Virtual system launched to eliminate investment bottlenecks

Virtual system launched to eliminate investment bottlenecks


— mobile app to be introduced soon

(Navendra Seoraj, Guyana Chronicle) CRITICAL in creating an environment, which is conducive for economic advancement, is the reduction of bureaucracy and red tapes; issues which the Guyana Office for Investment (Go-Invest) is hoping to address through its new online investment portal.
This new investment portal will allow investors to search and initiate direct exchanges with Go-Invest, and will also encourage local companies, startups and individuals to build and present their projects to potential partners and investors.
Such a platform is seen as timely because there has been an unprecedented increase in investor interest in Guyana.
Chief Executive Officer (CEO) of Go-Invest, Dr. Peter Ramsaroop, in a recent statement, explained that the portal is basically the transformation of the agency’s website into an investment portal –

“Our new mandate is in sync with His Excellency, Dr. Mohamed Irfaan Ali’s commitment to make Guyana the number one investment destination by making it easier to access Guyana’s diverse investment portfolio.
“This new portal is a significant step towards the development of a single-window investment process. Guyana is an exciting investment destination; this portal reflects our excitement and defines what’s available and how to progress with your investment in Guyana,” Dr Ramsaroop said.
The investment portal is intuitive and easy to navigate, as it can be used effectively by both local and foreign investors.
It showcases investable projects and opportunities across all economic sectors, and affords investors the opportunity to search, view and respond to investment projects and opportunities.

Persons or companies looking for investors, partners, buyers or distributors, could build and present their projects on the portal, among other things.
“Go-invest is focused on fast tracking our economic development and are re-engineering our systems and resources to actively respond to the increased investor interest in Guyana… the portal is a significant tool to expedite the process and deliver higher levels of efficiency,” Dr Ramsaroop said.
This is the first stage of the portal’s release. More features and functionalities will be added as the agency progresses with its development plan which includes the integration of various ministries and agencies, and the introduction of a mobile app.

With renewed and increased interest in the local economy, Guyana has an opportunity to assess its systems and create processes which are business-friendly and encouraging for not just international investors, but locals as well.
According to a study done by the Government of Germany and other stakeholders, a perfectly sensible bureaucratic procedure can become clumsy through poor interfaces between people, or through poor communication on how the process works.
The study found that streamlining procedures and increasing the service orientation of administrative personnel can, therefore, play an important role in reducing inefficiency and thus reducing costs.

Red tape shows up in and between all kinds of organisations, such as the different spheres of the government, in the private sector and in civil society.
An example of this, in Guyana’s perspective, is the difficulty faced by local businesses when trying to access contracts, particularly in the oil and gas sector.
The new government has already committed to creating an enabling environment for business development through a seven-point plan which includes preserving the rule of law and democracy; improving the ease of doing business; enhancing national competitiveness; facilitating trade and investment; and supporting small businesses.

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