PRESIDENT Bharrat Jagdeo has congratulated the Guyana Manufacturers' Association (GMA) for the work that it has done over the past year particularly in the field of training and entrepreneurial development.

The GMA's work, he said, was very important for the country's continued economic development, noting that there was a time when the entrepreneurial class in Guyana was actually wiped out.

Mr. Jagdeo was referring to times when the State had owned and controlled most of the business activity.

The President made these remarks, speaking at the GMA Annual Awards Presentation and Dinner at Le Meridien Pegasus, Georgetown.

Reports from the GMA are that over the last year the Association through CPEC has been able to invest in the improvement of standards in various sectors of the economy which continue to bear fruit in the national trust.

Part of this training to improve standards led to Guyana's export sector being able to make a major break through when the country received certification for the export of seafood to the European Union (EU).

This was done through standards improvement and increasing the capacities of the regulatory bodies associated with the Sea Foods industry.

Two similar sub-projects were done for the poultry industry aimed at improving food safety standards and export capability were also implemented.

Substantial input was also made to strengthen the capacity of the Forest Producers Association and its private sector members.

Technical assistance through CPEC was also provided to the furniture manufacture industry standards and marketing support among other initiatives.

With this in mind, President Jagdeo said; "It is from this basis we are starting and if a country does not have a strong indigenous private sector development becomes much more difficult".

He said, Guyana, like many other countries has had its problems, but has tremendous potentials and is therefore starting from a low base.

He said little over a decade ago the per capita income was US$270 now it is about US$800. Inflation rate was over 100 per cent for several years for the last 8 years it has removed from double digits to single digit, he pointed out.

Today, 20 per cent of the national budget is being spent on education which is eight per cent of our gross domestic product. (GDP) On a per capita basis this year is still very small but is very impotent.

Poverty rate has moved from 44 per cent to about 35 per cent. The latest Caribbean Development Bank report has shown that in Guyana, this is falling while it has been increasing in other countries, the President explained.

"We are still a relatively young country and all the political problems we are facing is a sign of still being young", Mr. Jagdeo noted.

Commenting on developments relating to the Caricom Single Market and economy he noted that the preparations are slow and he thinks it could be accelerated at a much faster pace. However businesses do not have to wait on the CSME to start preparing for it.

The CSME is just a frame work, but has to be driven by businesses that would be the primary beneficiaries, not government.

They should start to get involved in the public relations programme, private newspapers as well rather than raising doubts about the business climate. By doing this things are going to move a bit faster.

Mr. Jagdeo noted that there are problems with businesses facing resistance in some CARICOM States when ever they go to invest in others.

He pointed out that businessmen in some of those States would lobby their government to keep out other investors from CARICOM States.

Here, there have been calls for more restrictive trade practices on imports coming in from around the region.

The government has withstood the lobby, if it had not done that then it could be seen as holding the CSME implementation like those businesses who do not have a Caribbean-wide perspective.