Leaders in Guyana’s private sector have expressed strong optimism and readiness to capitalise on the new opportunities expected to arise as the country’s development agenda accelerates.
Chairman of the Private Sector Commission (PSC), Captain Gerald Gouveia (Jnr), said the business community is encouraged by the range of incentives and policy initiatives announced by President Dr Irfaan Ali in his national address on Wednesday evening. The measures he noted send a clear signal about the government’s priorities and the direction in which the economy is heading.
Describing Guyana as a country rich in emerging opportunities, Captain Gouveia noted that the government has placed strong emphasis on a broad cross-section of sectors and social groups. These include tourism, manufacturing, the creative industries, logistics and national connectivity, hinterland development, youth and women, persons with special needs, and senior citizens.
“If you listen to all the incentives, they tell you where the priorities are. They also encourage the private sector to invest, all the way down to our furry friends, because animal care is now tax-free, and that’s amazing,” the PSC Chairman said.
He added that the policies reflect a clear “no Guyanese left behind” philosophy and reaffirmed that the private sector is keen to collaborate closely with the government to deliver these initiatives as tangible outcomes.
PSC stakeholder Komal Singh echoed these sentiments, noting that the President’s announcements extend benefits beyond businesses to ordinary citizens. According to Singh, many of the initiatives outlined are expected to positively impact critical areas such as healthcare, education and human services, thereby strengthening overall social welfare.
Komal Singh also highlighted the strong response from private-sector players to measures targeting agriculture, which he said were particularly well received. Supporting this view, the Managing Director of Bounty Farm Limited, David Fernandes, said that introducing a zero-carbon tax framework for agriculture is likely to stimulate further investment in the sector.
David Fernandes noted that stakeholders are now keenly awaiting the presentation of the next national budget, which he believes will create opportunities for businesses to pass on cost savings and other benefits to consumers.
Another private-sector voice, Youni Abdul, observed that the country is moving away from fragmented support measures towards a more comprehensive benefits system for citizens.
“If you look at the total cash value of all the benefits — from cradle to grave — from the time you are born, you receive a cash grant, through increased pensions planned over the next five years, and everything in between,” said Youni Abdul.
Joseph Hoyte, who attended the event, told reporters that the renewed focus on agriculture was long overdue. He said the measures announced would open doors for people at every level of the agricultural value chain to expand production and improve livelihoods.
Meanwhile, Pernell Cummings of the Guyana Bank for Trade and Industry (GBTI) said the bank has been actively partnering with the government to strengthen financial literacy and improve access to credit for small businesses.
“As you know, GBTI launched GBTI Grow, our small-business arm, about a year ago. We are therefore working closely together to help make these goals achievable for the Guyanese public,” Cummings said.
Overall, private-sector representatives signalled strong confidence that the government’s policy direction will create a more inclusive, dynamic and opportunity-rich economic environment for Guyana.