Business Guyana (2015)

B G Magazine 2015

Business Guyana

Investor’s Paradise

An Investor’s Guide to Doing Business in Guyana

Free

Guyana is indeed an Investor’s Paradise with its abundant natural resources that include forests, minerals, rivers, fertile agriculture soil and a diverse geography. Additionally, the country’s natural landscape and geography allows for a memorable tourism experience, for both visitors and investors in the sector, and includes mountain hikes, forests walks, and visits to the majestic Kaieteur Falls. To accommodate all the country has to offer, a new Marriot hotel has opened its doors and a new International Airport Is being constructed to accommodate the many airlines that are interested in establishing operations. Additionally, the construction and real estate sectors are booming and present many opportunities for investors.

contents

54 48

44

62

20 Facts

about Guyana

Q &A: Coleen Patterson

The US and Guyana:

22

Building Business Relationships for a Prosperous Future

38

06 07 10 58

“Opening Notes” by Lance Hinds

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Travel: Journey to the Top of the World

By Tom Greenwood

78 98

Fast Facts

President of Guyana “ President’s Message” Investor’s Roadmap Marketing: Getting the Most out of Social Media for Your Business

Last Word

Sector Spotlight: Forestry

Young Entrepreneur:

Vishnu Doerga

A Changing Role for Guyana’s Private Sector Entrepreneur: Edward Boyer: Building a Lasting Empire

Golden Real Estate: A Purchaser’s Market Aviation: Air Services Limited Raises the Bar for Agriculture Industry

22 34 40 62

50 38

Managing Editor Clinton Urling

Project Coordinator Clinton Urling

Advertising Monique Tiwari Marissa Lowden Abiola Lewis Krysten Sewett

Editorial Contributors Clinton Urling Lance Hinds Rosh Khan Eric Phillips Tom Greenwood Marissa Lowden School of the Nations Air Services Ltd Georgetown Chamber of Commerce & Industry

Design Chontelle Sewett CUBE Design team Contact: cubedesigngy@gmail.com Tel:(592) 693-9601

66 MONEy :

Favourable Financing for Green Projects

Education: Nations University: Educating Business Professionals

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74

Selected Economic Indicators Charts and tables

84

Guyana’s Diplomatic & Consular Representatives

88 90 92

Embassies & Consulates in Guyana Business Contacts

Photography Chontelle Sewett Keron Bruce Mark Jacobs Business Guyana is an annual publication of the Georgetown Chamber of Commerce & Industry. 156 Waterloo Street, Georgetown, Guyana SA. Tel: +592 225-5846 E-mail:gtchamber@networksgy.com www.gccigy.org All information in this publication has been carefully collected and prepared, but it still remains subject to change and correction. Use these contents for general guidance only and seek extra assistance from a professional advisor with regard to any specific matters.

Copyright reserved. None of the contents in this publication can be reproduced or copied in any form without the permission in writing from the publisher.

These articles do not constitute tax or legal advice, and no action should be taken based on the information in these documents without first consulting suitable tax or legal advisers. No liability for actions taken, or in action, based on the information in these articles, will be accepted.

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President of the Georgetown Chamber of Commerce & Industry The mandate of the Chamber is clear. It is to advocate policies, stimulate trade and investment, connect businesses, sustain economic growth and expand member opportunities with the aim of contributing to a stable and sustainable economic and social environment in Guyana where businesses can prosper.

The Chamber believes conceptually that the private sector must continue to expand significantly in order for the economy to deliver the revenue, wealth and job creation critical to the nation’s future. Therefore, to facilitate this growth, it is critical that there exists a supporting, enabling environment that is a reflection of how businesses function in the 21st Century.

“Opening Notes”

by Lance Hinds

On behalf of the Georgetown Chamber of Commerce

I am pleased to present the sixth edition of the Business Guyana Magazine. This edition is particularly special for us at the Chamber. It is being published during our observance and celebration of our 125th year as a private sector support organization. Many of our colleagues and friends would be aware that the Chamber was established in 1890 to represent the interests of the business community and is the oldest private sector organisation in Guyana.

It has been a time of reflection. 125 years is a long time. The society and the business environment has of course shifted and evolved significantly in many different ways since then. Throughout it all however, the Chamber was, and continues to be, a leading advocacy voice as Guyana’s economy continues to evolve, overcome challenges and provide the wherewithal for the comfort and acceptable standard of living deserved by our citizens.

