Your FREE copy to keep! - Issue 03
Realizing the Dream... Mortgage Interest Relief geared at promoting home ownership
The Fortunes of Guyana’s Bauxite Industry
Windsor Estates: A futuristic premium residential community
Investing in the Forestry
Sector
Clinton Williams Evidence of Dedication, Commitment, Motivation and Humility
Investing in the Forestry Sector
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The Fortunes of Guyana's Bauxite Industry
P8
Rudisa Motor Company (Guyana) Inc.
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Clinton Williams: Evidence of Dedication, P14 Commitment, Motivation & Humility Windsor Estates: A P18 futuristic premium residential community Realizing the Dream... Mortgage Interest P23 Relief geared at promoting home ownership Demerara Bank surges ahead with low-cost mortgage financing
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The need to focus on young people
P28
A perspective on MEDIATION in Guyana
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Improving infrastructure P32 in Guyana for Better Trade, Development Takutu River Bridge Linking Guyana P36 to Brazil and other Regions Wedding Tourism
P38
Demerara Gold is an international commodity
P40
Money Matters - tips on how to manage money more effectively
P42
Tourism Sector accounts for more than one-third of global services trade – ILO Sammy Baksh: A musical legend with a passion
P44
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Gourmet Delights P48 recipe: Gulab Jamun Holi/Phagwah: A Kaleidoscopic Festival
P48
Queen’s Baton Relay enjoys successful leg in Guyana
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Founder and Publisher Teshawna Lall, BA, MBA Managing Director Frank Sanichara Marketing Innovative Marketing & Publishing Inc. Design Innovative Marketing & Publishing Inc. Editorial Contributions Ministry of Culture GRA Go-Invest GuySuCo Adam Harris Rabindra Rooplall Marissa Lowden Leonard Gildharie Franklin Wilson Rhea Ramkhelawan Teni Housty, LLM Tammy Quail
70 Industrial Site, Eccles East Bank Demerara Guyana, South America Tel: 592-629-2206 592-604-6108 New York Contact: Dominic Chandra 347-599-6426 Email: teshawna@guyanainc.biz frank@guyanainc.biz website: www.guyanainc.biz
Investing in the
Forestry Sector
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uyana has vast forest resources that cover more than threequarters of its landmass and contain over 1,000 different tree varieties. Currently, 120 species are being logged in various forms, with approximately 12 to 15 of those species being logged on a commercial scale through a system of concessions. The most sought after species include Greenheart (columrina arborescens or Chlorocardium rodiei), Mora excels and Mora gonggrijpii)), Baromalli (Catostemma altsonii), Purpleheart (Peltogyne spp), crabwood (Carapa guianenis), Kabakalli (goupia glabra), and Wamara (Bocoa prouacensis). While Guyana is traditionally known for its export of timber in raw or semiprocessed forms, the government and segments of the Forest Product Industry have placed an emphasis on promoting value-added forest product production for export to the Caribbean, U.S. and Europe. There are a number of comparative advantages, similar to those found in other Light Manufacturing Industries, such as affordable and trainable labor as well as attractive investment incentives.
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Investment Opportunities A number of lucrative opportunities exist for investors interested in working in Guyana’s Wood Industry. These include furniture (e.g. hardwood and wicker), plywood and veneers, molding and doors, parquet, floor tiles, and other related products. Within these product sectors, additional value can be achieved on investments that meet the requirements of certain environmental and social certifications from organizations such as the forest Stewardship Council (FSC). There are also a number of opportunities to expand the development and marketing of lesser-known species where utilization is well below capacity or where species are yet to be utilized commercially. Even in cases where the availability and accessibility of species does not warrant large-scale exploitation, lucrative opportunities exist for investors able to develop products for niche, highvalue markets. Timber Concessions in Guyana Approximately fifty-two percent (52%) of the State Forest Estate have been allocated to timber harvesting under sustainable forest management
techniques to ensure the sustainability of Guyana’s Forest Resources. Three types of concessions are awarded based on area size and duration: • Timber Sales Agreementgranted up to thirty years for areas in excess of 24,000 hectares. • Wood-Cutting Lease- granted for up to ten years for 8,000-24,000 hectares. • State Forest Permissiongranted for a two-year period on no more than 8,000 hectares. Investment Incentives In addition to the general incentives, this Sector Attracts Special Incentives. These include: • Exemption from Customs Duty of a wide range of forestry and sawmilling equipment- skidders, band saws, gang saws, chain saws, saw blades etc. • Exemption from customs Duty on a wide range of wood working equipment-lathes, sanders, routers, saws. • Exemption from duties and taxes for items covered under an Investment Agreement.
The fortunes of
Guyana's Bauxite B
auxite is a mineral bearing rock which occurs mainly in tropical and subtropical areas. One of the key components of bauxite is aluminum oxides, which can be processed to make aluminum products. Companies that mine Bauxite sell the raw aluminum ore, usually reddish in colour or process to generate their own aluminum. Bauxite is extremely important economically due to the very widespread use of aluminum. It is the most common light weight metal in use and is used in everything from soda cans, candy wrappers, makeup, aircrafts and, boats. Approximately 97 years ago, the commercialization of bauxite started in Linden, Region 10, the Hilly Sand and Clay Area when the Demerara Bauxite Company Limited, also known as DEMBA, a subsidiary of the Aluminum Company of Canada Limited was established. DEMBA’s focus was on mining, processing and selling Bauxite and began operations some sixty-eight miles up the Demerara River at Three Friends mine. At the beginning, traditional tools such as shovels, pick axes and mule carts were used in the mining operations of bauxite. After which, the bauxite was loaded unto barges and towed down the river to ships moored midstream off the Georgetown harbor. However, DEMBA eventually introduced machinery for crushing, sorting, washing, drying, storing and the loading of ore, leading to the expansion of bauxite mining. This led to the establishment of a network of ancillary services, including a machine shop, carpentry shop, and an electrical shop a power generation and distribution system, potable water supply and a hospital. Eventually, these industrial, social and physical infrastructure developments formed the town of Mackenzie. On July 15, 1971, DEMBA was nationalized and replaced with the Guyana Bauxite Company Limited (GUYBAU). In 1976, the Bauxite Industry Development Company (BIDCO) was established in Georgetown, as the holding Company of the Bauxite Industry and on January 1, 1975, Reynolds Metal Company was formed in Berbice becoming the Berbice Mining Enterprise Limited (BERMINE). In October 1977, BIDCO and BERMINE were merged to become the Guyana Mining Enterprise Limited (GUYMINE) which was subdivided into Berbice Operations and Linden Operations.
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Industry
I
n June 1992, GUYMINE was dissolved and the Linden Mining Enterprise was established and the Berbice and Linden operations were converted into separate entities, that is, BERMINE and Linden Mining Enterprise (LINMINE) respectively. LINMINE was placed under the management of an Australian firm - Mining and Processing Engineers - known as (MINPROC) for three years, 1992 to 1995 to return the company to a state of profitability. In 2004 OMAI Bauxite Co. was established to consume LINMINE and continued operations until mid 2007. Thereafter, a Chinese owned company called BOSAI Minerals Inc. took control of OMAI Bauxite Co. Today, Guyana is a main global producer of Bauxite which is also one of the country’s major exports. Bauxite also serves as an important traditional contributor to overall economic performance with the two major investors being Bosai Minerals Group (Guyana) Inc. and the Bauxite Company of Guyana Inc. (BCGI). Bauxite mining is still concentrated in Linden and the mining area in Guyana is defined by a coastal strip 30 km wide from the Essequibo Rover, South-Southeast passing through Linden to the Suriname Border, including the Kwakwani mining district. Guyana and China are the only two countries that produce high-value refractory grade bauxite (RASC). As a result of increased investment in the sector, Guyana has benefitted from the introduction of innovative technology to influence
more efficient recovery and production. Bauxite Mine in Guyana In 2012, the Bauxite Industry recorded growth in value added of 12.5 percent, with production of 2,213,972 tonnes with the highest rate of increase achieved in the production of cement grade bauxite. Bauxite exports increased by 13.1 percent to US$150.8 million, with volumes increasing by 22.8 percent to offset a 7.8 percent decline in export prices. The table below shows Guyana’s Bauxite Production for the period 2007-2012. Bauxite Industry Performance in the Year 2013 The Honourable Minister of Finance, Dr. Ashni Singh in his Budget Presentation for the year 2014 in the National Assembly on Monday, March 24, 2014 indicated that even though the global markets has been relatively unfavourable, the local bauxite companies
continue to rise above the storm, with Bosai and BCGI investing sums exceeding US$17.5 million in 2013. In 2013, the fortunes of bauxite were somewhat more tempered, with the industry registering an 11 percent decline in value added production. In addition, bauxite exports contracted to US$134.6 million, due to a 24.7 percent decline in export volume to 1,678,971 tonnes, outweighing the 18.6 percent increase in export prices to US$80 per tonne. Despite this decline, the Minister indicated that the Bauxite Industry is projected to expand in 2004 by 11.5 percent, mainly due to expanded production levels of metal grade bauxite. It is important to note that Bauxite Industry still provides direct employment to thousands across our country, support the livelihoods of tens of thousands more, and entire towns and communities depend on these industries as the main source of gainful economic activity.
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The table below shows Guyana’s Bauxite Exports for the period 2009-2013 Guyana’s Bauxite Industry had succeeded in attracting much foreign investment; creating jobs and stimulating economic activity across the country, especially, in remote areas; increasing exports and; raising the standard of living of the population.
