Canada looks to build Guyana’s investment climate

Canada looks to build Guyana’s investment climate

The Government of Canada through the Canadian High Commission in Guyana is looking to boost investor confidence in the local economy.

On Thursday, the Canadian High Commission launched a two-day forum aimed at developing investment opportunities in Guyana and examining new opportunities that may be available locally for Canadian investors.

According to the  Canada’s High Commissioner David Devine, the initiative focuses on the steps that Guyana should consider that would help to improve the country’s investment potential. “The forum will also address the impact that social ills such as bribery, lack of transparency and corruption have on investment as globally, the demand for investment dollars is becoming increasingly limited and competitive”, the High Commissioner said.

He told the forum that countries that are successful in securing investment funds from reputable lenders understand that they have to take the necessary steps to create an investment climate that is conducive to attractive investors.

President Donald Ramotar told the conference that Guyana is investor friendly. Mr. Ramotar said much has been invested in infrastructure to enable greater investment in the local productive sector. Using 1992 as a benchmark, he said great work has been put in to restore much of the aforementioned infrastructure along with what was described as social infrastructure. There have been many gains in education, housing, health services and social security since.

Meanwhile, President of the Caribbean Development Bank (CDB) Dr William Warren Smith also addressed the conference, noting the excellent economic performance overall and several areas that need to be improved on.

He was high in praise for Guyana’s economic growth which he said was notable particularly given the worldwide economic slowdown. Guyana has had a “Substantial transformation of it debt position”, according to the CDB President, and this was attributed to the macroeconomic policies over the last decade. He noted however, that some areas such the quality of education delivered need to be improved despite the increase and availability of education at the various levels.

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