Energy, sustainability & removing trade barriers among key areas of focus at 2024 Manufacturing Summit
Guyana has long been hailed as having the potential to become the manufacturing hub in the region and in its bid to establish connections and provide insights in the sector, the Guyana Manufacturing and Services Association (GMSA) will be hosting a regional summit here early next year.
The event which is titled: ‘GMSA Impack Manufacturers’ Summit’ was officially launched on Monday during a simple ceremony held at the Pegasus Corporate Suites in Kingston, Georgetown.
The summit is slated to take place on March 21 and 22, 2024 and will see the participation of regional manufacturing bodies from the Caribbean as well as Latin America. Among the topics which are expected to be discussed are access to finance, investment opportunities, supply chain developments as well as concern about labour and skills gaps.
In his remarks, President of the GMSA, Ramsay Ali said the summit will create a unique opportunity for local manufacturers to gain valuable insights and establish connections with regional counterparts, and to explore potential partnerships for growth and expansion.
Considering the global concerns for environment preservation, Ali said energy and sustainability will be the key areas of focus along with government policies and trade issues, which are concerns among Caribbean countries.
“We have had a significant change in our environment as it relates to the cost of energy…and with all these new areas opening, it has made this decision to host the summit even more exciting,” Ali said.
He added, “It is imperative that we have open and constructive discussions about trade barriers and the potential coloration between nations to overcome these challenges”.
According to Ali, Guyana is hoping to see new industries and businesses set up operations here as well as local partnerships formed with regional and international firms.
“Guyana is an ideal location for businesses… as the country continues to attract foreign investment and developing infrastructure, it’s crucial to leverage the expertise and experience of the neighbouring countries to drive innovation,” Ali said.
At the end of the summit, Ali said a document will be drafted with recommendations for policymakers addressing major issues affecting manufacturers.
“We want to see real progress and effective implementation of ideas and strategies discussed during the two days,” he said.
Meanwhile, according to the Chairman of the Private Sector Commission (PSC), Komal Singh local manufacturers need to “get themselves” prepared, especially with the development expected in the gas-to-energy project which will significantly decrease the cost of energy.
“We don’t want a situation where energy cost is low and the manufacturing sector is not prepared and I think this summit offers a good opportunity for us to have more conversations in this area,” Singh noted.
Currently, Singh said there are existing barriers within the sector that need to be addressed, particularly as it relates to trade.
“The manufacturing sector if they continue to develop themselves and produce goods and services, we need to make sure that those barriers are removed. If not we are going to reach a situation where we are producing goods and services and we don’t have access to the market,” he pointed out.
The summit logo was also unveiled at Monday’s launch. It features an open box to symbolize impending developments in Guyana’s manufacturing sector. It signifies the connection that exists between producers and consumers.