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Foreign Private Companies continue to express their interest to invest in Guyana’s mining sector. In 2013, a Canadian Mining Company was granted the Tarakulli-Canje Permission for Geological and Geophysical Survey (PGGS) to explore for bauxite in the Tarakulli-Canje area, Berbice located approximately 15 km west of the
Corentyne River, which is the border between Guyana and Suriname for Bauxite. Also, a new lease agreement and a Memorandum of Amendment were signed by the Bauxite Company of Guyana Inc., (BGGI) and the Hururu Village Council to the existing mining agreement between the village and the company. BCGI plans to build a
new mine and infrastructural facilities which is expected to create approximately 1,000 jobs in the Region 10 area. The Hururu Village Council will benefit from some G$1.1M per month as part of the agreement. In 2014, a Surinamese-based Earthmoving Company LUNA N.V. expressed interest to establish an operation to provide supplies and services to the bauxite and gold mining sectors. Guyana stand to benefit from the increased demand of bauxite and bauxite products on the global market as the prospects of the industry are good. Bauxite mining will undoubtedly continue to support the maintenance and development of local communities through employment, infrastructure, training & social programmes and compensatory packages in Guyana.
Rudisa Motor Company (Guyana) Inc.
Introduction Rudisa Motor Company (Guyana) Incorporated is the Authorized Distributor for KIA
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MOTORS in Guyana. T h e y opened t h e i r Showroom a n d Service Centre on November 1st, 2012. To date they have made a very significant input into the New Automotive
Market in Guyana. Rudisa stocks a full line of KIA vehicles, Luxury Passenger Cars and SUVs with a full supply of spares. They offer full after sale service to their customers. Rudisa Motor Company (Guyana) Inc. is a subsidiary of Rudisa Motor Company N.V. in Paramaribo, Suriname, an affiliate with over 15 years of experience in the distribution of Quality Brand New Vehicles, Heavy Duty Equipment, and providing after sales service. Some of their brands are Jeep, Chrysler, Dodge, KIA Motors, SsangYong, Hyundai Trucks and Buses and Hyundai Heavy Industries. Rudisa is known to be very competitive and promotes their brands with great pride. Based on their market response, Rudisa knows that Guyana has potential for a vast growth in the Automotive Industries, and with their competitiveness and Quality Service, they have surpassed several other reputable brands in Guyana. Their main goal is to provide the Guyanese population with the Best Quality Products at an affordable price and incomparable after sales service. History Rudisa was founded in 1975 by Mr. Dilipkoemar Sardjoe, who transformed the company into one of the strongest and largest conglomerates in Suriname. He has singlehandedly broken many of the monopolies in Suriname’s economic history. He developed prestigious brands both in Suriname, Barbados, Jamaica, Guyana,
Antigua and the Netherlands. Some of which include Thrill®, More®, Prolife®, Prochoice®, Crysla®, Diamond Blue®, Blue Life® etc. Through the years Rudisa has transformed itself into the FIRST Surinamese multinational company and distinguishes itself by delivering various consumer goods and services. Rudisa is a large scale producer/ supplier. Through multi-channel retailing, that is the choice of various distribution channels and the possible combination of them, the company can meet consumer demand. Rudisa appeals to consumers by keeping its products up-to-date and offering various brands. Being inspired by Dilip Sardjoe, the hands-on Rudisa companies can regard themselves as the most successful, stable and innovative organizations within and outside the Caricom. Rudisa Holding N.V. Parimaribo ,Suriname. Rudisa Holding N.V. of Paramaribo, Suriname is the main support for the Rudisa Group of Companies. It has significantly expanded its reach and range in the past 10 years, while still sustaining a minimum of 10% profits of revenue per annum. With an estimated worth of over $400 million US Dollars, and assets of $146.5 million US Dollars, the outlook is certain; the ideals, innovation, knowledge, and discipline within Rudisa; any further opportunity and profit is guaranteed
Clinton Williams Evidence of Dedication, Commitment, Motivation and Humility
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linton Williams is an example of dedication, commitment, motivation and humility, so much that despite a humble beginning he has and continues to occupy numerous prominent leadership positions in both the Private and Public Sector sphere within the Guyanese economy. His major contribution has been the crafting of pertinent Industrial and Business Development Strategies, considered crucial for the national development and growth of the country. More specifically, is its application to the National Development Strategy and later on, the evolving National Competitiveness Strategy Policy initiatives. Among the sectors for which he has been making direct and indirect contribution via the formulation and/or implementation of strategic interventions are Manufacturing and Services, Maritime Transportation Logistics and Infrastructure, Engineering and Construction, Technical and Vocational Education, Forestry, Small Business Development, Energy and more recently Mining. One of the most significant achievements was his role as the then President of the Shipping Association of Guyana (SAG) to navigate Guyana through that difficult period in the
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mid 2000’s. It was a period when the World Shipping Industry via the International Maritime Organization (IMO) had mandated compliance by all countries to newly created International Ship and Ports Facility Security System (ISPS) which introduction was a direct fallout from the USA’s 911 Terrorism disaster. Williams, or Clinton as he is better known, is the Chief Executive Officer of Guyana National Industrial Company Incorporated (GNIC). He joined the company in 1975 when it was state-owned having being privatized by the then Government from ‘Sprostons Guyana Limited.” He previously headed the Shipping Association of Guyana (SAG) and the Guyana Manufacturing and Services Association Limited. He has since been re-elected to serve a second term. He is the Chairman of the Board of Industrial Training (BIT) within the Ministry of Labour and serves also a Chairman for the Council for Technical Vocational Education and Training (CTVET) under the Ministry of Education. He previously served as Chairman of the Board of the Guyana Forestry Commission and is currently Chairman of the Guyana Geology and Mines Commission. It has not been an easy road for this humble and unassuming
country boy of a single parentage. With four sons and two daughters to feed, his mother was forced to double up as a Sugar cane Harvester at Albion and that of a Subsistence Farmer in the nearby village at Gibraltar/Courtland. Clinton managed to secure a place at Berbice High being the last of his siblings, but times were tough. To assist in paying the bills he recalled helping out in the farm lands, the rice fields and also in the cane fields “throwing fertilizers and bailing punts.” “I remember the days when all the cooking was done by the “Earthen Clay Fireside and Oven” and when we used to gather firewood made from dried mangrove trees at the seaside. We would walk this distance of three to four miles daily. Then we had to fetch drinking water in buckets by walking another two miles before preparing for primary school. At Berbice High School under the tutorship of the then Head Master, Basil Beharry, better known as BEES, he also encountered a number of overseas volunteer lecturers one of whom was a Chemical Engineer from England. It was this relationship which propelled him to seek a future in the Engineering Profession. On completion of high school, this country boy then proceeded to
Young Clinton Williams
the City where he tried many things in order to reach his ultimate goal of a professional engineer. He found a job at the Ministry of Works Soil and Material Lab as a Laboratory Technician before being accepted at the University of Guyana to read for Engineering disciplines. His ability to complete his studies at University was largely due to him being able to secure employment at the University’s Laboratories and Workshops in the evenings. After Graduation Clinton secured employment at the Guyana National Engineering Corporation (GNEC) as a Technical Training Officer and was placed in charge of moulding Trainees and Apprentices, and Cadets identified as future leaders of the company. Clinton himself sought to improve his own professional and academic standing by obtaining a Scholarship and pursuing a Post Graduate Degree in Industrial Engineering in Europe. On his return to Guyana he occupied the position of Industrial Engineer. He was soon to be promoted to the position of Planning and Development and Marketing Manager. According to Williams though the economy in the 80’s was harsh and difficult, GNEC performance was buoyed by the performance of the then Guytrac (Caterpillar Agency), the Shipyard and Foundry and Wharf Facilities. During this period Clinton recalled finding time to double up by securing employment at the University of Guyana in the Faculty of Technology as a Senior Associate Lecturer. It was in 1994/1995 when the new Government decided to privatize GNEC that Clinton performed one of the leading roles in putting together a unique proposal to Government for the leasing of the GNEC Complex to the Consortium (made up of Laparkan Group, the Workers and Trade Unions) later renamed GNIC. Clinton later went on to serve the new entity first as Deputy Chief Executive Officer and later as Chief Executive Officer in 2001. Clinton is married and is the proud father of two, both of whom live and work outside of Guyana.
Technical Coordinator, Ministry of Education, Melcita Bovell among Chairman, GTI/GITC Board of Governor Norman McLean, Principal, GTI Carl Benn and Chairman, CTVET Clinton Williams among others at the GTI 2013 graduation and prize-giving exercise at the National Cultural Centre Clinton’s experience in the establishment, management and operation of the main Maritime Facilities and Services threw him into the spotlight in a major way in 2006. During that period, as President of the Shipping Association of Guyana, on September 11, 2001 New York Twin Towers were hit by hijacked planes. Responding to the demands of the US, the International Maritime Organization demanded mandatory increased security measures for Airports and Seaports worldwide. Along with Messrs. Christopher Fernandes and Malcolm Bascom, and Ivor English then Head of MARAD, Clinton assembled a team in Guyana and secured funding from the Canadian Government via the CPEC/CIDA Programme which ensured that necessary resources were obtained and all of the country conditional requirements obtained and assessed by the US Coast Guards. This ensured that full compliance of the ISPS Code were met. Additionally, the Shipping Association of Guyana from then on continued to operate as a fully fledge operating selfsustaining entity. Following an invitation by the then Minister of Labour Manzoor Nadir, Clinton accepted the role as Vice Chairman of the Board of Industrial Training (BIT) in 2007. BIT over the years has been tasked with
the responsibility of not only ensuring quality assurance and certification of Apprenticeship and Trainee Programmes but implementation through novel training programmes, one being the National Training Programme for Youth Empowerment (NTYPE) which was launched in 2005 by the then President Jagdeo. Its objective was to provide competency based Technical Vocational Education and Training,
“I remember just to gather firewood at the mangrove, we would on most days walk three to four miles.” to fill the dire skill shortage of entry levels skills for both Public and Private Sector entities. The initial programme targeted vulnerable groups such as school dropouts and youths from depressed communities. A second programme launched in 2009 targeting single parents. To date these programmes are training approximately 3000 skill sets annually, up from 500 at the inception.
