Director of Dapper Technologies Incorporated, Kester Hutson has been elected as the new President of the Georgetown Chamber of Commerce and Industry (GCCI). He previously served as a Junior Vice President of the country’s oldest business chamber.
Hutson has replaced businessman, Timothy Tucker. The organisation recently held its annual general meeting, where the elections were held.
The other members of the executive are Richard Rambarran of NCB Capital Markets (Guyana) Incorporated. He will serve as the new Senior Vice President, while Gavin Ramsoondar has taken over the post of Junior Vice President.
GTT’s Orson Ferguson is the new treasurer of GCCI while Kathy Smith has been elected Secretary.
Minister within the Ministry of Public Works, and former President of the GCCI, Deodat Indar, in his virtual address, urged the members of the umbrella organization to better position themselves as the country continues to experience unprecedented growth.
He said the Construction, Housing, Education, Agriculture and Health Sectors have major opportunities for investments.
“In the Housing Sector, a lot of houses are being built, a lot of blocks is needed, zinc is needed, pipe is needed, all kind of fittings is needed, bathroom stuff, tiles, you name it, is needed in the sector, workers is needed. So, because of the growth, the demand for all these things will go up, naturally, it has to be supplied, and that puts members of the chamber in a position that they can go after these opportunities,” he said.
However, he warned that in branching out into other sectors, there are risks that must be assessed.
Minister Indar also assured the GCCI members that with the coming of the Gas-to-Energy Project, businesses will be able to enjoy a reliable supply of electricity at extremely low cost. He noted too that the signature project will also present a lot of business opportunities.
GCCI’s Outgoing President, Timothy Tucker, in presenting his report for the period 2022-2023, said despite facing numerous challenges, the Chamber persevered and offered tremendous opportunities for networking and economic advancement among members.
“In 2022, the net surplus decreased to G$4.3M from the previous year’s surplus of G$7.4M. However, revenue increased to G$90.6M from G$78M in 2021. The expenses for the year were G$86.4M, up from G$70.6M in 2021. What’s even more noteworthy is the cash and cash equivalent, which amounted to G$56.7M at the end of the year, compared to G$50.9M. This indicates that the company has a healthy cash flow and is well-positioned to invest in future growth opportunities,” Mr Tucker said.
He said while the net surplus may have decreased, the increase in revenue and cash reserves bodes well for the Chamber’s financial health and future prospects.
The former President of the GCCI also said the organisation has played an important role in advocating for Local Content Legislation with a focus on the Oil and Gas Sector, and will continue to push for 40 addition services to be added to the existing list of services in the schedule under the Local Content Act.
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