THE small but hard-working staff of the Guyana Office for Investment (GOINVEST) has, over the past year, worked on some 189 investment projects in Guyana by both local and foreign investors, according to Chief Executive Officer of the agency, Mr. Geoffrey DaSilva.
He said of the 189 projects, 123 are by local investors while the remainder are foreign investors, 17 of whom are overseas-based Guyanese.
"So to say that there is no investment happening in Guyana is not a true thing; it is not really helping our people to know where our strengths and weaknesses lie, and how we're going to overcome these," DaSilva lamented to reporters yesterday during a luncheon the agency hosted for the media at Cara Inn in Kitty, Georgetown to present its new website, briefly review 2003 projects and present upcoming programmes for 2004.
He stressed the need for investors, both locally and overseas, to be encouraged to investment here since Guyana is an attractive place to invest and there are many areas that can be invested in.
He also asserted that Guyana is one of the most peaceful countries this part of the globe, and when compared to many other countries around the world.
DaSilva also indicated that the attitudes of the community has to drastically change in two areas - their over-dependency on Government and their negativity.
He also stressed that Guyana is open for business -with an environment supportive of the private sector, restructured government institutions, new products and new sectors and an attractive incentives programme.
In terms of investment advantages, the updated GO-INVEST website noted that the Government of Guyana is heavily promoting production for exports and provides advantageous tax policies and government programmes that support private enterprise. It alluded to Guyana's low production and operational costs, together with an easily trainable work force, a high level of productivity and preferential access to world markets. The website (www.goinvest.gov.gy) also pointed out that investors in Guyana benefit from several regional and international trading arrangements. In this regard, it said through regional agreements, the entire Caribbean Community (CARICOM) market of some 17.5 million people is open to any investor in Guyana. Also, with the CARICOM Single Market and Economy, there will be free movement of goods and services, free movement of capital, free movement of labour and rights of access to land. Some of the benefits to businessmen in Guyana include preferential access to markets in Venezuela, Colombia, and Dominican Republic.
The website also alluded to Guyana being a signatory to Protocol IV-Trade Policy, of CARICOM's Single Market and Economy process (CSME). By signing Protocol IV, Guyana has committed to the deepening of Caribbean regional integration. In order to achieve this deepening, Guyana, along with nine other member states of CARICOM, has committed to undertake the establishment of common instruments, common services and the joint regulation, operation and efficient administration of the internal and external commerce of the CARICOM Single Market and Economy; where possible, the employment of common negotiating strategies in the development of mutually beneficial trade agreements with third States and groups of States; and the participation and joint representation as appropriate in international and regional organizations which negotiate, establish and apply disciplines governing international and regional trade".
GO-Invest is the primary contact for investors and exporters in Guyana. It liaises, on their behalf, with government ministries and other agencies in an efficient and effective manner and facilitates and expedites the processing of applications for concessions and other government support.
Meanwhile, it was noted that discussions continue with a local company to establish a Garment manufacturing company in Berbice. The agency is also working with small investors in Essequibo and Linden to establish garment plants. Also listed among the many activities embarked on by the agency is currently working with two fish processing companies to produce canned fish and breaded fish products. Also, GO-INVEST and Invest-Brazil, based on a mandate from the Brazilian and Guyanese Governments, have obtained funding from the Inter-American Development Bank (IDB) to carry out a pre-feasibility study for the deep water port, heavy duty cargo highway and a development corridor from Boa Vista through Lethem to Linden and then to Georgetown and Berbice. This will be followed by a full feasibility study, which will be presented to interested foreign and local investors. GO-INVEST is also working with the Ministry of Housing and foreign investors from Guadeloupe, Brazil, United States and Canada to construct houses in a number of areas across the country. It has also implemented plans with the Ministry of Housing and Water and the Private Sector for local and foreign investors to be assigned land housing schemes and to streamline the processes so that they can be efficient and effective.