Quite an array of skill sets are being produced in areas like Engineering and Building Trades, ICT, Forestry, Home Economics and Health Services. It is without doubt these interventions are substantially impacting on socio economic issues such as poverty alleviation and crime prevention. Clinton considers his performance as Chairman of the Board following the demise of Dr. Dale Bisnauth last year as indeed a notable voluntary achievement. “With respect to my role as Chairman of the Council for Technical Vocational Education and Training (CTVET), it is critical to recognize that the rate of any country’s economic development is inextricably linked to its productivity and international competitiveness and concomitantly its capacity to build and sustain a competent workforce. “As Chairman of the Council for TVET, we have conceive as pour Vision “Education for Employment” and a Mission “The conceptualization, coordination and/or delivery of modular competency education and training in order to create and/or sustain a workforce that is accredited to be internationally competitive.” “In this context we are in the process of accelerating the implementation of competency based education and training programmes across the country within both the formal and non formal education institutions.
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Mr. Williams and CARICOM's Secretary General at GMSA luncheon “The intention is to prepare Guyana’s TVET Council to be recognized by the Caribbean Assessment and Training Agency (CANTA) as an accredited body for awarding Caribbean Vocational Qualifications (CRQ) by end of 2014 starting with at least five Post Secondary Institutions.” During the period 2012 to 2013 Clinton held the position as Chairman for the Board of Directors for the Guyana Forestry Commission. The Forestry Sector is the oversight body responsible for the sustainable management of the country’s forest reserves. During the recent past, a number of novel interventions were introduced by the Commission in order to spur growth and influence greater productivity. As regards sustainability issues and performance indicators, our deforestation rate is well within the acceptable standards. As a whole, the Sector contributes approximately three percent of GDP and provides employment for about 30,000 individuals. These include approximately 3,000 persons attached to 73 Community Organizations/Associations, occupying some 490,000 hectares of Concessions. The following strategies have been identified to spur growth and development of the sector: - Strategies aimed at reduction and harvesting of prime species and consequently increased utilization of lesser used species - Implementation of processing manual in order to substantially increase recovery ratios, quality assurance via improved processing techniques, productivity and equipment efficiency - Innovative ways to reduce log exports while concomitantly accelerating downstream processing and sale of added value products - Intensification of inter agency collaboration, GFC, GGMC, EPA, LDS, Ministry of Amerindian Affairs inclusive of interventions to mitigate against issues of utilization and maintenance of Roads, Infrastructure, Boundary Demarcation, Protected Areas, Data and Information and associated permits - Pursuance of innovative mechanisms to facilitate beneficial occupation and optimum utilization of state forest, funding particularly SME’s and fiscal incentives, occupational skill training, product development facilitation and export marketing. CHALLENGES Seated in his office on Lombard Street, Williams with his neat pile of files on his desk, seem to be the consumate multi-tasker, a man in constant motion. In referring to his most recent assignment as Chairman of the Board of the Guyana Geology and Mines Commission, Williams describes this new role as highly challenging given the position of this sector, contributing approximately 50 per cent of our foreign exchange earnings and some fraction
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of 14 per cent of GDP. Among the issues being targeted for short to medium term intervention are improved recoveries/efficiencies and mercury free mining; improved infrastructural facilities; reduction in pollution and improved environmental management; improvement in security and enforcement of mining regulations, etc. With Government now eyeing exploration of Hydro Carbon and other Minerals, notwithstanding the turbulence in the international gold market, new and
"I do believe that young Guyanese should be encouraged to venture more into entrepreneurship.” a c c e l e rate d efforts will have to be pursued in the identification and commercial exploration of other mineral deposits as well, not excluding opportunities for establishment of bonafide added value industries not only in Gold and Diamonds but in Precious
Stones Categories as well. The Industrial Engineer/Business Manager believes that Guyana is too blessed with abundant resources for opportunities like these not to be exploited and moreso for the benefits not to be filtered down to its citizens. It is vital that the pertinent and well orchestrated government policies viz: Food Security, Energy Security, Recovery and/or Repositioning of our Tourism Sector, Policies in Pursuit of New Economic Drivers might need to be tweeted via the introduction of all stakeholders from time to time in order to ensure continued buy-in and hence maximum support for successful implementation. The following Challenges and interventions would need to be addressed: “One of the most critical challenges facing our Sectors is the unreliable and exorbitant cost of electrical power. Whereas the best long term solution is indeed renewable and stable hydro power, we have recommended that additional incentives be provided for solar, wind and biomass producers. “Additionally, incentives should be given by the Service Provider to the manufacturers who are meeting and surpassing these standards.” Another inhibiting factor is the very high Trade Transaction costs and inordinate Customs delays during import and export transactions. This, however, can be substantially reduced with the Single Window Automated Processing System (SWAPS), which is currently being implemented slowly. The Private Sector should be encouraged to invest in Maritime Transport Infrastructure, Logistics, an Inland Container Depot, Warehousing, a Logistics Hub, etc. to facilitate the movement of people, goods and capital from point of production to the place of export/import, Williams says. Without being prejudicial to the current Go-Invest Institutional Framework, there is dire need for a comprehensive review and possibly revamping of existing mechanisms in this vital investment promotion agency if we are to successfully stimulate growth and expansion in the Manufacturing and Services Sectors.
Sharing a light moment with Prime Minister Samuel Hinds (right) and Opposition Leader David Granger
More consideration should be given to increasing the range and quantity of fiscal incentives for locally manufactured products without adversely impacting on regulations enshrined in the Caribbean Common Market and other Bilateral and Multilateral Trade Agreements. Comprehensive and enforceable steps should also be taken to curtail unfair competition from smuggled imports, from dumping and by wide scale importation of cheap foreign goods. In addition, the nonapplication of incentives and disincentives by the regulatory agency to ensure During the GMSA 2011 annual awards dinner at compliance with Quality Assurance and Reliability Standards. Government include and implement in its There is also need to ensure that the Annual Budgetary Procurement Programme EPA/Bureau of Standards are adequately the agreed 20% that should have been resourced to be accredited in order to ensure reserved for goods and services emanating that our manufacturers are made to comply from the Small Business Sector. with existing and forceable environmental It is indeed important that notwithstanding standards demanded by importing countries. being signatories of numerous Multilateral With regard to occupational skill demand and Bilateral Trade Agreements for which and supply, there is need for continuous “Services Trade” is prominent, and despite the Labour Market Intelligence Surveys. This fact that a Coalition of Services Providers was should be complemented by Competency established since 2003, the second such BSO in Based Technical and Entrepreneurial Skill the Caribbean, our services exports continue Training and Development Programmes in to be negligible as our focus continues to be public and private training curricula. limited to the formulation and presentation of The Private Sector should also lend support offers in trade negotiations. to the introduction of a “National Training GMSA wishes to renew its appeal to Levy” and the establishment of a Skills Bureau Government to to broker specialized and emerging technical institute arrangement skills. Our manufacturers generally need to for the Coalition to step up and implement modern technologies be Private Sector led in order to improve their productivity and in ensuring successful efficiency, thus sustaining competitive access to the numerous advantage. The GMSA has put measures in lucrative Cross Border place to facilitate specialized training for PLC “ Tr a d e - i n - S e r v i c e s ” Systems, CAD, etc. opportunities. Intensify the capacity building process “We would like within MSME’s to help them to benefit from to see our Research recently established LCDS funding to be and Development disbursed by the IDB through the local Banks Institutes such as and the Small Business Bureau. the IAST (Institute of At the same time, it is important that our Applied Science and
Technology), the University of Guyana and other resourcebased agencies develop stronger partnerships. “The partnering groups could provide scientific data on identification, specifications and potential uses for our raw materials, improvement of yields and productivity in the recovery and/or added value processes. “A little into the future, we see this developing into pilot projects and the formulation and sale of patents. The proceeds should be able to recover cost outlays.” The official is a member of a number of International Professional Associations in Pegasus the Shipping, Manufacturing and Engineering Fraternity and has completed a number of Publications, Research Projects and Reports in this capacity. Among these is Member of the Prestigious Caribbean Shipping Association Silver Club Fraternity which is made up of Senior Executives of the Caribbean and Latin American Shipping Industry with more than 25 years exemplary service. Clinton also serves as the current Chairman of the Guyana/China Business Council. “We do have a beautiful country filled with promises. It is ready to take off, but we have to put our shoulder to the wheel together to make it happen. We will need all hands on work and “YES” this is an ample opportunity for the younger generation to step up.”
