Forty-four Companies display products at Toronto trade show
President Jagdeo encourages investment in Guyana
By Pamela Evans in Toronto
Guyana Chronicle
June 23, 2004
TAKING the initial steps to capture overseas markets and encourage foreign investors to Guyana, local businesses and companies displayed their products and potential at a Trade show held at the Travel Lodge Hotel in Toronto Monday. Leading the Guyana team was His Excellency President Bharrat Jagdeo, who was delighted to be a part of such “an amazing venture”.
Some 44 companies travelled to Toronto to display their products with the main aim of enlightening the Guyanese community in Canada and other interest groups while at the same time seeking potential investors, partnerships and markets. Some of the companies are the Guyana Sugar Corporation (GUYSUCO), the Beharry Group of Companies, Twins Trading Enterprises, Nappi Balata Artisans, Shibs Investment, Carbie Products International, Lawrence Lowe’s Jewellery Establishment, Tandy’s, Sterling and Hotel Tower.
Despite the travelling, participants arranged and displayed their craft, non-traditional crops, manufactured and processed goods, Guyana souvenirs, pharmaceuticals and brochures about tourism to almost 500 persons.
Addressing a distinguished gathering of Canada-based Guyanese, President Jagdeo said, “The opportunities that are in Guyana now will not be there in ten years. So this is the time to get in.”
Explaining that there are changes for the better in Guyana, President Jagdeo said foreign debts have been reduced by half, and that only 20 per cent of revenue is used to service current debts, unlike in the past, when 94 per cent of revenue was used.
“We have had very aggressive macro economic programmes and because of these we have seen the successes,” the Head of State said. He pointed out that in the world today one of the biggest incentives of businesses is to have a stable macro economic situation, where the key variables are predictable and that is evident in Guyana.
Encouraging investors to come to Guyana, President Jagdeo said many old laws of the country are being modernised to deal with corruption at all levels. He added that there are no restrictions on the movement of capital or profit in and out of the country, except in money laundering cases. “We have one of the most liberal regimes in Latin America.”
The President is optimistic about Guyana’s future because of the country’s potential despite the many challenges both internally and externally. He said the changing economic environment of the world also affects Guyana because the country is a primary commodity exporter.
“Despite these difficulties we managed to have a sustainable balance of payment, we strengthened the fiscal deficit, reduced interest rates and maintained single digit inflation over the past eight years,” said President Jagdeo.
Discussing his recent first-hand experience in Region Nine (Upper Takutu/Upper Essequbio) via the Lethem-to-Georgetown road link, the President said the road provides easier access to Brazil and it only takes about 10 hours. There is also a bus service, which operates three times per week from Lethem to Georgetown transporting both goods and people.
“We are excited about this, because the Northern States of Brazil have to travel long distances overland, which is expensive to get goods, so we think that through Guyana we can cut those costs and will be competitive in the markets,” said President Jagdeo.
The Head of State explained that it is easier to ship cargo through Guyana seaports from Northern Brazil because it takes one day to get to Georgetown, whereas in Brazil it takes almost four days or more to get to the seaports.
Mr Jagdeo is optimistic that Linden, Region Ten (Upper Demerara/Upper Berbice), will benefit from the road link, which passes through that Region.
Region Ten Chairman Mr. Mortimer Mingo, who was part of the delegation to Toronto, said Linden has great potential for investment in various sectors including the bauxite industry, craft creation, adding value to timber products, eco-tourism and vast land for agriculture and agro-processing. He noted that the Intermediate Savannahs area is also open for investors. There is need for the establishment of petrol service stations and hotels along the Georgetown/Lethem road.
Mr. Mingo said there is a highly skilled work force in Linden such as, technicians, electricians, masons and labourers. He added. “The Regional Administration of Region Ten is supportive of investors and we encourage you to come.”
Highlighting some of the major investment projects in Guyana, the Head of the Guyana Office for Investment (GOINVEST), Mr. Geoffrey Da Silva said this trade show is the sixth of its kind and that there are plans on stream for many more. Similar shows were held in Barbados and Trinidad and Tobago. “In the near future, people of New York City and Miami can also look out for these shows, which bring Guyanese products to you,” Da Silva pointed out.
He also noted that participants of the trade show are getting real results out of the events, and that GOINVEST is working with both local and foreign investors. Mr. Da Silva said that his agency is integrally involved in the establishment of the many businesses because his personnel review, assist and guide the investors step-by-step.
“We need to further strengthen the Private Sector by encouraging more foreign Investors while at the same time strengthening the Public Sector also,” said Mr. Da Silva.
Despite a hectic schedule, President Jagdeo took the time to meet and greet Canadian-based Guyanese and potential investors. He also held one-on-one meetings with businesspersons, who expressed their various interests in investing in Guyana. The President was the key speaker at a trade seminar and the launching of the Guyana-Canada Business and Professional Association. Also on Friday evening, His Excellency graced with his presence the launching of four books produced by Guyanese.
He also met members of the business community and visited the International Muslim Organisation in Toronto on Thursday, shortly after arriving in Toronto from the United States of America.
The President’s visit to Toronto and the USA is an extension of his outreach programme to interact with Guyanese and address their many concerns, while at the same time enlightening them about the developments and challenges in Guyana.