Investments flow into 2001
GIS feature by M.Z. Ali
INVESTMENTS continue to flow in this year with several local and foreign investors following through on last year's expansion in some cases, and the opening up of new businesses in others.
The latest of these is the $800M investment package announced early this year by Managing Director of the Banks DIH conglomerate, Mr Clifford Reis. Added to this is the multi-million dollar expansion programme being conducted by DIDCO which is adding a stock feed factory and a chicken processing plant to its already monumental business ventures in Guyana. When these two projects are completed later this year, more money will be pumped into the local economy and thousands of jobs will be created for Guyanese.
The government of President Bharrat Jagdeo has set the machinery in place and several local and foreign investors took up offers and have already embarked on various projects.
During his address at the opening of the new Institute for Private Enterprise Development (IPED) branch in West Coast Berbice last year, Chairman of the agency, Mr Yesu Persaud lauded the efforts of Mr Jagdeo who gave strong impetus to private sector development and investment.
Many business ventures are also being promoted through IPED, which for last year alone assisted micro, small and medium-sized entrepreneurs by way of loans to the tune of $770.7M.
This money was used to fund 5,057 small loans for the opening up of businesses last year, creating 9,022 jobs in the process.
This year more projects are coming on stream with the announcement by Persaud of an $8M programme.
This of course will bring with it employment for more Guyanese.
In the organisation's 1999 report, the chairman said:
"IPED continues to blaze the entrepreneurial development trail in Guyana by continuing to train and fund the small and micro business sectors to become self-sustaining members of the business community."
This is a clear manifestation of the private sector's confidence in the economy of the country.
The Banks DIH expansion programme is one that will see development in Berbice and Georgetown.
This is a massive programme which will include two drive-through restaurants in Georgetown, an outlet at Corriverton and a new beverage line.
One of the two restaurants is set to open in May this year, while the other that is operating as a fast food outlet will be reconstructed to fit the drive-through idea and will be ready by the end of the year.
The land for the Corriverton outlet has been purchased and this outfit is expected to be ready before the end of this year.
The New Amsterdam outlet in the meantime is being upgraded.
Mr Reis said the political climate will not be a deterrent to his company's expansion programme, adding that his firm has every confidence in the economy of the country.
The company, which started bottling soft drinks and beer from its Thirst Park location in 1954, has extended its operations into several areas, including the manufacture of biscuits, cereals and tasty snacks.
The $800M expansion programme this year is among the largest the company has undertaken since its inception.
One of the company's soft drinks plants is also billed for modernisation, while the company is contemplating deploying a new fleet of vehicles to distribute its products.
The DIDCO expansion programme which started last year, when completed will see the exclusion of chicken imports.
In fact there will be complete processing of chicken at the DIDCO complex from the hatching of eggs and rearing the chickens to the plucking and marketing of the commodity.
The company, which runs the Kentucky Fried Chicken (KFC) food outlets in the country, will make use of its own local chicken.
DIDCO is a major food distributor and has in its operations a shipping line.
At the moment Guyana is self-sufficient in eggs, while there is an 80 per cent sufficiency rate in poultry meat. (GUYANA INFORMATION SERVICES)
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