Despite challenges, GCCI earned $93.3M in 2023

The Georgetown Chamber of Commerce and Industry’s revenue increased by three per cent, earning the Chamber a total of $93.3 million in 2023 amidst changes in the economic landscape. This was revealed in the GCCI’s 2023-2024 annual report.

The report noted that the GCCI “demonstrated resilience and growth” and that it’s surplus surged by 85.6% to G$7,957,475, showcasing strong financial management. The report credited the increase in revenue to “strong growth in membership subscriptions and magazine advertisements.”

However, there was a reported decline in event revenue due to the non-execution of the Business Development Forum but diversified income sources were able to support overall growth.

The report also revealed a reduction in overall expenses by 1% to $85.3 million. This was a result of increases in trade missions, magazine expenses, administrative costs, and financial charges offset by lower event expenses.

“The Chamber continues to see notable growth in our membership base, adding 107 members for the 2023/2024 fiscal year, welcoming new businesses from a diverse range of industries and sectors,” GCCI’s President Kester Hutson stated in the report.

This growth underscores the value and benefits the Chamber provides, including networking opportunities and support services, essential for businesses to thrive in today’s competitive environment.

“Over the past year, our Chamber has made significant contributions to the overall development of the business community, fostering a culture of collaboration and innovation, empowering businesses,” Hutson stated.

From continuing to be at the forefront of advocating on key issues affecting the private sector to organizing industry-specific events, webinars and workshops, we have strived to be a valuable partner to our members. GCCI robustly engaged with policymakers, industry stakeholders, investors, and the diplomatic community to advocate for policies that support business growth, innovation, and sustainability.

At the center of GCCI’s efforts is the promotion of local business growth and development, with a focus on fostering international partnerships and exploring new market opportunities.

By facilitating business matchmaking events, trade missions, and investment forums, GCCI supported members in expanding their reach, forging strategic alliances, and tapping into global 4 markets.

“As many international companies continued to flock to our shores, the GCCI placed a heavy focus on connecting local businesses with overseas companies,” Hutson said.

Throughout the year, the GCCI has been actively involved in advancing the development of the business community. From advocating on key issues affecting the private sector to organizing industry-specific events and workshops.

According to Hutson, engagements with policymakers, industry stakeholders, and investors have influenced decision-making processes and shaped policies beneficial to GCCI’s members and the broader business community.

The GCCI remained at the forefront of advocating on various issues affecting the private sector, including banking, financing challenges, local content, crime, road safety, security, and cybersecurity.

We engaged with multiple public sector agencies and diplomatic missions, laying the groundwork for mutual benefits as Guyana continues to develop economically.

GCCI was also instrumental in driving initiatives across various sectors. From promoting green initiatives to addressing HR management and capacity building, and fostering diversity and inclusivity.

Moving forward, GCCI remains committed to championing the interests of the private sector and contributing to the growth and prosperity of Guyana.