GMSA President Clinton Williams & IDB Country Representative, Sophie Makonnen ink the agreement - June 2012
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Windsor Estates: A futuristic premium residential community
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short distance from the capital city of Georgetown, nestled in what will be an exclusive gated community, is a shining example of luxury, security and comfort in a community called Windsor Estates. No, not Windsor Forest (which is a long way from Georgetown), but right outside of the city, within minutes of the Providence cricket stadium. The gated community will be accessible from the new access road adjacent to the stadium, in a prime location, with easy access to the Cheddi Jagan International Airport, the Harbour Bridge and the capital city for shopping, museums and culture. This development is like nothing we thought was possible in Guyana. And one can only ask why something like this hasn't been done before. Driving up to the development site, from a distance, all one sees is a secure compound with the roofs of the new luxury homes under construction. The temporary entrance on the Eccles Industrial Road (soon
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to be entered via the new stadium road as well), brought us onto what is already a 20-foot wide tree-lined avenue where the already completed model house seems majestic! Literally dozens of homes are currently under construction and in various stages of completion. When we asked how long it had taken to reach this stage, we were surprised to find that it had only been less than 12 months since construction started despite being hampered by what seemed like a never ending rainy season for the past 11 months. More than 70% of the homes have been sold in North Haven, which is one of three planned phases in the gated community in Windsor Estates. A limited number of house lots were recently released to alleviate the significant demands for constructing new homes and to allow buyers to design their dream homes within the community. The remaining lots are selling like hot-cakes on a first come, first served basis. Navigant Builders Inc.
recently purchased an additional 15 acres to complement the initial 25 acres that comprises of the North Haven development. North Haven was initially slated to be a mere 12.5 acres but due to demands, it has grown to approximately 40 acres. CEO Danny Sawh said that foremost in his mind, in the initial design stages of the development, was quality, security and a welldesigned drainage system. Mr. Sawh constantly emphasizes quality to his team and in addition to his local management team, he almost always has someone from their NY office here just to monitor quality. According to Mr. Sawh, designs of all homes were done to US standards in NY and not only does the level and standard of construction far exceed local building standards, but that he offers guarantees unlike any other: five years structural guarantee, 10 years roof guarantee, plus 100% money back satisfaction up until the time of closing. Talk
about assurances!! Aside from utilization of local resources like concrete and wood, the majority of the construction and finishing material is imported directly from the United States. Guyana Inc. Magazine visited the North Haven section of Windsor Estates and was thoroughly impressed with the level of construction of the structure all the way from the foundation to the roof, where rebars were placed a lot closer than we are used to seeing and where 2 x10 greenheart floor rafters/ joists are used and are placed only 14 inches apart. Even roof rafters are placed at same distance apart, which seems unprecedented in Guyana. Navigant's local construction employees, who were interviewed, all claimed that they have never worked on construction of this sort and alot of the times kept asking "why we ga over build dem houses like dis?" And they were told each time by management that Windsor Estates are building to US standards.
But who is Danny Sawh and how did he come to create such a project in Guyana?
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ield staff is constantly being trained by overseas personnel on how to build to the specifications of the designs. This is quite evident in the interior finishes we saw in the 3225 sq ft model home, where one feels as if they are transported to a high end home in Florida, USA. On this, Mr. Sawh says he derives the most satisfaction to witness the transformation of local workers here in Guyana, who work at Windsor Estates. That is to watch them question everything they are asked to do, to become willing and motivated participants later on once they "get it". Currently, nearly 100 locally based employees are benefiting from on-the-job training, which will allow these employees to use their new found skills and experiences in their future endeavours. Mr. Sawh also said to the Guyana Inc. Magazine, that when he first decided to undertake this project in Guyana, it was supposed to be a "one-time thing" doing 25 acres of total housing here in Guyana. However, due to the fact that he feels like he can make a difference in Guyana by taking Housing to a new level, he has accepted the challenge to expand the housing program to now 60 acres and a future plan of a six-acre commercial park. The project now stretches unbroken from Peter's Hall to Providence, where the Esplanade will be located. "The project has
turned out to be much greater in scope than he could have imagined. What started as a small project, with the intention to bring affordable luxury and a new level of quality homes to Guyana, has turned into a grand project, that will encompass luxury and private estate homes, with future plan apartment complexes, hotel, shopping mall and high-end office buildings, all built to match North American standards. We asked about an area of significant concern to most persons: security.
The Guyana-born developer has over 24 years of residential and commercial real estate and development experience, having completed numerous public and private projects in the United States such as new schools, courthouses, underground train stations, hospitals, theaters, playgrounds, police facilities, public housing, a multimillion dollar high end restaurant in Rockefeller Plaza in NYC, and $3.5 million high end residential home in Westchester, New York. His newest development, Windsor Estates, exemplifies his company's sole focus to provide superior quality residential living, with luxury and superior craftsmanship as a standard in all homes.
Windsor Estate management and their website www. windorestates.gy claims not only they are offering a "true" gated community having twenty four hour security at the gated entrance, but will also have street lighting, night vision CCTV cameras, and infra-red beams mounted on top of all perimeter fences to give residents peace of mind. In addition, there will always be security on patrol in the community "We focus on prevention and risk management to minimize incidents", said the CEO.
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n Esplanade, where private estate homes will be nestled amongst the natural greenery in a paradise, like the setting of Florida style palm trees, there are areas set aside for walking trails, playgrounds, resort-style swimming pools, fully equipped game and exercise centers, and even a movie room! All residents and visitors to the community will have access to these private features that separate them from the hustle and bustle of the outside world. Residents
of Esplanade will have the added benefit of having sidewalks on both sides of the 20 ft avenues, c o v e r e d d r a i n s , possibly an underground c e n t r a l s y s t e m (no septic tanks) and
u n d e rg ro u n d electricity (no overhead "We cater for all who wires.) aspire to "experience T h e a new way of living, future luxury apartment because quality and hotel should be within complex will the reach of every be a separate Guyanese, whether gated area but adjacent to we live here or we North Haven, just want a second featuring or retirement home" resort style said Danny Sawh swimming pools and o t h e r amenities, where the office/retail complex will exceed the expectations of visitors and residents. So who could afford not to live at Windsor Estates? Surprisingly, it seems that almost anyone in the middle to higher income bracket can afford to buy in Windsor Estates, where they can enjoy a new lifestyle. There will be
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a place for everyone, from condos, Townhouses and luxury apartments. "We cater for all who aspire to "experience a new way of living " said Danny Sawh, "because quality should be within the reach of every Guyanese, whether we live here or we just want a second or retirement home". In fact, most of the homes have been sold to local residents and also to quite a few overseas-based Guyanese who are seeking to become part of Windsor Estates. Mr. Sawh is also building a home in Windsor Estates, Esplanade for himself. Anyone can purchase a house lot and will have up to two years to construct their home by Navigant Builders Inc. (or have it built to development standards) with the knowledge that the value of their land would have increased drastically from the time of purchase to the time of construction. This added value and time allows anyone to become part of Windsor Estates the newest development in Guyana.
Realizing the Dream...
Mortgage Interest Relief geared at promoting home ownership O ne of the greatest accomplishments that an individual can realize is that of home ownership. It is the lifelong dream of many families and careerminded individuals, the world over, to own their own home. Over the years, some have seen the successful realization of this dream, but for many, home ownership still leaks in the distant future. This is believed to be the genesis of the Government of Guyana’s decision to amend the Income Tax Regulations of Guyana to allow first time homeowners to benefit from a thirty percent (30%) reduction on the interest paid on residential mortgages valued thirty million Guyana dollars or less. The implementation of the Mortgage Interest Relief (MIR) scheme was in keeping with a proposal announced in the 2013 National Budget a n d was described by the Hon. Minister of Finance- Dr. Ashni Singh, as being “designed to encourage home ownership.” This initiative was a welcomed one since the primary benefactors of this relief are those lower to middle income homeowners. With the implementation of this scheme, it was envisaged that more people
would access r e s i d e n t i a l mortgages to build their homes. Noteworthy, is the fact that in 2013 alone, in excess of eight thousand five hundred (8,500) house lots were distributed by the Ministry of Housing through the Central Housing and Planning Authority. The short term financial repercussion to government as it relates to Income Tax is ex p e c t e d to be
substantial since hundreds of millions of dollars in revenue will be utilized to subsidize the interest on Mortgages for thousands of first time homeowners. However, the Government also took the bold step to implement this system in order to promote growth in other sectors of the country’s economy. One such Sector is the building sector. It is believed that as a result of the MIR, there would be an increase in purchases of building materials and ultimately, the government would be able to garner greater revenues from businesses involved in the sale of building materials. The MIR not only enables thousands to become proud home owners, but will also create employment for thousands more. Charges from the Finance Minister and challenges faced, the legislation to enact the MIR was officially signed by the Finance Minister in October 2013.
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t the time, the Minister implored the Guyana Revenue Authority (GRA), the agency responsible for administering the MIR, and the participating financial institutions, to ensue the implementation of necessary measures as soon as possible to guarantee that the relief was delivered to the public. To this end, the GRA held workshops with representatives from the various lending institutions and began a very aggressive public education campaign geared at providing the information necessary for mortgagers to qualify for this relief. However, despite the Minister’s charge to the GRA and the Lending Agencies, the MIR Scheme continues to experience challenges. Chief among these, has been the receipt of applications without the accompanying bank information. This has forced the Revenue Authority to accept applications which cannot be processed, since the relevant Letter by Lender Form (Form 2) and Schedule of Interest per Year, were missing. Without these key pieces of information applications cannot be finalized for approval.
