Gov’t to modernise laws to boost private sector growth

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As the government continues its attempts at stimulating the economy, President Dr. Irfaan Ali says that efforts will be made to modernise Guyana’s laws to create a more business-friendly environment.

While addressing members of the private sector at a breakfast hosted at the State House on Thursday, the President announced that his government was keen on creating an enabling environment to promote and grow new businesses.

Importantly, the Head-of-State highlighted, “We are in the process of modernising all our legislation so that we can give you the legal platform on which you can pursue the growth of your business.”

This legal modernisation, he said, will allow businesses to manage their operations more efficiently and will allow them to adequately pursue greater business opportunities.

And according to Dr. Ali, this is particularly important since this should help to generate wealth, create jobs and boost people’s livelihoods.

Vice President Dr. Bharrat Jagdeo addressing members of the private sector at a breakfast held at State House (Photo: Office of the President/ December 23, 2021)

In addition to these governmental efforts to boost private sector growth, the President said that businesses in the private sector should be collaborating more. Through greater collaboration, he reasoned that the businesses would be able to secure larger business opportunities and withstand challenges.

“One of the important reasons for us to come together in such a multi-disciplined manner is to create a network within the private sector itself,” the President pointed out at the breakfast event.

Meanwhile, the President also said that there will be more major investments next year to help stimulate Guyana’s economy. And in doing so, there will be greater business opportunities for the private sector.

It was also noted that the Senior Minister within the Office of the President with responsibility for Finance Dr Ashni Singh has been charged with meeting the bankers and representatives from the Private Sector Commission (PSC) to chart a way forward that will be beneficial to the business community and ordinary Guyanese alike.

“The interest rates on savings would not help the ordinary people who are saving or encourage ordinary people to save.

“We have to find safe and innovative vehicles and investment opportunities, where we can deploy the savings in the country from the banking sector and encourage those who are outside of the sector to bring their savings into the sector,” the President said.

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