UN report shows higher foreign investment flows to Guyana
THE United Nations World Investment Report officially released here this week, shows that total investment flows to Guyana for the period 1993 to 1999 amounted to more than US$530 million.
This represents a three-fold increase in foreign investment for the same period (1985-1992) under the previous government led by former President Desmond Hoyte, observers noted.
The report gives further evidence of the globalisation and liberalisation of the world economy.
Through reforms in the regulatory framework, the report points to capital flows in emerging economies.
It indicates that there was more than US$100 million in foreign investments here during the past two years in spite of lower commodity prices for Guyana's major exports, poor weather conditions that affected the agriculture and service sectors, and political instability after the 1997 general elections.
One observer yesterday noted that foreign investments to Guyana as reported in the World Investment Report run counter to opposition claims that the People's Progressive Party/Civic government has been unable to attract foreign investments to Guyana.
The document was launched Tuesday at a simple ceremony at the United Nations offices in Georgetown.
Among those speaking at the event were Dr Maurice Odle, Adviser to the Caribbean Community Secretary-General; United Nations Resident Representative, Mr Richard Olver and UN Deputy Resident Representative, Mr Mourad Wahba.
Olver read a statement on behalf of Mr Rubens Ricupero, Secretary-General, UN Conference on Trade and Development (UNCTAD).
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