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The Application Process The Mortgage Interest Relief may be granted on the Mortgage of a first time homeowner for the purchase of land to construct a residential building, the construction of a residential building or the acquisition of a residential building and
should not exceed thirty million Guyana dollars (G$30M). The application process for the MIR is relatively simple. Eligible applicants are required to apply to the GRA using the prescribed MIR application form known as the FORM 1. The application form must be lodged at the Lodgement Desk of the Guyana Revenue Authority’s Headquarters situated at Lot 200-201 Camp Streets, Georgetown.
All applications should be accompanied by Transport/Title Certificate of Property, Copy of Sale, and Purchase Agreement; if applicable; Agreement with the Lending Institution and the FORM 2 -letter by lender residential loan for individual(s). While the MIR may be granted to a person who is a sole or joint owner of the property and the sole or joint borrower of the lending institution, for joint owners and borrowers each person must qualify for the relief separately. All applications are subject to a verification process to ensure that the applicant is in compliance with the applicable tax laws. Once the application is verified the Commissioner-General will issue an approval to the applicant and a copy to the Lending Institution. It is important to note that the Commissioner-General reserves the right to withdraw his approval of the Mortgage Interest Relief and assess the taxpayer for the relief granted up to the date of withdrawal, where construction has not commenced and materially advanced, within eighteen (18) months of the granting of the approval. The Application process for the MIR is an ongoing activity. As such, the GRA will continue to process applications for all qualified mortgagers.
Demerara Bank
surges ahead with low-cost mortgage financing
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ompared to a decade ago, Guyana’s economy has been improving as new technology, development in the construction industry and increased competition have forced businesses to become more innovative. The allocation of thousands of house lots across the country has also been fanning the flames of development. But the development has not come easy. There are thousands of additional cars on the road compared to 10 years ago, leaving the administration with the harsh task of finding new roads. The local banks have not been standing idly by as house-lot owners clamor for mortgage financing, and the noticeable dramatic increase in loans issued for vehicles. With Government removing tax barriers and paving the way for low interest financing for homes, business has been good for our banks.
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At least one bank has been pushing the envelope and tweaking its services in a financing world that has become highly competitive. According to Demerara Bank Limited, its loans and advances portfolio have continued to grow in leaps and bounds. This is especially so for financing in housing development. One of the newest banks on the scenejust about 22-years-old and with five branches spanning the three counties - the financial institution was not shy to say its rates remain one of the best in the industry. “Demerara Bank has always been interested in and one of the leaders in housing development in Guyana.offering low income, middle income, and mortgage financing for upper bracket earners,” says David Ramdeholl, Credit Manager. “Our rates are on par with other banks. some people even say that we are lower .” Demerara Bank or ‘DemBank’ as it is known, has been closely following the
New Building Society, the country’s premier mortgage institution, with its rates for housing which starts as low as 4.2% for $3M, and 6.5% for up to $8M. According to the official, while Demerara Bank is not the biggest of the players, its market share has been growing in recent years. The demand for credit has forced the bank to now station Credit Officers at its five branches, located in Corriverton and Rose Hall, in Berbice; Le Ressouvenir on the East Coast Demerara; Diamond, East Bank Demerara and on the Essequibo Coast. Ramdeholl, admitting that while it would be hard for his bank to compete with NBS, which specializes in mortgage financing, several features introduced have been attracting customers. While other banks may demand up to 25% in down-payment for a mortgage, Demerara Bank has been reducing requirements to only 10%. “We also give as long as 25 years to repay.
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cannot speak for other banks but our loan payments are calculated on the reducing balance. This is something that customers are extremely happy with.” Demerara Bank has also taken a big leap in processing mortgages for owners of house lots issued by Government. “While others may demand that a transport be provided, we have been accepting a Letter of Assurance from the Housing Ministry which says that yes.a houselot has been issued. This in effect assists the allottees to speed up the process when thinking of building.” Ramdeholl also stressed that the process is straightforward, with a Letter of Allocation or transport; estimate for the construction; and evidence of income which includes either a job letter or income and expenses statement for businesses. Approval can take as little as two weeks. With Government now thinking of pushing its housing development to the Soesdyke/Linden Highway, Ramdeholl does not believe that the demand for financing will see any dramatic reduction in the near future. The bank is not worried about any problems in the banking sector, similar to the collapse of the housing sector in the US and elsewhere, happening anytime soon in Guyana as local banks are traditionally conservative. As a matter of fact, the bank is recording very few bad loans. “There is a reason for that. We work
with our customers, advising them along the way how to adjust or maybe move in a particular direction. Our flexibility has been our hallmark.” Demerara Bank has also been working with business customers, offering attractive interest rates for loans to finance working capital to meet day-to-day expenses and a host of other services.” The bank has also been working with a number of private housing developers to offer financing for the homes that attract the higher income earners, including young professionals. These include Sunshine Villas in Land of Canaan and Windsor Estates of Eccles.
Another huge success for Demerara Bank has been its auto loans. “Our car loans have been doing well and we can finance up to 80%. We do not have any hidden fees. We have been dealing with an increasing number of applications. Our feedback has been excellent.” Demerara Bank started its operations in January 1992 as one of the initiatives spearheaded by business magnate, Dr. Yesu Persaud. Describing itself as the first indigenous bank, the company in its last financial year racked up almost $2B in profit, nothing short of a remarkable development.
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young people
The need to focus on
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or any nation, investment in youths should be the most pivotal, since they are the ones who must bear the responsibility of development. Regardless of age and gender, young people must realize that they have a significant role to play in driving and sustaining national development. However, they must first receive the necessary education and training for the areas they desire to secure jobs in. In Guyana, and in many countries all around the world, there are challenges regarding employment. While in some cases such may be a genuine problem, there are other cases where youths are not given the opportunity to educate themselves, thereby making themselves unmarketable. In recognition of the need for continued youth development, the Ministry of Culture, Youth and Sport has created avenues for young people to have that second chance. This is possible through the YEST programme (Youth Entrepreneurial Skills Training) which became a unit under the Ministry of Culture, Youth and Sport in January 2000. The unit emerged from what was formerly the Guyana National Service, utilizing the resources
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Graduands at the 22nd Certificate Award Ceremony of the Sophia Training Centre, Youth Entrepreneurial Skills Training Programme available to combine skills training courses - some of which are fulland entrepreneurship as one way time, while others are part-time. of enhancing the employment Some of these last for six months, potential of young people who while others last for as long as ten have left the formal school system months. and need to be gainfully occupied. Since the start of the The programme offers programme, over 2000 youths continuing educational have benefitted from training, advancement to youths from and these same persons are a across the entire country, who part of Guyana's work force. It is participate in technical vocational important to note that the courses skills available, primarily at the offered are fully accredited and Kuru Kuru Training Centre on the equated to Caribbean vocational Soesdyke-Linden Highway and qualifications. the Sophia Training Centre in After completing their studies, Georgetown. the participants can enter into Training varies in that there other institutions of learning, are non-residential and residential employment in private or public
sectors or self-employment. Students are attached to work sites and often benefit from employment with same entities. Some companies, such as GENEQUIP, partner with the Ministry in an effort to expand the number of training programmes delivered. The skill areas offered include business studies, carpentry, electrical installation, joinery, masonry, motor mechanics, plumbing, welding and fabrication and, garment construction, catering and home management, office administration and information technology, refrigeration and air conditioning, handicraft, welding and fabrication and masonry. At no time does the need for these services dwindle, hence, herein lies the chance for many youths to make a great contribution to their nation. Investing financial resources in Guyana's youth should be on the front burner, as many are already making their mark via innovative business concepts. In this regard, more funds should be piped into ensuring young people attain their full potential, as this has enormous benefits for the economy, the individual and Guyana as a whole.
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mproving nfrastructure n Guyana
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for Better Trade, Development
nfrastructure development and economic development go hand in hand. If attention is not paid to this sector, it can act as a deterrent to economic growth. Certainly, key infrastructure and infrastructure services in any country will support the alleviation of poverty; economic growth; trade and its ability to compete internationally. The quality, price, and availability of electricity, gas, water, sanitation, telecommunications and transportation networks are fundamental for the well-being of the population and for business competitiveness.Therefore, the lack of infrastructure hinders growth as it affects productivity and raises production and transaction costs. This, of course, reduces the competitiveness of businesses and the ability of governments to pursue economic and social development policies. Infrastructure investment and consumption of infrastructure services have significant implications for the achievement of sustainable development objectives, as infrastructure services: · Encourage new investment across the
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economy; · Underpin many aspects of economic and social activity; · Facilitate the flow of ideas, goods and services; · Facilitate regional economic growth; · Facilitate the integration in the world economy; · Are critical to maintain an inclusive, healthy and productive workforce; · Involve large scale investment with significant environmental impacts; · Generate a range of externalities in their production and consumption; · Increase productivity; · Improve living standards; and · Unleash regional and international trade The investments in physical infrastructure such as roads, airports, seaports, telecommunications and energy are crucial for improving a country’s national competitiveness and facilitating trade with other countries, all of which also improve the competitiveness of firms. For this reason, financial and other business services (infrastructure services)
are necessary to provide integrated transport and logistic services that reduce the transaction costs of international trade. Government regulations are crucial to the improvement of infrastructure services. Over the years, the vast transformation in the technological landscape has changed the competitive environment of infrastructure services, especially in telecommunications, making such services more efficient but may still require government policy measures and regulatory reforms for support. Transportation Infrastructure Transportation infrastructure is vital for economic development as it provides cost-effective and easy access to markets for both agricultural output and modern inputs. Furthermore, no access and some modest increase of access to underdeveloped areas in Guyana, could attract massive developments. Guyana’s current transportation infrastructure comprises a road network of 3,995 km to accommodate approximately 82,000 vehicles.
