Investment proposals yet to bear fruit says Gaskin
Business Minister and Alliance For Change Executive Member, Dominic Gaskin during a press conference today at the party’s Centre for Change acknowledged that while there have been numerous inquiries and proposals from large investors, to date, none have borne fruit.
“Since we have been in office…but there are certainly a number of investment proposals that are in the pipeline so to speak and I won’t want to be any more specific than that…all areas, agro processing, energy …renewable energy in particular, mining, retail, manufacturing, a number of areas,” he noted.
Gaskin is maintaining that proposals are being received, even though some are more credible than others, in all sectors, with the Oil and Gas sector attracting more attention.
In response to a question, Gaskin said it is arguable whether incentive is a major factor in attracting investors, citing that investors look for profitability, predictability, stability and certainty. “ What investors want to see is a fair application of what the incentive regime is,” he pointed out.
As it relates to the Small Business Bureau, the Business Minister said a new enthusiastic and energetic Council has been appointed and has met twice already.
The Minister reposed much confidence in its operation and foresees small businesses benefiting from the realization of the provision within the Small Business Act, which will see 20 percent of public procurement funds going towards small businesses, “That is in the area of goods and services and that is something that has been ignored during the previous administration, kit was never really effected we have made a commitment to developing a programme which is also required under the act …developing a programme for implementing that provision and we plan to have a programme implemented before the end of this year.”
Through the Bureau, Gaskin is contending that lenders could seek information regarding the risks involved with a particular client and highlighted the utilizing of the credit report.
This mechanism, the AFC executive said would result in reduced risk by the lender and with reduced risks; lower interest rates would be birthed.