Thursday, April 18 2013
ON April 24, the Chamber will host its Annual Meeting Luncheon at the Hyatt Regency. The feature address will be delivered by His Excellency Donald Ramoutar, President of the Co-operative Republic of Guyana, on the theme “Exploring Markets in Guyana — Opportunities and Incentives to Attract Foreign Investors”.
Given Guyana’s steady macroeconomic environment and continuous growth for the last seven years, the Chamber believes that this is an opportune time for the private sector in TT to be made aware of the unique business prospects available and consider joint venture opportunities which can provide access to reduced cost inputs in production of goods and services.
TT enjoys a healthy bilateral economic relationship with Guyana in sectors such as agriculture, education, energy and construction. Although the trade balance is in TT’s favour due to energy exports, opportunities exist in other sectors of the Guyanese economy. Mandated by the Government of Guyana, Go Invest, the country’s primary investment promotion agency, seeks to attract investment and development in agriculture, seafood, forestry, manufacturing, tourism, ICT, mining and energy.
Guyana’s natural resources are vast and largely untapped, with extensive savannahs, productive land and forests, rich mineral deposits of gold, bauxite and diamonds, abundant water resources and 430 kilometres of Atlantic coastline. While recognised globally as a sugar and rice producer, much of its agricultural potential is yet to be realised, especially with fresh and processed fruits and vegetables. Its forestry potential is now beginning to be realised, particularly in value-added wood products. Its extensive network of rivers and Atlantic coastline provide ideal conditions for both seafood and aquaculture. Additionally, its pristine environment, unspoiled rainforest and exotic fauna and natural attractions, make Guyana a highly attractive location for eco and adventure tourism.
Guyana also offers its prospects via its unique geographic positioning and its socio-political heritage which places them at the gateway of South America and the Caribbean. On one hand, its Caribbean and English-speaking heritage enables Guyana to be part of Caricom, while on the other, it is a South American country, bordering two of the continent’s most important economies – Brazil and Venezuela. As a result of its geographic proximity, Guyana has easy access to 277 million consumers.
Business operators will find a combination of regional, bilateral and preferential agreements. About 75 percent of Guyana’s exports enter destination markets duty free, with many others receiving duty-reduced access. This is achieved through Guyana’s membership of Caricom, which provides duty-free access to the 15-nation market, Caricom agreements with the Dominican Republic, Colombia, Costa Rica, Cuba and Venezuela, partial scope agreements with Brazil and Venezuela, and bilateral agreements with Argentina, China and Turkey. Both public and private sector leaders have declared Guyana ‘‘open for business’’.
Investors from TT will receive the same treatment as domestic investors. Guyana provides an array of across-the-board investment incentives, including a flat business tax rate, tax holidays, waivers of customs duties, export tax allowances, and unrestricted repatriation of profits, as well as additional incentives in priority export sectors.
As global competiveness places added pressure on businesses operating in TT, Guyana provides a range of dynamic business prospects that can provide low cost solutions and new market opportunities.
These benefits will be explored on April 24 when President Ramoutar addresses our business luncheon, to which the business community is invited to register.
Source Article from http://www.newsday.co.tt/businessday/0,176457.html
