Canadian High Commissioner acknowledges the disastrous effect of poor security on businesses

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Dr. Giles addressing the meeting.
Dr. Giles addressing the meeting.

[www.inewsguyana.com] – Canadian High Commissioner to Guyana Dr. Nicole Giles has underscored the importance of good and functional security to the prosperity of the local business community.

She was at the time delivering remarks for the first time since being appointed High Commissioner almost five months ago at the 81st anniversary luncheon of the Berbice Chamber of Commerce and Industry (BCCI) on Sunday (February 2).

“The Government of Canada realizes the disastrous effect that poor security has on businesses, in particular small and medium enterprises” Dr. Giles stated.

She believes the lack of security is a threat to the safety of a nation’s people and challenges the ability of businesses to thrive and attract investment.

She pointed out however, that there is a role for business in facing this challenge.  “Your vigilance and commitment to ethical business practices both contributes to and strengthens society, as well as strengthening security and decreasing risks in the Berbice business sector,” she added.

The High Commissioner noted too that while businesses play a role in increasing safety and security, also of great importance is a level of security in place in order for business to thrive.

“It is imperative therefore that we commit to principles of corporate social responsibility, and that we seek the appropriate and effective mechanisms which can aid us in doing so.”

Meanwhile, Dr Giles also spoke of Canada’s commitment to providing support for small and medium enterprises in Guyana as part of their objective of engendering Sustainable Economic Growth in the region.

According to her, the Government of Canada believes that it can best support economic growth and development in Guyana through a focused approach which is working with the country to support sound legislation for extractive resource development, the promotion of good governance, support for SME development and the development of skills and training to meet the needs of industry.

“SMEs are a significant contributor to the global economy, often employing more than 60% of the workforce.  This sector is considered high risk and largely underserved by the financial community.  In response to this need, Canada has supported the establishment of the Credit Bureau.”

Last week, Canada through the IFC and in collaboration with the Guyana Bank of Trade and Industry (GBTI) launched the GBTI’s Risk Management Initiative. The aim of this initiative is to design a more comprehensive prediction model that is specifically tailored for the SME sector, one that is not only based on financial ratios derived from accounting data.

She urged all to continue in their pursuit of ethical business practices which benefits not just your business and the Berbice Community but all of Guyana.

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