Demerara Distillers Limited (DDL) Chairman Komal Samaroo on Thursday called for more emphasis to be placed on developing the manufacturing and export sector.
His concerns were grounded in the fact that Guyana’s Balance of Payment showed a US$69.5 million deficit for 2017.
Samaroo was at the time addressing a gathering for the launch of the Georgetown Chamber of Commerce and Industry’s (GCCI’s) business magazine.
The business executive warned that with the global market as competitive as it is, more needs to be done to lift local standards.
He noted that to do this, a high level of technical competence and discipline is needed. But there are challenges even with these lofty goals. Here, Samaroo referenced the bureaucracy that some manufacturers must deal with when transacting their business.
He also noted that “In today’s world, the advance in the digital and artificial technology is transforming all aspects of business,” he related. “It is important that our education system in Guyana be revamped to produce people who are fully equipped with the skill sets to manage businesses in the technical age.”
“We have to export to international and regional markets. The international market is very competitive, complex and constantly changing. If one is to be successful, one has to be equipped with the market data to respond to those changes.
“Our production system must meet international levels, at all times and this requires a high level of technical competence and discipline in management of manufacturing companies,” Samaroo related.
The 2017 macroeconomic report speaks to below projected merchandise export earnings.
According to the report, Guyana’s overall balance of payment in the 2017 fiscal year showed a deficit of US$69.5 million. This is a hike when compared to US$53.3 million the previous year.
Meanwhile, at the launch of the 9th edition of GCCI’s Magazine, the Chamber’s President Deodat Indar told the gathering that the revenue generated via the Business Magazine would all be channeled towards a special fund that has been established to rebuild the Chamber’s Secretariat as he expressed his gratitude to those individuals who played a role in its overall success.
The GCCI President also urged all Guyanese to tap into the countless opportunities that are available in various industries which can in turn have a positive impact on the economic health of the nation.
One of the main sponsors for the launch of the Magazine, Caribbean Airlines also chimed in as it urged businesses to utilize all avenues to assist in pushing the overall growth of the economy because they too will benefit immensely.