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he national main road network (410 km) has six main roads with two lanes; however there are two short segments along the East Coast and East Bank Demerara with four lanes. Additionally, there are railroads (98 km) for ore transport, an international airport, a regional (short range international) airport and 45 additional airstrips with short runways. Over the last 15 years, Guyana has witnessed the rehabilitation of the roadways and structures such as bridges, culverts and sluices with the support of the Inter-American Development Bank (IDB) and Multilateral Development Banks (MDBs). Current road expansion projects are expected to result in: · Decrease of generalized transport and logistical costs, contributing to economic growth and social development; · Decrease of future periodic road maintenance costs; · Better mobility within the Georgetown to Diamond/Grove, and accessibility of surrounding communities to markets and
services in the suburban areas including pedestrian access and village to village travel; · Decrease of traffic related fatalities and injuries; and · Enhanced user satisfaction. As a result of the shared geographical boundaries between Guyana and Brazil, located to Brazil’s extreme north and Guyana’s extreme south and south-
west, a road connecting Manaus to Boa Vista and Georgetown would be the ideal and most feasible option of transport. This would allow for the marketing of products in the industrial free zone of Manaus and the Pole Agro industrial area of Roraima, especially, since the Takutu River Bridge was established to link the West Coast of Berbice to the West Bank and Lethem to Brazil.
Notwithstanding these road network developments, there is still much work to be done. These include the construction of a paved Linden Lethem Road and a new road to counterbalance the traffic on the East Coast Demerara. Other ongoing actions and planned activities by the Government of Guyana can be found in the table below:
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Complete reconstruction of the Mahaica/Rosignol road including the Ithaca section. Construct and rehabilitate bridges along the Timehri/Georgetown/Rosignol highway through implementation of the Road Rehabilitation Programme Phase II (Bridges Rehabilitation). • Complete rehabilitation of Moleson Creek - New Amsterdam Road. • Consolidate structural reforms in the electricity sector, promote the development of markets for energy efficiency, and promote rural energy development through implementation of Unserved Areas Electrification Programme. • Complete construction and rehabilitation of paved road network through completion of four lane highway, the Harbour Bridge to Ruimveldt, resurfacing of Demerara Harbour Bridge and re placement of wooden bridges along West Demerara Road. • Rehabilitate the non-paved road network through implementation of the Rural Transportation Program. • Support reforms to: i) address Guyana's capacity to finance, operate, maintain and expand urban infrastructure and services on a sustainable basis; ii) rehabilitate infrastructure and reestablish municipal services in Guyana’s six urban municipalities through implementation of the Urban Development Program. • Prepare a Secondary Towns Development Plan to improve the governance systems, infrastructure and the quality of basic services provided to Charity, Supernaam, Parika and Bartica through implementation of the Towns Development Project. • Complete Berbice River Bridge project to improve access to the Berbice region and commercial links with Suriname. • Work with Brazil to encourage successful completion of the Takutu Bridge Project to improve access to Lethem and other interior locations, Brazil and the rest of South America. • Steadily upgrade and improve maintenance of the Linden-Lethem road including bridges to support container trucks. • Support the private sector in completing the expansion of Ogle Aerodrome to enable development of regional air linkages with Caribbean and South American markets. Source: National Competitiveness Strategy’s Website (www.competitiveness.org.gy)
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n February 3, 2014, Minister of Foreign Affairs, Hon. Carolyn Rodrigues-Birkett announced that China is likely to fund a bridge across the Corentyne River linking Guyana and Suriname, further supporting businesses and trade. Over the years, Guyana’s two main airports, Cheddi Jagan International Airport (CJIA) and Ogle International Airport, have both benefited from major developments. Ogle airport has been upgraded to an international airport and now accommodates regional flights from Liat. It also serves Brazilian traffic to Lethem and to Suriname. Equally, CJIA has been transformed and is still undergoing significant modernization and construction to triple the airport size to include eight air bridges. The runway is expected to be expanded by approximately 10,500 feet to accommodate larger aircraft such as the wide body Boeing 747, and install cold- storage facilities to accommodate the exportation of more agricultural produce from Guyana.
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Trade Strategy & Export Promotion The Government of Guyana also introduced soft infrastructure measures such as a new automated system, called the Total Revenue Integrated Processing System (TRIPS) to reduce the time and cost of processing imports and exports. This System also captures revenue collection and the streamlining of processes within the Trade and Customs Administration (CTA). Also implemented was a Single Window Automated Processing System (SWAPs) Project to create an enabling environment and systems to in-
crease Guyana’s competitiveness; efficiency and cost of doing business; reliability, and transparency. Under the National, Competitive Strategy Unit, the Support for Competitiveness Programme provides funding for the training of Customs Officers, Brokers and other relevant persons. Further, items such as: thin client systems, office furniture and equipment, a website security solution for TRIPS, a high availability data backup system and informative brochures were purchased for the Guyana Revenue Authority. It has become apparent,
that as an essential part of the enabling environment for private sector development, the strengthening of infrastructure plays a very catalytic role for trade development and needs to be a development priority. Without energy, good roads, bridges, ports, and railways, countries will fail to attract the private investment needed for strong, inclusive growth. Additionally, the success of the key economic sectors of Guyana depends on the investment on infrastructure development which also improves the access to vital social services, such as health and education for all.
Takutu River Bridge Linking Guyana to Brazil and other Regions O
n September 14, 2009, the official inauguration of the Takutu Bridge was held in the presence of former President of the Republic of Guyana, H.E. Bharrat Jagdeo and the President of the Federative Republic of Brazil, H.E. Luiz Inacio Lula da Silva, linking Guyana to Brazil. At the opening, the Former President of the Republic of Guyana, H.E. Bharrat Jagdeo highlighted that “today’s ceremony may lay the foundation for overcoming the historical mindset that has kept countries like ours apart on grounds such as our relative size, and on differences such as the languages we speak.” The Bridge, located in Lethem, Region Nine (Upper Takutu/Upper Essequibo) area was constructed through collaboration between the Governments of Guyana and Brazil and was a project under the Initiative for the Integration of the Regional Infrastructure of South America (IIRSA), which is a development plan to link South America’s economies through new transportation, energy, and telecommunications projects The initiative bodes well for the landlocked and undeveloped Northern region of Brazil and Region Nine of Guyana. The Bridge is the first permanent infrastructure link (toll free) between Guyana and Brazil that links Bonfim, Roraima, Brazil to Lethem, Georgetown,
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Guyana that will foster trade and economic relations and other areas of collaboration between the two countries. It also provides access to the Caribbean region. However, in order to reap the full benefits of the Takutu River Bridge, it is important that all bilateral
agreements between Guyana and Brazil be implemented; partnership exists in the military, security, agriculture and aquaculture sectors. Some of these agreements include the International Road Transport Agreement (IRTA),
Aerial view of the Takutu River Bridge
the Partial Scope Agreement and the Memorandum of Understanding for the Promotion of Trade and Investment. Region Nine is located away from the commercial districts of Guyana, especially Georgetown, and to some extent Linden.
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he Bridge will certainly serve as a hub for not only access to cheaper goods and services by citizens living in Region Nine, but also tax free under the Partial Scope Agreement between Brazil and Guyana. Ultimately, Region Nine will become a Free Trade Zone promoting trade with the State of Roraima in Brazil. Furthermore, plans are underway to construct a Deep Water Harbour on the Berbice River. This will be beneficial since Bauxite ore from Berbice mines is shipped by barges in Kwakwani, Ituni and other parts of the region to ocean-going vessels in the mouth of the Berbice River. Additionally, an all-weather asphalted road from Lethem to the Linden Highway will be constructed, this will allow full land- link between Boa Vista and Georgetown, which will certainly increase market access to one of the largest economies of the world, Brazil. Also, the road when completed,
w i l l reduce the present travel time of some 12 hours to approximately 10 hours from Georgetown to Lethem, allowing for a more efficient transport of goods and services. Currently, Brazilian businessmen use a link through Venezuela to deliver their products to Caribbean markets. This route is said to be time consuming and costly and a sea port in Guyana will certainly provide an efficient access route to Caribbean markets. Guyana is in a strategic geographic position, and the Takutu Bridge opens the door to a multiplicity of opportunities to not only Guyana and Brazil, but also to the Caribbean Community (CARICOM) and the rest of the South and Latin American Regions. The Bridge will allow Brazil a cheaper and quicker access route to the Caribbean and improve the trade and economic relations between the two countries. Additionally, it will help reduce
the existing trade imbalance between Brazil and Guyana and Brazil and other CARICOM territories by increasing the exports of Guyanese and Caribbean products and services to Brazil. Since the commissioning of the Bridge, some 120,000 vehicles have been estimated to have crossed the Bridge and products from Guyana have since infiltrated the Brazilian market. The Bridge not only facilitates the trade in goods and services, including rice and sugar with Brazil, it also gives seaport access to the State of Roraima, Brazil. Further, Brazil is expected to invest in the area of Agriculture in Guyana. The Bridge also facilitates tourism, travel and cultural mixing between Guyana and Brazil. All these benefits can boost Guyana’s economic development as the Bridge will stimulate growth
since Guyanese goods and services now have access to one of the world’s largest markets. Without improved access to infrastructure, countries will be unable to reap the benefits of trade and compete effectively on international markets. For this reason, it is commendable for the Guyanese and Brazilian Governments to foster the development of transport links. The Bridge increases access to FDIs, increases revenues from taxes collected from businesses, increases job opportunities for citizens and access to cheaper goods and services. Eventually, the Bridge will lead to other infrastructural investments in the Region Nine area, especially the construction of the road from Lethem to Linden and a Deep Water Harbour.
