GOINVEST AND GMSA ESTABLISH COOPERATION FRAMEWORK
The Guyana Office for Investment (GO-Invest) and the Guyana Manufacturing and Services Association (GMSA) have formalized a mechanism of cooperation to facilitate business development support including timely access to incentives for the manufacturing and services sectors, promoting joint ventures and partnerships between local and foreign investors, and undertaking joint activities aimed at investment promotion.
According to GMSA President, Mr. Shyam Nokta “This MoU is timely considering the imminent expansion of Guyana’s economy and the opening up of the country to investments, both local and foreign. In the past, local businesses have experienced frustration in accessing support and incentives and we hope through this partnership this could be addressed. Considering the focus being placed on local content, we are keen to work with GO-Invest to ensure there is partnering of foreign investors with local businesses. Importantly too is the need to address the uneven playing field in the oil and gas sector where Guyanese businesses have not been able to fully benefit from the concessions and incentives that foreign companies are able to benefit from. This is a major area of concern we will be taking up with GO-Invest so as to allow Guyanese businesses to compete in oil and gas and are not displaced in other sectors.”
According to GO-Invest CEO, Dr. Peter Ramsaroop “This MOU between the Guyana Office for Investment (GO-Invest) and the GMSA represents a substantial revitalized commitment to the support for the development of the Manufacturing and Services Sectors. We have recognized that the year 2020 has been an extremely difficult one for the Manufacturing and Services Sectors. GO-Invest will continue to work to ensure the local private sector benefit from the oil and gas sectors and more so to promote and encourage joint venture opportunities between local and foreign investors. Additionally, GO-Invest will strive to diligently promote and market locally produced goods and services, and advocate for the equitable treatment for both local and foreign investors as is catered for under the laws of Guyana. Through this MOU, GO-Invest aims to collaborate with the GMSA to resolve bottlenecks and difficulties currently facing investors in the areas of trade and investment.”
One of the first initiatives under the MoU is the convening of an Investors Forum between GO-Invest and GMSA early in the new year targeting Guyanese businesses across sectors. The purpose of the forum is to raise awareness of the incentives and investment support being offered by Government and to allow for discussion on the challenges and opportunities facing local businesses.
