Private sector urged to renew business culture --at EU-funded workshop By Gitanjali Singh Stabroek News November 4, 1999 Chairman of the Private Sector Commission (PSC), George Jardim, is holding out hope for Guyana, urging the rediscovery of a "business" culture so the economy can prosper. "As a Guyanese in business for 33 years, I have seen it all and I haven't lost hope," Jardim told local businessmen at a one-day support workshop designed to assist them improve their business performance. He said that many had slowly lost hope, but the private sector was now realising that change was possible. The small workshop at Le Meridien Pegasus yesterday, was funded by the European Union with General Manager of Caribbean Business Services Limited, Richard Joseph, as the resource person. Giving the opening address, Jardim said the most important need of business today was to rediscover a culture of business. He said in the last three decades, businesses were reduced to fire fighting, locked away from the advances made in the real world. He cited as an example the launching by Republic Bank of Trinidad and Tobago of US$ and TT$ mutual funds in Guyana for investment abroad. Jardim agreed with PSC executive secretary, David Yankana, that the National Insurance Scheme (NIS) should consider investing in units of the mutual funds to increase its investment earnings, rather than burden employers with a higher contribution rate to meet its commitments. Jardim stated that business had to respond to the needs of society, while government facilitated a business environment. He cited as an example that if a good customs regime was not in place, this will give birth to businesses which ignore the regime. However, Jardim urged the need for responsibility, stating that businesses could not be run in isolation as that facilitating environment was needed. He said it was understandable in the last 30 years that business ethics might have suffered but stressed the need for a good business environment. This, Jardim said, would not happen by itself and alluding to the rebirth of the PSC a few years ago, noted why it was focusing on education, revenue reform, constitutional reform among other things. He also spoke of the private sector's efforts to have in place an investment code and called for Guyanese to go beyond the political debate which just generates heat and no light. He again cited the draft national development strategy as a vision statement for Guyana and urged that it be taken on board as the blueprint for Guyana. "Whatever you do, let us get it passed," Jardim urged, noting the help of businesses was needed to ensure policy changes. The PSC chairman asked rhetorically, who would have thought that the private sector would be rewriting the investment code for Guyana and urged business people to "have hope" and end the cynicism. He said public figures should be taken at their word, alluding to the president's promise to have the investment code in place by the end of this month. (The PSC has completed rewriting the code and this was to be discussed with the President yesterday). "We will have that code and we expect to have it enacted into law. If that is what the politicians say, then we are holding them to it," Jardim stated, challenging that if dialogue was what the government, labour and opposition wanted, that was what they would get. He noted that the PNC was considering engaging the PSC and labour and said this was also the intention of the private sector. And while this is going on, the past should be forgotten as that was yesterday and energy is only being wasted rehashing it, according to Jardim. "There is more than hope...there is every good hope [for Guyana]," Jardim said. Joseph agreed on the need for a business culture, which was basic integrity, contending that this was what separated the men from the boys in the international business environment. The 20-odd businesses represented at the workshop asked for specific help on * technical contacts, * information to support small business, * decentralisation of the investment process, * entrepreneurship support, * industrial diversification support, * financial assistance, * institutional strengthening, * strategies for managing, * models of equity participation, * financial tools, marketing and sales and * efficiency and labour productivity. A © page from: Guyana: Land of Six Peoples