President of the Georgetown Chamber of Commerce and Industry (GCCI), Timothy Tucker believes that for Guyana to successfully meet the demands which emerge from growing industries, the private sector and the State must work in unison.
He made this statement at the 133rd Annual Awards and Gala on Thursday evening which saw a conversion of key players in the business community and other stakeholders, where areas of growth and new prospects for the country were areas of talk.
Regarding local content, the GCCI President said it is important that foreign investment in Guyana not be at the expense of indigenous companies but locals must be able to meet the demand required. Moreover, meeting international standards would require joining forces with Government.
“Whether through better access to finance, developmental forums, seminars, or marketing fundamentals, the work never stops. The private sector seems to increasingly have a role to play in helping our nation to meet local and international development targets. To ensure that our economy meets the highest international standards, the government and private sector must join forces,” the private sector official underlined.
He shared the view that Guyana is well on its way to a modernized future and lauded Government’s responsiveness in catering to development through better infrastructure and other input.
“The making of modern Guyana is well on its way and today’s generation of Guyanese are incredibly privileged not only to witness but to be part of it…There’s no denying that Guyana’s booming oil and gas sector generates billions in revenue. With the country’s economy expanding at the fastest rate in the world, we commend the government for its responsiveness in undertaking several megaprojects to keep up with this growth.”
The Finance Ministry’s projection is that real Gross Domestic Product (GDP) growth for 2022 is 56 percent overall, while non-oil GDP growth is projected at 9.6 percent. Tucker shared that with these figures, it paints the picture that the country’s growth remains broad-based. Moreover, he added that the business community must not forsake the traditional sectors in wake of the new oil prospects.
He told the gathering, “Our nation is now the hotspot of investments and the Chamber has witnessed this firsthand as we continue to welcome delegations and potential investors. Although we are committed to pursuing all business opportunities that exist in the oil and gas sector, we must also remember agriculture, agro-processing, manufacturing, tourism, finance and construction sectors are equally critical to the development of our nation.”
Despite challenges this year, the GCCI President said the body remains steadfast in its common agenda of stable and sustainable growth for all.
“We have faced challenges as a business community but like an artist’s brush on canvas, we’re each other’s allies. I have no doubt that we are embarking on an age of unprecedented progress where many more masterpieces will be created. Despite what we have thought about the last 12 months, we have made it through the end of the year…We have all chosen to be here, sharing a common perspective, a set of core commitments contributing to a sustainable and stable economic and social environment in Guyana where business can prosper.”
Meanwhile, receiving the Media Award 2022 for its coverage of the GCCI for the past year was the Guyana Times.
This year’s Woman in Business was Evie Kanhai-Gurchuran while Chartered Accountants and Professional Services Firm received the award for Small Business of the Year.
Micro Business of the Year is Nice Touch Spa and Mobile Unit. The Lifetime Achievement Award was handed over to businessman Sattaur Gafoor.
Guyana Shore Base Incorporated was awarded the Local Content Award, in recognition of its incorporation of local content in its operations. The Guyana Defence Force was also presented with the award for its outstanding public service.
