President Dr Irfaan Ali has committed to slashing energy costs by a remarkable 60% in three years.
He contended that Guyana needs to increase its competitiveness and in order to do this, its current exorbitant energy costs must be reduced.
Addressing the Private Sector Commission on Monday, the Head-of-State explained that the Government is committed to bringing back the hydropower project for hinterland and riverine communities. And to make this a reality, he said that Government is already in talks with India for a US$10 million loan.
“The objective here is to bring down the cost of energy by in three years’ time by almost 60 per cent. So, we must have a net surplus of energy. Enough energy to develop a proper manufacturing and processing sector, whilst we bring down the cost of that energy by almost 60 per cent. This is another aspect of improving our competitiveness.”
Meanwhile, President Ali told those gathered that the PPP/C Administration recognises the important role the PSC played over the past five months in ensuring Guyana returned to a democratic society. He said, too, that Government is confident that its relationship with the Private Sector will evolve for the benefit of the country.
“The role of the Private Sector Commission, the worth of the Private Sector Commission got an additional boost with your performance over the last five months. The role the Private Sector Commission played in ensuring that we are here today, in a democratic environment is enough to convince anyone that the Private Sector Commission is not only an important stakeholder, but one of the strongest stakeholders in advancing Guyana’s prospects and developmental opportunities,” President Ali noted.