GMSA, GO-Invest sign MoU to promote joint ventures, timely access to incentives

The Guyana Manufacturing and Services Association (GMSA) on Friday signed a Memorandum of Understanding (MoU) with the Guyana Office for Investment (GO-Invest) for businesses in those sectors to access more incentives and partnerships.

The MoU was signed by GMSA President, Shyam Nokta and Chief Executive Officer (CEO) of GO-Invest, Peter Ramsaroop.

The GMSA, in a statement, noted that the document will facilitate business development support, including timely access to incentives for the manufacturing and services sectors; promoting joint ventures and partnerships between local and foreign investors; and undertaking joint activities aimed at investment promotion.

Nokta, in brief remarks, noted that the agreement is timely considering the imminent expansion of Guyana’s economy and the opening up of the country to investments, both local and foreign.

“In the past, local businesses have experienced frustration in accessing support and incentives and we hope through this partnership this could be addressed. Considering the focus being placed on local content, we are keen to work with GO-Invest to ensure there is partnering of foreign investors with local businesses,” he was quoted as saying.

The GMSA President noted too that there is a need to address the uneven playing field in the oil and gas sector where Guyanese businesses have not been able to fully benefit from the concessions and incentives as foreign companies.

He added that the association will be taking up this concern with the investment office.

According to the statement, the GO-Invest CEO said the agency will continue to work to ensure the local private sector benefit from the oil and gas sectors and more so to promote and encourage joint venture opportunities between local and foreign investors.

“Through this MOU, GO-Invest aims to collaborate with the GMSA to resolve bottlenecks and difficulties currently facing investors in the areas of trade and investment,” he was quoted saying.

Additionally, GO-Invest will strive to diligently promote and market locally produced goods and services, and advocate for the equitable treatment for both local and foreign investors as is catered for under the laws of Guyana.

One of the first initiatives under the MoU is the convening of an Investors Forum between GO-Invest and GMSA early in the New Year targeting Guyanese businesses across sectors.

The purpose of the forum is to raise awareness of the incentives and investment support being offered by Government and to allow for discussion on the challenges and opportunities facing local businesses.