PSC gives UK insight into local business prospects

The Private Sector Commission (PSC) last week held discussions with top officials of the British High Commission during which the body outlined business prospects and opportunities provided to the country with the current configuration of the National Assembly.

Head of the team for the Caribbean, Central America and Mexico’s Department of the UK’s Foreign and Commonwealth Office, Madeline Knox and British High Commissioner, Andrew Ayre were the UK’s representatives at the meeting.

Knox and the high commissioner were given a brief history of the country’s political situation by the PSC Chairman, Ramesh Dookoo, who said that the current parliamentary disposition allows for greater cooperation between the political parties, and this bodes well for Guyana.

The PSC chairman also briefed the UK government representatives on the country’s economic prospects from a private sector perspective, and assured them that the private sector sees great scope for investment and economic development.

The expansion of mining and the opportunities being opened up for the country’s agricultural sector were also discussed, and it was noted that the current trade agreements in force will allow for an expansion of exports.

The non-reciprocal Partial Scope Agreement with Brazil and the current demand for Guyanese exports by Venezuela were mentioned.

The Economic Partnership Agreement (EPA) was also discussed, and the PSC said that Guyana has fulfilled its obligations under the agreement, but wants to see more grant funds flowing to Guyana’s private sector from Europe. The PSC felt that trade relations with Caricom have been disappointing since a high degree of protectionism still exists in other Caribbean countries.

With respect to the country’s manufacturing sector, the private sector has been lobbying for the establishment of a free-zone. It was noted too that the issue of electricity is crucial to the manufacturing sector which needs cheaper energy to be able to compete.

The PSC explained that Guyana has introduced procurement legislation to address the possibility of bid-rigging and other irregularities related to the tendering of contracts. The possibility of Guyana introducing legislation similar to the UK’s recent Bribery Act was also discussed.