As Guyana continues to move in the direction of being a major destination for investment, the Guyana Office for Investment (GO-INVEST) and the Private Sector Commission have signed a memorandum of understanding to deepen the relationship between the two bodies.
Aimed at ensuring that the local private sector also benefits from investment opportunities, the two bodies hope that the agreement will usher a new era in the relationship between GO-INVEST and the PSC.
Speaking after the signing of the agreement, Chief Executive Officer of GO-INVEST, Dr Peter Ramsaroop emphasized that with the oil and gas sector, there is a need for the Government to work as much as possible with the private sector and local businesses.
“One of the missions this year in executing our agenda is to work very closely with the local entities in Guyana to promote investment and with that, we have discussed and partnered with the private sector to ensure that our local companies know what incentives can be given to the private sector, how we can bring them together with the international foreigner direct investors coming in, how we can promote joint venture and how we could promote different activities within the private sector,” Dr. Ramsaroop said.
The GO-INVEST CEO also explained that the purpose of signing the Memorandum of Understanding is to also provide a framework for cooperation between GOINVEST and the PSC, which will facilitate the development of local content, joint ventures between local and foreign investors and joint promotional activities related to investments
Chairman of the PSC, Nicholas Boyer expressed similar sentiments and applauded the move to ink the agreement.
Mr. Boyer said the agreement signals a deeper co-operation between the two bodies.
“The Private Section Commission and Go Invest have had a relationship before but what this represents is the next step in our relationship, the deepening of ties, between our two bodies because what is ahead for Guyana is significant and the private sector needs to work on developing itself and what better agency to work through than GoInvest”, he noted.
The Private Sector Head as more foreign companies are eyeing investment opportunities in Guyana, his hope is that local companies will also focus on investment more.
Guyana has seen significant growth in investment over the past five years since the discovery of oil.
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