Govt to seek to attract more investment around Beal - PM
The government recognises that it needs to develop a strategy to attract investment around the deal it has struck with Beal Aerospace Technologies to launch satellites from Guyana. Prime Minister Sam Hinds said yesterday that it is expected that the Guyana Office for Investment (Go-Invest) will develop the strategy needed to use Beal as the flagship investment and to attract other spin-off investments into Guyana. While the Beal deal has been criticised for being low on financial returns to the country, its positive attributes include putting Guyana into the exclusive club of countries launching rockets. Such an investment could attract in its wake, other high tech investments. But a strategy is needed to capitalise on that potential, observers say. The PPP/Civic government has been criticised for not being able to attract major investments into Guyana and the Beal deal is seen as the one investment the government can boast of, even though it is low on financial returns. Meanwhile, a government source has indicated that the 99-year tax break Beal will enjoy is not a tax holiday since it is being treated as a tax waiver under Chapter 81.01 of the Laws of Guyana. Under this section, the President has the authority to waive taxes if this is found to be just and equitable. The government source said that in foregoing taxes, the government is getting launch fees in return. (GITANJALI SINGH)
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