These jackasses begged investors to come to Guyana and d2/CaribJ/Django/Gilly/Cain/warrior/GTangler all refused. Now we know why they refused as according to jackass Gaskin, there is no investment projects in Guyana. Nothing, nada, zilch. But what is questionable is why the pnc apologists continue to defend their party actions.
Challenges in the business climate… Guyana currently has no investment projects to offer – Gaskin
Business Minister, Dominic Gaskin delivered a most honest account of Guyana’s business
climate recently at the Heads of Mission Conference held at the Pegasus Hotel.
There, Gaskin spoke about a range of topics. But his remarks regarding the Guyana Office for Investment (Go-Invest) was what sparked much interest among those in attendance.
Gaskin disclosed that the reality facing the nation is that investors want to hear a “certain language”. He said that they want to hear about the ease of doing business here; they want to hear about public security and the integrity of officials. But most of all, they want to hear about the investment projects that Guyana has to offer.
The Business Minister in this regard, said that unfortunately, Guyana really has none to offer for the time being.
Elaborating more on this matter, Gaskin stated that in terms of investment promotion, GO-Invest is continuously trying to get the message out that Guyana is a good place to invest and that there are numerous investment opportunities in various sectors for which concessions are available.
He noted, however, that GO-Invest faces a similar challenge to what stakeholders in attendance are faced with in the area of investment promotion.
The Minister said, “Investors generally want to know what specific projects we have for them to invest in. And we have none. And therefore we tend to lose the interest of the investor because there are other countries competing for those limited investment funds that have tangible investment projects to offer.”
Gaskin continued, “So the truth is that right now we’re not speaking a language that investors are looking to hear. You may have noticed that for the most part investors are looking for some kind of partnership with the government. That is their preference because it gives them the confidence and security they are looking for. This is especially so for foreign investors including Diaspora investors.”
The Business Minister added, “Apart from that, investors are interested in political stability economic stability, rule of law, the integrity of Public Officials, physical Security and the ease of doing business. In these areas while we’re not high up in the ranking, we’re not that bad that investors will refuse to do business here. We just have a lot of work to do to improve the business environment so that we can gain an advantage over our competitors. As I said the main problem is that investors are looking for specific projects to invest in and we have none. At least none that are ready to be presented to them.”
Minister Gaskin said that the Government is looking to develop a portfolio of investment projects which Go-Invest can promote to investors. He noted that this is something that his Ministry has started to work on. He noted however that like the national investment and export strategies, this is not going to be ready anytime soon.
Gaskin revealed that Go-Invest and his Ministry have already discussed the kinds of businesses Guyana is interested in and the sectors that government is seeking to develop.
“Our Ministry is actually going to work with all ten regions in Guyana to identify projects in each region and refine and package them and make them investor ready. We’ve already started meeting with the Regional Chairmen and we’re getting a good response. But that’s not going to be concluded in a hurry, not until some time next year,” expressed Minister Gaskin.
The Minister of Business also spoke to the role of the Guyana Office for Investment and how it deals with Investment Agreements.
He explained that GO-Invest processes the investment agreements in order to facilitate investors. He said that it needs to first ascertain the validity of the business proposal, and the financial readiness of the investor including their source of funding. Having done this, the Business Minister said that it then submits its recommendations to the Guyana Revenue Authority (GRA). The GRA will then do its own compliance checks before recommending the agreement for the Finance Minister’s approval, said Gaskin.
Additionally, the Business Minister said that GO-Invest will generally work with the investor to help them to get all the paper work in order, especially when there are numerous items that are covered for duty free importation which have to be listed in the agreement.
He said that the list of items has to be accurate otherwise it can cause complications later down the line when the investor is ready to bring them in. He noted, too, that the investment agreement will usually have a time frame within which the investor will have to complete certain actions or forfeit the concessions.
Gaskin said that GO-Invest will also monitor the investor’s project to ensure that it is in keeping with the proposal originally outlined by the investor and for which the concessions were granted.
In addition to processing investment agreements, the Business Minister stated that GO-Invest is also involved in investment promotion and export promotion. He emphasized that it does attempt to facilitate exporters in various ways including match- making and the sharing of information.
Speaking with Kaieteur News yesterday, the Business Minister opined that the heads of mission have a job to do. He said that they are very useful components of Guyana’s trade facilities and diplomacy.
“They represent us in countries that we want to do business with, that we want to increase trade with and that we want to attract investors from. A lot of investors are interested in Guyana and we get a lot of proposals especially since the oil discovery,” the Minister said.
He stressed that the Government and his Ministry in particular do not want to squander that interest. However, Guyana has not been preparing itself to do business in a serious way with the rest of the world, Gaskin said
“And it is something that we have to now do in a hurry. At the institutional level, I don’t think we have even focused or spent enough attention on trying to ascertain what the international investor community is looking for but we have started that. ..,” the Minister said.
“We have to prepare ourselves very rapidly to take advantage of the attention that we are getting now. We have to prepare ourselves in terms of the relevant laws, skills and institutional frameworks. We need to strengthen some of our traditional and nontraditional sectors too so as to ensure we don’t become deponent on oil,” the Minister concluded.