GuyExpo 2024 has highlighted the government’s strong commitment to fostering growth within the Private Sector, especially for Small and Medium-Sized Enterprises (SMEs), as over 300 entrepreneurs and business owners showcased their products and services.
The event, celebrated as the country’s premier trade and investment expo, has drawn thousands of participants, attendees, and stakeholders, all keen to witness the economic vibrancy of the country.
Held at the National Exhibition Centre, this year’s expo focuses on building a sustainable future for SMEs through increased visibility, collaboration, and networking opportunities.
The Government has emphasised its dedication to creating a business-friendly environment where local businesses can thrive, by implementing supportive policies, incentives, and infrastructure among other initiatives.
President Dr Irfaan Ali, who delivered the keynote address at the event’s opening, reaffirmed the Administration’s intention to diversify the economy and strengthen the Private Sector as a key driver of economic resilience.
“The Government has directly supported SMEs by distributing over $1 billion to 4000 SMEs, providing training to over 10,000 businesses across our country. These are real results. This is real work, not a fragment of the imagination of those who are tested and failed. This is the result of hard work, continuous work, going to the grind every day and getting it done, not sleeping on the wheels of development,” he declared.
“My friends, let me continue on SMEs. Our partnership with financial institutions facilitated hundreds of new loans, totalling billions of dollars to SMEs. We unlocked the possibility of SMEs getting capital with targeted policies that supported the financial institutions and reduced the risk in lending to SMEs.”
Further, the Guyanese Leader highlighted the Government’s achievements in boosting wealth creation through the build-out of new and existing industries.
On this point, he disclosed plans to prioritise financial literacy, encouraging citizens to invest in opportunities that generate sustainable income.
“Wealth creation is about investing in people, equipping them with the knowledge, skills and opportunities to thrive in a growing modern economy. By focusing on human resource development, we enable individuals to achieve and contribute to the economy, but also invest in the foundational pillars of personal well-being, affordable housing, accessible health care and quality education.
“These investments transform individuals into empowered citizens who can seize new opportunities and drive the spirit of enterprise.
“Wealth creation requires a forward-looking perspective, one that values and welcomes both local and foreign investments as a catalyst to economic transformation. It is not about being myopic or fearful of outside influence, rather it is about understanding that investors take on significant risks to help build our industries, infrastructure and workforce. These investments lay the groundwork for a more dynamic economy, one that creates jobs, enhances our skills base and modernise key sectors,” he noted.
Meanwhile, Tourism, Industry, and Commerce Minister Oneidge Walrond also praised the role of SMEs in job creation and economic growth, pointing out how Government initiatives like tax incentives, and low-interest loans and grants have provided crucial support for small businesses.
Highlighting that the Expo provides a stage for launching products, and exposes businesses to new markets, Walrond encouraged local businesses to capitalise on the opportunity.
“The Expo features a diverse array of attractions including an international and service pavilion, a main auditorium, dedicated spaces for our processors, a tourism village, an international food court, a children’s zone, and daily life and entertainment.
“You will see products that have grown with us through generations, some of which have evolved into internationally known brands, as well as new trend-setting innovations paving the way for the future. And we are committed to supporting the small and medium enterprises of today, among which may be international brands of tomorrow,” the Minister noted.
This year’s GuyExpo features over 300 booths, showcasing various sectors, including technology, agriculture, manufacturing, and the creative industries. For many, this Expo is a chance to connect with potential investors and expand their reach, both locally and internationally.
Representatives from neighbouring Caribbean nations and further afield were also in attendance, indicating the growing interest in Guyana’s expanding Private Sector. Many exhibitors noted the Expo’s role in enhancing the visibility of Guyana’s entrepreneurial landscape and attracting foreign investment.
GuyExpo 2024 stands as a testament to the Government’s ongoing efforts to make Guyana a hub for Private Sector development and entrepreneurship, where small businesses and SMEs have an integral role in shaping the country’s future economic prosperity.