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Wedding Tourism
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he inauguration of Roraima Airways Wedding Expo in 2009 was characteristic of the inventive approach which the company has long adopted to promoting Guyana as a tourist destination and to finding the most creative ways of marketing the products and services that it offers. The advent of the Wedding Expo marked an initiative by the management of the company to introduce a new product on the Guyana market and to begin to create a public profile for wedding tourism, an offering for which other countries in the region have already made their name internationally. The Roraima’s Wedding Expo sought to provide a glimpse of the benefits that could be derived for both the tourism sector and the
Guyana economy as a whole from embracing Wedding Tourism as a sub-sector
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of a wider, emerging tourism sector, Wedding Expo also sought to provide an alternative experience in the local entertainment sector, to excite the fancy of couples contemplating tying nuptials and to create a marketplace where sellers and buyers of goods and services associated with weddings could meet. Up until now this pioneering initiative has been accomplishing these objectives and more. Simultaneously, the launch of Wedding Expo coincided with Roraima’s acquisition of the Duke Lodge; a historic state hall which the company transformed into a hotel, restaurant and reception hall. Wedding Expo and other events that attracted larger numbers of visitors was another way of bringing visitors to the Roraima Duke Lodge. Not surprisingly, those sub-sectors whose businesses depended on weddings, receptions and honeymoons took an immediate interest in Wedding Expo. The spacious, well-appointed premises of the Roraima Duke Lodge including its picturesque poolside was an ideal place for product displays and marketing and the hundreds of people whom the event attracted represented a captive market. In its own modest way, therefore, Wedding Expo was, from its inception, a success. The idea behind the Wedding Expo, however, had always been to seek to sow the seeds of a wedding tourism industry in Guyana. Properly defined wedding and honeymoon tourism refers to trips made to other countries or to in-country destinations by couples and their guests to either get married or celebrate their wedding. Over the years the growth of the industry has been driven by the increased ability of couples to spend more on weddings and by their predisposition for the exotic. Though there
From left are President of THAG, Mr. Kit Nascimento; Acting Tourism Minister Mr. Irfaan Ali; models, and Roraima Holdings’ CEO, Captain Gerry Gouveia, at the launch yesterday.
is no reliable global data on the industry, the honeymoon market in the United States is believed to be worth in excess of US$14 billion. European citizens have thousands of weddings abroad including destinations in the Caribbean, often spending as much as US$30,000.00 per wedding. Overall the global market size for weddings and honeymoons is estimated at between 3 and 6 million trips per annum. Growth in the global wedding tourism market over the past five to seven years is estimated at between 10 and 12% and the prognosis for the period ahead is expected to be good. It is estimated that second marriages and couples marrying later in life – probably between 35 and 45 will swell the ranks of couples that select far-off idyllic spots for their weddings. The target markets are those most predisposed to marrying abroad and have sufficient wealth to do so. Typically these are United States, United Kingdom, Germany, Italy, France, Scandinavia, Hawaii, the Caribbean, Mexico and the Caribbean. The Caribbean region has developed various tourism products with particular emphasis on its natural assets. Couples seeking exotic ‘tropical paradise ‘locales for their weddings and honeymoons are attracted to the Caribbean sea and the hundreds of beaches shared by the islands. If there is an inhibiting factor to the growth of the wedding tourism industry in Guyana it
is the delay in visitors’ securing a marriage license as dictated by the law.. In some other Caribbean countries such couples can marry within twenty four hours of arrival. During the staging of Wedding Expo 2013 the issue of the length of time which it takes to acquire a marriage license arose and secured some measure of official attention. Other documentation required include proof of citizenship, certified copy of birth certificate and where necessary proof of divorce and death certificate. The Management of Roraima Airways continues to attract Guyanese consumers to the Wedding Expo event with blandishments that include trips to its Arrow Point Resort and flights to various interior destinations. This year, the company extended its reach to attracting local sponsors to a competition among couples preparing to tie the knot. The winning couple will ‘cart off,’ courtesy of Roraima and the sponsors an allexpense paid wedding which will take place at the Roraima Duke Lodge during Wedding Expo. Roraima Airways believes that its current investment – along with the support of both state and private sector entities - in staging the Wedding Expo could, sooner rather than later, begin to pay dividends for the tourism industry. The company recognizes that the prevailing demand for exotic locations for weddings coincides with the acceleration of environmental tourism in Guyana. Sun, sand and sea are not the only tropical settings that can provide memorable wedding experiences.
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Demerara Gold is an International Commodity
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he Guyana Sugar Corporation’s (GuySuCo) packaged sugar has been a highly sought after commodity both locally and internationally. First introduced to the market in 2003, ‘Demerara Gold’ is now on the shelves in 22 countries worldwide. They are Guyana, Trinidad and Tobago, Suriname, St Kittts, Dominica, Antigua and Barbuda, Grenada, Barbados, St. Lucia, St. Vincent, St Maarten, St. Croix, Anguilla, Italy, USA, UK, Cayman Islands, Nevis, Australia, British Virgin Islands, Curacao and a trial shipment to Lebanon. During the launching of the brand, it was revealed that the Demerara Gold concept was birthed when Guysuco’s Board of Directors and management met to determine the way forward to ensure that the sugar industry remains sustainable and profitable in Guyana. Operations Manager of GuySuCo Sharma Dwarka, who took a seat alongside Marketing and Sales Manager Roxanne Greenidge to speak with this magazine, noted that the realization of the vision started at the Blairmont Estate, Berbice. The branding and packaging of sugar encouraged refining and direct consumption (DC) sugar - a feature Blairmont could have boasted of, since it was the first factory in the Caribbean
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that was equipped to produce sugar of that standard, despite on a small scale. During its initial stages, wholesale distributors of the brand were Bryden and Fernandes,and Geddes Grant in Guyana along with Gopaul and Company in Trinidad and Tobago. Demerara Gold is made of superior quality golden brown sugar crystals, with no chemical additives. Blairmont eventually outgrew its capacity due to the rise in demand for the direct consumption of sugar among various markets. “By the time we got to 2007, we were in a t o tal of
about 23 markets and we realized that we had outgrown the facility and that’s when management realized we needed to have a concerted place where we can do all of our DC sugar,” Greenidge said. As such, in its quest to satisfy demands and to carry on the name of Demerara Gold, the Enmore Packaging Plant was conceptualised. The construction of the packaging facility and modification to the existing Enmore factory were done by an Indian Firm called Surendra Engineering Corporation. The packaging facility is con-
nected to the Enmore factory via an enclosed conveyor system. “We could not have gone straight into Enmore and do packaging, we had to upgrade and that is putting in pieces of equipment so that we could meet the product specification,” Dwarka pointed out. The Enmore facility was commissioned in 2011 to perform the bulk of the packaging activities for Demerara Gold, as opposed to Blairmont. Factory engineers had designed it with a capacity to produce 40,000 tonnes of packaged sugar per year, and with additional modifications, up to 80,000 tonnes. According to Dwarka, the plant has been living up to its production expectations, with little deficiency occurring since its functioning. “We have five packing lines; three lines are designated half kilo, one kilo and two kilograms and the other two lines are flex lines that are for the retail packaged sugar. We also have with the plant, 25 and 60 kilogram packing lines.Also there’s a line to do one tonne sack,” he explained. Its only hindrance to full capacity production is the shortage of sugar produced from time to time due to varying weather conditions. The output of packaged sugar is dependent on the
production of actual sugar cane and sugar grains. Therefore, when the plant does not satisfy its full capacity, it is not necessarily due to deficiencies but rather how much sugar is available to package. Despite this setback, Enmore has still managed to continue to penetrate markets. Responding to the question of satisfying demands on the local and international scene in light of production shortage, Greenidge said, “We have seven locations all over and we produce a mix. In some cases we have contracting customers so there are times when we are forced to make strategic decisions.” “Last year we projected a production of 63,000 for the first crop and we would already know exactly how the production falls”. The Marketing Manager also sought to explain that packaged sugar is ultimately a sub-component of DC sugar. “Packaged sugar refers to the fact that you can package sugar in any form, different styles and qualities. “DC sugar can range from as low as five grams (an individual package) to a thousand kilogram bag (one tonne.Packaging means in any type of package”.
The Marketing Manager also indicated that the food service industry makes up the majority of the market that utilises sugar. “In Guyana it is 60 percent of the market. Guyana is not a manufacturing market but we still buy a lot of sugar for household and other production of goods.” Therefore, despite the materialisation of the Enmore plant, Blairmont continues to play its part in the production of direct consumption and packaged sugar to date. It has the ability to package up to 6000 tonnes per year. For 2012/2013 GuySuCo had made a financial decision to cease supplying CARICOM because of its significant fall in production. “So we were out of CARICOM; we supply no sugar to our sister CARICOM countries except for Trinidad and Suriname”. However as of August, GuySuCo will return to the CARICOM market because the regional market remains and integral part of its export market. GuySuCo also hopes to, by 2017, convert the sale of all retail sugar to package to guarantee clean and particle
free sugar for all consumers. Ultimately, the goal is to encourage customers to buy GuySuCo packaged sugar Demerara Gold, so as to
ensure the manufacturer takes responsibility for any defects.
