The single window process that will facilitate easier investments in Guyana is expected to come on stream next year and in the meantime, Guyanese living abroad will be able to benefit from the support of an inter-agency workgroup to facilitate their investments.
This is according to Rosalinda Rasul, the Head of the Diaspora Unit at the Ministry of Foreign Affairs and International Cooperation.
Foreign businesses have expressed concerns about procurement procedures, lengthy timelines for permits and uncertain approval processes, which frustrate their efforts to invest in Guyana.
But, President Dr. Irfaan Ali said that this is a challenge the government is addressing by working to create a single window where investors will have to submit one set of documents and every regulator can then access it.
“This will facilitate the granting of licenses and other necessary instruments required in doing business,” the Head-of-State said recently.
On Wednesday, during a diaspora engagement meeting, Rasul told members of the Guyanese diaspora that this single window project is currently being worked on and it is expected that this will be completed by 2022.
She, however, highlighted that while that window is being set up, several groups of Guyanese have signalled their interest in investing in various sectors of Guyana. These include investments in the areas of oil and gas, technology, sports, power generation, construction, manufacturing and food services.
As such, a temporary body to facilitate investment has been created.
“What we are doing is that we will establish an interim interagency workgroup for investors,” Rasul said.
She later added: “… this was borne out of our conversations with investors who have expressed their challenges and they want to see the process move smoother and less time-consuming.”
The creation of this workgroup ties into other initiatives of the diaspora unit, geared at encouraging diasporic engagement and encouraging them to contribute towards Guyana’s sustainable development.
Meanwhile, Foreign Secretary at the Foreign Affairs Ministry Robert Persaud highlighted that the ministry will continue to work to ensure that there are well-functioning modalities in place to facilitate Diaspora-homeland partnerships.
Importantly, he said that emphasis has also been placed on creating effective and sustainable communication conduit between Guyana and the Diaspora to allow Guyanese in the diaspora to become more involved in Guyana.