Enterprise Development (IPED), has embarked on a number of programmes that will result in greater economic activity in this sector of the economy. These include the structural development of small industries; export promotion mechanisms and new marketing approaches, through technical training. IPED must be congratulated for nurturing hundreds of businesses, in many parts of our country. These employ tens of thousands of Guyanese. What is significant about the IPED programme is that it allows people to be creative and use local resources and by-products of other industries. We have already been implementing some of our major plans to realise our vision for Guyana. The best way to judge the correctness of our policy is to take a look at what has been achieved in such a short time, in spite of the many constraints. Today, our private sector has provided the concrete evidence to our population, overseas-based entrepreneurs and investors that where there was nothing, today there is something big. I know it is not easy, but those who have persevered are reaping the benefits. They are doing Guyana proud. I urge others to follow. I am told that more than 200 companies - small, medium and large - have registered to participate in this event, the largest ever. Congratulations to the Organising Committee and the many volunteers who have worked to make this event a success. What we see here today are the fruits of sound investment policies that have been introduced during the recent past. These policies have sought to deliberately support the private sector for the creation of more jobs and wealth for all our people. These policies are geared to promote export-oriented growth, ensure external competitiveness and maintain appropriate incentives for private sector development. Let me make it clear, my Government sees the private sector as the main agent for job creation and wealth creation. Our policies will continue to offer the support needed to enhance the private sector's capacities. We have worked with the private sector to introduce the right environment that has seen businesses flourish, and new ones grow. The following measures have impacted significantly in this area:
**A stable macro-economic climate which supports investor confidence; And the list goes on! In October last year, I convened a Presidential Business Summit, during which government and the private sector identified 14 areas for action, which can lead to a more rapid take-off of our economy. We have already gone a far way in implementing these. The Summit reinforced our firm belief in working in partnership with business, and labour. We must continue in this direction since there are many more issues to be tackled. Three burning issues to be discussed are: the access to cheaper credits, assistance to companies in distress, and institutional strengthening of our investment agency. In spite of recent difficulties, our economy has moved forward and has shown tremendous resilience. We were faced with the El Nino and La Nina weather phenomena that adversely affected the production of sugar, rice and forestry products in 1997 and 1998; reduced access to lucrative external markets for our basic commodities, especially rice; political instabilities following the December 1997 elections, to name a few. Our economy has bounced back. Investments continue to grow. There are visible signs of this.
**Just yesterday I commissioned a $36M sawmill and wood processing plant. This would create employment for an entire community in the Berbice River. All over the country new things are happening daily. My administration is giving priority to a number of projects, which would enhance the infrastructure for private sector led growth. These projects are themselves investment opportunities. 1.The construction of the Guyana-Brazil Road and Deep Water Harbours will position our country as the bridgehead to South America, opening up a range of opportunities that includes the continental movement of goods and services to the Caribbean, North America and Europe. 2.The Berbice River Bridge will expand the communication links with that region and facilitate the development of the East Canje Reservoir Scheme that will provide irrigation for over 200,000 acres of land. 3.The Intermediate Savannah Project, one of our new frontiers, will make the town of Linden in Region 10 the industrial corridor of Guyana. 4.The modernisation of the Cheddi Jagan International Airport is also under way and our efforts in this area will also address private sector led development of the Ogle Airport. These are, but a few of the infrastructural improvement projects we are engaged in. When these projects and others are completed there would be a solid infrastructure network linking the entire country, which would allow us to develop our full agricultural and industrial potentials. Today, we are reforming the public service to support private sector led growth. We are increasing our investment in people. When we assumed office in 1992, $1B was spent on education, today we are spending $9.3 Billion. We are also ensuring that our education system fits into our development needs. Skills training for our youth continue to be a national priority. Large numbers of young people are trained in technical and vocational areas. The reformed National Service will also focus on skills training for youths. We will ensure that all Guyanese have the skills and education they need to grasp all opportunities. For growth and development to be sustained, there must be partnership. This is what GUYEXPO is all about - seeking and creating partnerships and alliances between local and overseas entrepreneurs. Through these partnerships, our local private sector can access equity, modern management skills, new technologies and most importantly, secured markets. GUYEXPO will bolster the collaboration among the stakeholders - Government, the private sector, the labour force and every single Guyanese -; this collaboration is required to move our country forward. Each stakeholder must recognise the role they have to play in our continued development and must fulfil their respective responsibilities. I encourage you, especially our overseas guests and investors to visit all the booths, enjoy our Guyanese entertainment and cuisine, and attend the seminars on the National Development Strategy and Eco-Tourism. Just moments ago, while returning from the Pakaraima region, I visited the majestic Kaieteur Falls, I urge you to visit and experience this, and the many other wonders of our land. I now declare open GUYEXPO 2000!
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