Guyana’s business sector is experiencing significant growth, with the number of businesses registered over the past two years more than doubling compared with previous years.
Minister of Public Service, Government Efficiency and Implementation Zulfikar Ally made the statement on Tuesday while highlighting the growing opportunities for entrepreneurs.
During an engagement at the Tuschen Radha Krishna Mandir on Tuesday, the minister said the increase in business registrations reflects growing confidence among Guyanese in the opportunities available to start, expand and modernise businesses.
“If you have a business idea, our economy is such that now business can flourish,” Minister Ally emphasised, explaining that, “It tells you that more and more people are seeing the opportunities that are there to do business.”
He pointed to the growing involvement of young people in entrepreneurship as another indication of the changing business environment.
In addition, the minister recently attended a meeting with President Dr Mohamed Irfaan Ali and students from three high schools who showcased products they had developed with support from government initiatives.
Among the products were oil, pepper sauce, soap and cornmeal. The initiatives are designed to expose students to agriculture, innovation, product development, packaging and potential markets.
He said, “These are high school kids that have now invented their own products. They have packaged their own products with the help of the government. And now they are ready to go to market.”
Minister Ally said the government intends to help these young entrepreneurs access financing through the newly established Guyana Development Bank, which provides financial support for small and medium-sized businesses.
Minister Ally urged Guyanese with viable business ideas to take advantage of the opportunities available, arguing that the current economic environment provides greater scope for entrepreneurs to turn ideas into income-generating ventures.