PPP/C can't deliver investments - Ming
Stabroek News
November 22, 2002
One of the notable aspects of the PPP/C's term in office has been its inability to attract serious investment, the PNCR observed at a press conference yesterday.
Leader of the Reform component of the party Stanley Ming said the ruling party has been fooling the nation about massive investment when in fact nothing of the sort has taken place.
The most outstanding example of the government's failure to attract investment was the Beal Aerospace deal which was supposed to have generated some $100 million in investment and generate significant employment and other benefits. The deal fell through after the US company decided to abandon its plans for a satellite launching pad in Guyana.
Ming said the history of the party is one of fanfare over new investment that never materialises and is then quickly forgotten. He noted that in 1998 a US$75M project was announced which was supposed to bring huge investment through a conglomerate from Quebec, Canada. Ming also noted the various announcements of a done deal for a bridge over the Berbice River and pronouncements on the Amaila Hydropower Project.
He said the harsh reality is that Guyana has an unfavourable climate for investment because of corruption, bad governance, the absence of an investment code and obscure investment policies.
The party said it was no surprise that the Trinidad-based Development Finance Corporation changed its plans to locate operations in Guyana and opted for Suriname. The party said that this represents another blow to the country's prestige and development prospects for which the government must accept full responsibility.
