GCCI explores innovative financing to overcome business growth barriers

With access to finance identified as the leading barrier to business growth in Guyana and the wider region, Kester Hutson, President of the Georgetown Chamber of Commerce and Industry (GCCI), announced on Thursday that innovative financing options are being explored to tackle this challenge.

Speaking at the launch of the fourth edition of the GCCI’s Business Development Forum on Thursday, Hutson revealed that one of the initiatives under consideration is the creation of a junior market, facilitated by an anticipated Memorandum of Understanding (MoU) with the Jamaica Stock Exchange.

The two-day forum, which commenced at the Pegasus Hotel in Georgetown, is centred on ensuring that local businesses are strategically positioned to meet the needs of the rapidly expanding energy sector.

Continuing its mission to champion the interests of local businesses, GCCI highlighted that forum participants would hear from prime contractors in the oil and gas sector regarding upcoming supply chain opportunities and the necessary requirements to tap into the value chain.

The forum will also feature several Guyanese entrepreneurs who have successfully tailored their products to meet industry demands, and are now providing goods and services to oil and gas companies.

Joslyn McKenzie, Permanent Secretary in the Ministry of Natural Resources, discussed recent legislative changes in the natural resources sector, including the Natural Resource Fund (NRF) and the Local Content Act.

“Some of the areas we are focusing on now include the oil spill legislation, which should be finalised and submitted shortly… The other one concerns the subsidiary regulations under the Petroleum Bill,” McKenzie informed attendees.

Meanwhile, Hutson highlighted that the forum provides a platform for dialogue, collaboration, and growth within the business community, helping to shape the future of business in Guyana.

He expressed satisfaction at the “shift in business attitude” and commended the significant efforts by GCCI to raise awareness about the available support for businesses.

According to Hutson, the forum discussions will focus on five key topics: access to finance, opportunities for business, improving standards and quality, doing business in Guyana, and marketing fundamentals.