Challenging year for business in Guyana but economy will rebound – Min. Gaskin

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By Jomo Paul

Minister of Business, Dominic Gaskin
Minister of Business, Dominic Gaskin

[www.inewsguyana.com] – A global drop in commodity prices and lack of influx of cash into Guyana’s local economy are some of the factors that contributed to a challenging business year, but Minister of Business, Dominic Gaskin has assured stakeholders that the economy will recover with renewed momentum.

Gaskin offered the sentiments as one of Guyana’s oldest private sector groups – the Georgetown Chamber of Commerce and Industry (GCCI) – held its annual awards gala at the Pegasus Hotel on Thursday December 3, 2015.

The Minister detailed several of Guyana’s core economic sectors which a showed decline in 2015 due to the global economic situation. These included the mining and quarrying sector, the agriculture sector and the energy sector.

In this regard, the Minister said it is important that the private sector’s goal align with that of Government thus ensuring synonymous development of Guyana’s potential.

Head Table: Business Minister Dominic Gaskin, GCCI President Lance Hinds, Junior Vice President Padma Kunjebeharry and other members of the private sector
Head Table: Business Minister Dominic Gaskin, GCCI President Lance Hinds, Junior Vice President Padma Kunjebeharry and other members of the private sector

“In a nutshell we need to keep increasing the amount of money entering the economy if we want to keep it going,” he said.

“There isn’t anything we can do to influence global commodity prices…Nothing that any government can do to develop our economy will be good in the long term unless the private sector and public sector has a clear understanding of what our priorities are,” Gaskin added.

In this regard, Gaskin hinted at major developmental projects that may feature in the 2016 Budget to be presented in January.

GCCI 2“The concept is simple – besides creating work and putting money into the economy what is being developed is a national transportation network,” he said referring to the Parika to Goshen and the Lethem to Georgetown road plans.

“Nothing inherently wrong with Guyana that prevents us from having the good life,” he said urging the “Private sector local and foreign to make the necessary investment in Guyana and our economy will rebound and everyone will enjoy the good life.”

Gaskin is adamant that Guyana will become the “economic tiger” that many have predicted it can be.

Meanwhile, GCCI President, Lance Hinds said that Guyana’s private sector should prepare itself to provide the services that will be required in Guyana’s future as an oil producing state.

“Guyana has the potential to benefit significantly from what appears to be a large deposit of oil…As stakeholders we have a responsibility to ensure that this promise of a bright future becomes a reality,” said Hinds

He said that the government and private sector has to work together to ensure that correct and robust policies are implemented with the aim of development.

“It is imperative that we work together to fulfill that potential that has escaped us for so many years,” he said adding that the sector must “prepare ourselves to competitively provide the service required.”

6 COMMENTS

  1. What good life are you talking about Mr Gaskin? For the few or the masses? As for the latter, they will have to keep on struggling with no silver lining behind the dark clouds enveloping the land.
    Mr Gaskin, Guyana needs cheap and reliable electricity. Ask the PNC and AFC parasites why they blocked that important hydro electric project when in opposition. That project would have been far advanced but no!!! Political spite and vindictiveness. Guyanese manufacturers now have to wait while others are soldiering on for their countries’ development. Surinam for e ample. When will Guyanese begin to have a good life? Not with this administration in power.

  2. When Mr. Minister will the economy will be rebound, as a quality Minister of Business can you please gives us a date or let the nation keep dreaming when it will be time guys are a pack of fools
    you guys are relying in a commodity that will take another 5 years at least to come on stream. but what will be the price of that commodity,,, will any want to invest in oil in another 5 years or soo.
    the economy will not rebound as the vision of the visionless Minister is say

  3. No wise businessman ,entrepreneur would want to invest where the leaders are dictators and lavish spenders of other ppls money, where the govt wants control of the businesses and the future looks dull under these morons.

  4. Where there is no vision, the people perish – Proverbs 29;18
    In the oil economies of Venezuela and Nigeria, the ‘good life’ has only been for a ‘chosen few’. In Guyana it seems we are treading the same path.
    The promise given was a necessity of the past; the word broken is a necessity of the present. – Niccolo Machiavelli.

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