…GO-Invest boss tells foreign investors at oil and gas summit in G/town 
The second annual Guyana International Petroleum Business Summit and Exhibition (GIPEX), which will run until Friday, opened at the Marriott Hotel in Georgetown on Wednesday.
With Government under the spotlight for Guyana’s poor ease of doing business rankings, the Guyana Office for Investment (GO-Invest) is assuring that its operations are being restructured to improve the service it provides for both oil and gas and other sectors.
This was revealed by GO-Invest Chief Executive Officer Owen Verwey during his address to participants at the business summit.
“Guyana is open for business and GO-Invest is here to support you. We’re here to support your business development, needs and activities that are within the realm of our mandate and capability”.
“The agency has done so before and we will continue to do so. As Guyana prepares to enter the age of oil and gas, this agency has continued improving its capabilities in recent years,” Verwey added.
According to Verwey, his agency’s review will include looking for ways to improve its strategies and resource capabilities. Verwey also explained that this review would not be limited to the oil and gas sector but rather their operations in other sectors will be examined.
“This is to ensure the agency can adequately support businesses in this new era. While this review will include the oil and gas sector, it will fully include the traditional sectors of Guyana, not excluding manufacturing, agriculture, forestry, mining, tourism and the fact emerging information technology and outsourcing industries”.
As of 2018, Guyana’s position in the world when it comes to the ease of doing business had dropped two places. According to the World Bank’s 2018 Ease of Doing Business Report, Guyana placed 126th in the global rankings.
To determine this, the Bank looks at indicators such as registering, compliance, taxation and obtaining loans. Besides administrative factors, it also looks at legal measures, such as protection and settlements.
Verwey’s speech was one of several to herald the launch of the second annual GIPEX, which will see approximately 100 companies involved and dozens of booths featuring at the event this year.
Meanwhile, Energy Department head, Dr Mark Bynoe said that for the first time, Guyana has an opportunity for true self-determination.
