The future for private sector businesses in Guyana is bright, according to Minister responsible for Finance and the Public Service, Dr. Ashni Singh.

Dr. Singh delivered the feature address this afternoon at the 33rd Annual General meeting of the Private Sector Commission. He told the business executives gathered that the Government will continue to promote and protect private sector investments by creating an enabling environment for businesses to thrive.

“You have in this government a government that I believe has demonstrated over the long-term a commitment to working with the private sector to ensuring that we create an environment that is conducive investment being made and earning a rate of return, creating jobs and generating incomes for the Guyanese people,” the Finance Minister said.

Dr. Singh said although the Government and the private sector may not always agree on many issues, they have been able to find common ground in several areas.

“Through the successive government that I have been a member of including the current one led by President Ali to work closely with you to ensuring that we establish and enhance  the environment in which you work and ensuring the preservation and continued enhancement and an environment and that is conducive to private investment for private sector led economic growth and to the realization of prosperity for us as a country and ultimately national prosperity , which must translate to community, household and individual prosperity,” the Finance Minister noted.

The Finance Minister also noted that the country’s oil and gas sector is significantly expanding. He charged the private sector to better position itself to capitalize.

Meanwhile, outgoing Chairman of the Private Sector Commission, Mr. Komal Singh hailed several initiatives being implemented by the Government, which he said, have been driving private sector growth.

“The single-window initiative that was implemented a year ago, is one that will reduce the amount of time private sector businesses and investors would have to take to access approval for many developments, in the past that used to be a very monotonous long-winded process, the single window gives us an opportunity right now to plan accordingly,” Mr. Singh noted.

Mr. Singh said while labour shortage continues to pose a challenge for private sector businesses, the business community remains committed to expanding beyond traditional ventures.

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