The Guyana Manufacturing & Services Association (GMSA) recently concluded a Technical Cooperation Agreement with PRO-INVEST – Centre for the Development of Enterprise on ‘ Investment Promotion Related Capacity Building .'
The general objective of this project is to increase capacity for attracting foreign direct investment (FDI) into Guyana with a specific objective of enhancing investment-related management and negotiating skills and techniques.
The Association along with Private Sector Commission is working in partnership with the Government on this project. This is an attempt to create an appropriate investment climate which reflects a stable macro-economic and socio-political environment that is investor-friendly with minimum bureaucracy.
At the Project purpose level, the intended action (implementation of a workshop) will provide the Private Sector with the management capacity and mechanisms for attracting FDI.
The GMSA has accepted the role as lead Agency for the Private Sector in its classification as the engine of growth in the quest for vibrant initiatives supportive of economic development.
The topics outlined for this programme have been highlighted as investment promotion techniques, negotiations and contract management, promotion of international standards and certification, and partnership meeting techniques.
It is anticipated that the course curriculum would provide the content for a management transfer arrangement to occur between Caribbean/Guyanese companies and European Investment Experts that need to be sustained.
Ten CARICOM companies would be identified to participate in the training programme and according to the GMSA, they must be willing to seek investment opportunities in Guyana in those fast track areas mentioned in the National Competitiveness Strategy.
Target audience includes Business Associations, Exporters, Manufacturers and Industrialists in Guyana and the Caribbean .
Some concrete outputs for participation at the programme would include enhanced capacity to create partnerships with European and foreign companies in those areas of greatest need; increased ability to negotiate with European and foreign companies on a one-on-one basis for various forms of Joint Venture Partnerships, and increased capability for identifying opportunities which would prove attracting to European and foreign companies.
Meanwhile, in its quest to efficiently serve its membership, the GMSA has successfully negotiated and implemented a Technical Cooperation Agreement with the Multilateral Investment Arm of the Inter-American Development Bank (IDB).
The project on nutritional labeling and packaging officially commenced on September 14, 2005 and concluded in mid-March.
The Association having recognized that small and medium enterprises in the Agro-Processing sub-sector are facing increasing competition from regional and international competitors sought the intervention of the IDB in the form of a grant.
It was recognized that small and medium enterprises must seek to expand their markets beyond domestic boundaries, if they intend to survive and grow.
It was also noted that products from some of these companies found difficulties in penetrating export markets because they failed to meet the informational requirements of these markets and thus the need to improve their labeling and presentation arose.
As a result of this intervention, experts from the GMSA were able to offer assistance and advice in identifying the proper material to package products according to Caribbean, U.S.A, Canada and European Union standards.
The Association is now also able to produce nutritional labels and ingredients with the option of having it done bilingually, including up-to- date trans-fat information and allergen statements, helping companies to standardize their formulations, providing specific properties for the most common types of ingredients in product formulation/recipe, predict and managing the costing of formulation, and helping to project production costs for products not yet manufactured.
Towards this end, the GMSA has created a database of more than 26,000 foods and food items, including raw materials, chemicals and food industry ingredients.