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Matters
Tips on how to manage money more effectively
A
s the progression of civilization developed, money became the key component for a comfortable and secure life. It is the foundation of almost every life necessity and is permanently in demand. However, the major issue isn't obtaining money, but having a constant cash-flow and being able to save for the future. Many people are of the impression that saving and managing money is difficult and that the moment they get it, it simply vanishes from their hands. It is important that we have some amount of money stored safely in order to accommodate life's unforeseen events such as fire, accidents and death. These things are scary to think about and most people assume that these traumatic life changing events couldn't possibly happen to them. But it would be unwise to not have a reservoir separate from your regular expenditure to accommodate such events. It is better to be well prepared financially than to have the added burden of wondering how you will cover these unforeseen expenses. If you are really serious about saving your earnings, the key factor that determines its success is self-control, and this leads to efficient money management. One method of effectively managing money is by creating a monthly spending budget. This is extremely simple to do and doesn't call for any elaborate planning. By simply noting your fixed expenses such as utilities, food, rent, mortgage and the life you have, will give you an idea of how to balance your expenses with the amount you earn. While budgeting is important, having some
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control over the amount of your fixed monthly expenses is also beneficial to your savings. After noting how much you spend per month on these fixed expenses, look at ways in which you can reduce these costs and if in fact these costs are necessary. For example, you can reduce the amount you pay for electricity and water by turning off lights and unplugging appliances that are not in use and avoid having your water tank run over so often. If you've traced that no one is home often enough to watch television regularly, you can unsubscribe to that cable service and use
the money for other expenses, or even better, placed into your savings. It is important to remember, that it isn't preposterous to save as much as possible. After you've successfully recorded your expenses and have a regular budget to guide you in your monthly spending, you should then decide on a fixed amount to put into a savings account. Depending on your earning and spending capacity, a small portion should be deposited into the bank, where interest builds up gradually. About 10 per cent of monthly earnings are a fairly decent amount to put aside if you're new at managing your own finances. However, for those of you who have been saving a while, a great way to increase those savings would be by setting up a fixed deposit account, where a lump sum of cash stays put in an account for a specific period of time and
you can choose how often interest is added. This can range from as little as every six months to every two years. Additionally, the interest rate is higher and over time you get to see your savings multiply, after which you can withdraw for use when the fixed period is up. Managing your money isn't only about saving, but also about spending, and not just spending, but spending smart. There are certain critical financial decisions that we'll have to make at some point in time, for example, buying a home or a car and this comes with the added monthly expense of a mortgage. This is where extra planning comes into play. If you are able to afford a large down payment on your mortgage you should go ahead and do so. Financial experts advise that giving a 20 per cent down payment or more is much more beneficial than a lower down payment. By doing so you are able to have smaller mortgage payments resulting in having extra money to allocate into your budget. This also means having a lower interest rate, which in turn saves you thousands of dollars in interest in the long run, not to mention being able to shorten the lifetime of the mortgage. The same reasoning can also be applied to car payments, where the larger the down payment you make, monthly installments can considerably be reduced. Another way of spending smart is by spending what you have, not what you hope you had. Despite the pressure to conform to the norms of a society filled with sparkly and luxurious distractions, it is important to remember to stick to your budget and live within your means. It may seem like harsh advice, but it is guaranteed to work out in the long run, when you have enough money in your golden years and can afford the luxuries you really want.
W
ith this in mind, it is important that you spend the money that you make, not the money you expect to make, which is a common error among us all from time to time. Reducing the amount of impulsive purchases is another good way of spending smart. You would be surprised at how much those unplanned purchases can add up to every month, no matter what the cost and most times it turns out that you bought something you really didn't need. To test if a purchase is impulsive or not, wait a day after seeing the item, if you still feel the need for it the next day go back and
get it. Another important aspect in effective money management is record keeping. This is important for actually tracking the purchases you make. Keep all banking records safe, along with utility bills, this way you can look back to ensure that your expenses are stable and not constantly increasing or fluctuating. Keeping these documents as a
Differentiating Between Needs and Wants Needs Wants A Standard practical vehicle to fulfill all transportation needs including sufficient gas mileage and adequate seating.
Luxury sports car that does not fulfill your everyday transportation needs but used only for design, sport and speed.
Home comprised of adequate bedrooms, and contains all basic amenities for comfortable living.
A luxurious home equipped with added entertainment rooms, pool and extensively large yard space.
Adequate groceries and well stocked cupboards needed for healthy daily living
Eating at restaurants where menu prices are exorbitant, on a regular basis.
Comfortable, practical and appropriate clothing needed for both everyday use and formal occasions.
Designer brands that would simply be used for show e.g. a designer dress you'd only wear once instead of better quality and added life span for example jeans or work suit.
o
means f
measurement is important to evaluate the effectiveness of your financial management skills. In addition, keep personal records of all other spending such as receipts from the groceries, car repairs, entertainment, even the clothes you purchase. This can be done by preparing a simple excel spreadsheet or recording them into simple accounting software. Once again spending is tracked but with an additional twist, for example, maybe at the end of the year, you notice that you could reduce the amount of times you eat at restaurants or get fast food when making home cooked meals would be economical. An added tip on how money can be more effectively managed is by simply differentiating your necessities from your expenses. Being honest with yourself about what you really need to spend your money on and the items you can live without is a mental step of maturity on how to handle
your finances. This all comes back down to controlling your impulsive purchases and also accepting that in order to lead a comfortable life and a secure an even more comfortable future you must learn to live within your means. At different stages of our lives we're able to afford and provide different things for ourselves. Think of it this way - while some people are desperately trying their best to impress society by indulging in things they cannot afford, chances are later in life they may end up bankrupt and lose the things they're buying with money they don't own. While on the other hand you climb your financial social strata one step at a time and in the long run you're not only able to buy the items you want, but you'll also have that calm state of mind where you don't have to worry about running into financial shortcomings in the future. By making these simple changes to the way you manage your money, you'll be able to significantly improve not only the way you handle your money but the quality of your life. Great things don't manifest into being overnight, they are obtained with patience, perseverance and a little sacrifice, but all and all managing your money is a well-rounded task and can be done by making both small and large adjustments to our overall thinking and life style.
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Queen’s Baton Relay I
t is universally regarded and respected that sports is the single most powerful unifying force in the world, bringing together people from all religious, political and ethnic persuasions. This was once again on display when the Queen’s Baton Relay, which signifies the advent of the Commonwealth Games, in this instance the XX, touched down in Guyana for another successful leg, March 2-5, 2014. There were a total of 79 legs of the Relay in Georgetown. This event brought together athletes, sports personalities, diplomats, administrators, religious persons, school children by the hundreds and of course politicians, led by the President of the Cooperative Republic of Guyana, His Excellency Donald Ramotar as well as Leader of the Opposition, Brigadier David Granger. The Queen’s Baton Relay arrived in Guyana from the Falkland Islands, having commenced its 190,000 kilometre journey on October 9, 2013. It will travel around 71 nations and territories, unifying the two billion people of the Commonwealth in a celebration of sport, diversity and peace. Her Majesty the Queen placed Her message to the Commonwealth into the iconic baton to launch it on its way. On March 3, the Relay commenced from the headquarters of the Guyana Olympic Association, High Street, Kingston, Georgetown before making its way to a number of significant locations and landmarks throughout the city then ending at the Guyana National Stadium, Providence, East Bank Demerara. Some of the significant points along the route in the city where the Relay traversed were State House, Ministry of Culture, Youth and Sport, St. George’s Cathedral, Non-Aligned Monument, Parliament Building, British High
enjoys successful leg in Guyana
Her Majesty the Queen, assisted by His Royal Hindness Prince Imran, President of the CGF, inserts her message in the Glasgow 2014 baton
Commission, Canadian High Commission, Indian High Commission, Brazilian Embassy, Botanic Gardens, UNICEF as well as dozens of schools. Paralympic athletes were also involved in this historical event which was not the first time for Guyana. President of the Guyana Olympic Association K. A Juman Yassin stated that this year’s Relay was much more successful than the previous, because of the involvement of many more stakeholders. Day two of the Relay saw the entourage making its way to the interior of Guyana where the flora and fauna of this beautiful land were witnessed. It also presented the opportunity for dozens of other students of Aishalton Primary School and villagers to showcase another side of Guyana. The Relay team and officials were given a
classy cultural display after being welcomed by the Toshao of the Village. The National Pledge and first stanza of the National Anthem of Guyana were done in one of the native Amerindian languages, Wapishiana. There was also a display put on by the Aishalton Nursery School that showcased the Nine Amerindian Tribes. The team was taken on a tour of one of Guyana’s tourist attractions, the Orinduik Falls. The baton embodies Glasgow and Scotland’s culture, history and innovation in its design and construction. At the heart of the baton is The Queen’s Message, inscribed on a parchment handmade in Glasgow using linen and plant fibre. The message will be scrolled and held in a transparent cylinder within a pure titanium latticework frame. For the first time, the message forms the visual core of the baton design - illuminated from within by LED lights, yet unreadable until the opening ceremony The baton contains a granite ‘gemstone’ which will be gifted to each nation and territory. It is housed at the very top of the baton, and released only by opening a clever puzzle mechanism. The gemstones, made of water-resistant granite unique to Scotland, were sourced from Ailsa Craig in the Firth of Clyde, crafted by the Kays of Scotland, and embellished by jewellers from Glasgow School of Art. At the Glasgow 2014 Commonwealth Games Opening Ceremony on 23rd July 2014, the baton will return to The Queen, who will then remove Her message and read it aloud, officially declaring the Games open.
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