The Guyana Agency for Investment (Go-Invest) yesterday afternoon launched its investors' road-map to identify and disseminate information on investment opportunities in Guyana.
Stabroek News
July 13, 2001
The map is designed to be a source of information on investment opportunities, as well as indigenous raw material resources. Its counterpart, an exporters' guide, is to be worked on, Chief Executive Officer (CEO), Geoffrey Da Silva, said yesterday.
The map, launched at Le Meridien Pegasus Hotel, could be accessed at www.goinvest.gov.gy and Da Silva indicated that it would be updated regularly.
"[The investor road-map] is to ensure that all participating groups --government ministries and agencies, intermediaries and private sector bodies -- are relaying the same messages concerning the policies, procedures and laws on investment in Guyana," Da Silva told his audience.
He sees the road-map as a means to improving the investment process as it describes step-by-step procedures which a business must follow to start and continue in operation and on opportunities.
The road-map is in three forms; manual, fact sheets and on the website. The manual has five sections, each of which provides information on the primary agency involved; the governing legislation; the forms and other documents to be filled out; the cost of services, if any; the suggested and actual times for completion of each step in the process; and requirements for renewal.
The first section of the manual covers starting up a business and includes business registration and the registering of patents, copyrights, intellectual property rights and trademarks.
Section two covers the process, highlighting that of the Lands and Surveys Commission and the procedures to lease state or government land or lease or buy privately held land.
Section three is about site development. It provides details on the necessary communications with the Central Housing and Planning Authority; City Engineer's and Public Health departments; the Fire Service; Occupational Safety and Health Department; the Environmental Protection Agency; the Food and Drug Department; the Guyana National Bureau of Standards; water; electricity and telephone services; and for manufacturers' the Customs and Trade Administration of the Revenue Authority.
The next section shares information on corporate accounting laws and regulations and the obligation and requirements for taxes such as income, corporate, capital gains, property, consumption, pay as you earn, and imposts as they relate to exports and imports. This section also lists the ministries and agencies which deal with work permits, employment guidelines, termination of employment, severance pay and the National Insurance Scheme.
The fifth section of the manual lists all the incentives that are applied across the board and those that are based on investors meeting specific criteria or making certain investments.
Da Silva noted some of the incentives, which are listed in the manual. He remarked that Intel, in making a US$500 million investment in Costa Rica did not benefit from any special or extraordinary incentives, but cited the workforce capability and the stable investment environment and level of outreach, marketing and support that that government gave the company. He said if Costa Rica could do it, then so could Guyana.
Da Silva said the next step was for the public sector to review the underlying laws and regulations as well as the length of time it took to complete each investment step and cost these.
"The goal is to create more, better-paying jobs for all Guyanese by making the process of doing business in Guyana simple and transparent for local and foreign investors," Da Silva asserted.
After such a review, he said, a workshop would be organised to inform investors and exporters about it and to help prepare policymakers on effective and enthusiastic presentations in target markets overseas.
He said he saw the primary responsibility of public sector agencies as showing that they were taking care of business and that Guyana was open for business.
Prime Minister Sam Hinds stood in for President Bharrat Jagdeo at the function and made brief remarks.