The Georgetown Chamber of Commerce and Industry recorded a Gy$5.3 million profit, according to its just-released annual report for 2011.
Immediate Past President Komal Ramnauth in his report stated that 2011 has been a significant year for business in Guyana.
Ramnauth said there was positive growth in many sectors, notably in the mining, banking and telecommunications industry. This, he said, translated into an average economic growth of four per cent for the country.
“As stated in the Ministry of Finance’s 2011 Mid Year Report, the private sector experienced more positive investments when compared to the previous year. We saw an increase in foreign direct investments in the mining and telecommunications sectors which impacted positively on the country’s external reserves pegged at US$ 779 million,” he noted.
According to Ramnauth, internal revenue was Gy$ 26.5 billion, corporation taxes amounted to Gy$ 10.6 billion, while the self-employed income taxes totalled Gy$ 1.5 billion.
He noted that the increase in economic activity bears testimony to the private sector’s will and commitment to being the engine of growth in Guyana.
In this regard, Ramnauth explained that the chamber has been closely evaluating the progress of its five-year strategic plan, focusing on the accomplishments and outstanding deliverables needed to better serve the membership and business community. He added that one of the major achievements of the chamber in 2011 was the formalisation of the Citizens’ Security Awareness Programme under which GCCI was able to play a pivotal role in the governance and democracy of Guyana leading up to the national elections.
“In collaboration with USAID’s Governance Enhancement Project, we successfully coordinated a series of stakeholder dialogue aimed at bringing together all the major political parties that contested the November 28, 2011 general and regional elections and other major stakeholders to discuss critical issues,” Ramnauth said.
Dialogue
He revealed that the chamber also hosted a presentation by American Professor David Lublin on electoral processes and the role of the media in an election period.
Also in 2011, the Georgetown Chamber of Commerce undertook other initiatives, among which was the representation of the business community through the public/ private dialogue body with the Guyana Revenue Authority (GRA).
As a result of these dialogues, Ramnauth explained that the chamber saw the introduction of a scanner at Guyana National Shipping Company (GNSC) Wharf.
In collaboration with the Guyana Fire Service and the Hand-in-Hand Mutual and Fire Insurance Company, GCCI hosted the second in a series of fire safety and fire prevention workshops, which was attended by more than 45 participants from member companies and agencies.
Business Guyana Magazine
Ramnauth disclosed that the chamber also published the second edition of its Business Guyana Magazine on June 11, 2011. According to him, the magazine has proven to be the premier trade and investment magazine geared towards attracting investors to Guyana.
“It highlights the vast opportunity and potential that Guyana offers as a business destination and in so doing, complements the efforts made by the government to attract investment,” the former president emphasised.
He pointed out that one of the goals outlined in the five-year strategic plan is for the chamber to become financially self-sufficient by 2012.
“I am happy to report that this status has not only been achieved but also we continue to grow. After a record surplus of Gy$4.7 million in 2009, a first for the organisation.
The chamber sustained a steady growth of Gy$ 5.5 million in 2010 and Gy$ 5.3 million in 2011,” Ramnauth stated.
He expressed optimism that the chamber would continue to exhibit the same level of cooperation and collaboration with government agencies, civil society and private companies as in previous years.
This year, the chamber intends to construct its new state-of-the-art secretariat and initiatives are on stream to improve staff capacity.
“These activities remain a top priority for the executive; the floor plans have already been drawn up and we are set to move on to the next stage.”
Ramnauth also expressed hope that the national economic growth rate will continue to increase in 2012, with the new investments in mining, forestry, rice exports and increased gold production from existing miners.
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