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2015

The Business Guyana Magazine is a manifestation of the Chamber’s overall mission. It is based on the belief that credible information and guidance is critical to decision making about investment, whether foreign or domestic. The magazine, as always, is designed to be easy but extremely informative and authoritative reading, providing enough to stimulate and excite, with a comprehensive view of the Guyana’s economy, along with the perspectives of the Private Sector and Government.

It has been a challenging year on some fronts; once again, international commodity prices have caused a contraction in production in our agriculture and mining sectors. The Chamber cannot emphasize enough the need for policy and initiatives to diversify our economy.

We are about to celebrate 50 years as an independent nation.

How we conduct ourselves during the 2015 General and Regional Elections will to a large extent determine how we chart our course for the next 50 years. Stability, reliability and a positive political environment are critical components of a successful economy and investment climate.

This publication would not be possible without the support of our Advertisers, many of whom I believe have supported this magazine since its inception. On behalf of the Chamber I thank you for your continued support. Let me also take this opportunity to express my sincere gratitude to the contributors who submitted articles for this magazine. It is the high standard of your content that drives the continued success of our magazine.

Happy reading and we look forward to your comments and feedback.

President’s Message

07

opportunities in Guyana, showcasing our success stories and the persons behind them, by providing information of benefit to all investors, this magazine contributes immeasurably towards increased investor interest in Guyana.

message from His Excellency

Donald Ramotar, President of Guyana

I am pleased to be associated with the 2015 edition of this impressive publication by the Georgetown Chamber of Commerce and Industry. The outstanding efforts of those behind this magazine must be applauded. They continue to produce a high quality product that showcases the tremendous strides made by the business community in Guyana.

The success of our business community serve as a magnet for increased investments, both local and foreign. By outlining the business and economic

My government remains extremely receptive towards investment and towards creating an enabling environment for the business community. We believe that the best way to create such an environment is for our country to remain on a trajectory of growth and development; provide the incentives for increased trade and investment and support our industries to become more globally competitive. These things we have been doing with unquestionable success. Our country is poised to ratchet up the enviable record of achieving ten years of unbroken economic growth.

We are stimulating growth and development. This in turn is providing greater impetus for the expansion of business opportunities. To further increase those opportunities, Guyana continue to upgrade its physical infrastructure so as to boost the competitiveness of our goods and services. We have a progressive and most attractive fiscal incentive regime for investors, and in order to facilitate investment my government is committed to dismantling the bottlenecks and red tape faced by companies and entrepreneurs.

Guyana welcomes both foreign and domestic investments in our economy. We intend to work in partnership with all the stakeholders to continue the progress that we have made over the last decade. As such we encourage all efforts aimed at cultivating an improved business climate and attracting investments.

As you enjoy this publication, I want to encourage you to be part of the exciting opportunities available in Guyana. Now is the time to invest in Guyana and stay ahead of the competition.

Donald Ramotar President of Guyana 2014-11-27

2015 BG Business Guyana

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Roadmap

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Investors’ Roadmap Investing Made Easy Guyana’s business startup climate has warmed for investors eager to participate in one of the Caribbean region’s most dynamic economies. The following outlines in a brief yet comprehensive format the 10 essential steps to opening a business in Guyana.

1

Research and Risk Assessment

2

3

Land and Site Selection

Entry and Business Registration

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Registration with Tax Agencies

Roadmap

10

steps to opening a business in Guyana 7

6

5

11

Utilities

8

Importation of Goods and Materials

9

Insurance

Site Development

Financing

10

Finding Employees

see the details

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Roadmap Research and Risk Assessment

Preliminary research has brought Guyana’s many wonderful attributes into clear focus to the extent that a potential investor can now readily contemplate setting up a business here. The next step in the research process is to gather the information needed to ensure the investment decision is worthwhile and feasible. The following sources provide the solid starting point to consult and gather the information to make a confident decision.

They include: Go-Invest: Guyana’s main investment agency.

1

Your country of origin’s embassy, high commission or consulate offices.

Chamber of Commerce or sector-specific organisation.

Business investment consultancies and accounting firms.

Guyana Americas Merchant Bank, Inc. National budgetary presentation, as prepared by Guyana’s Ministry of Finance.

Go-Invest is a highly recommended starting point for this phase of the research. The agency can provide a broad spectrum of information including profiles of investment oportunities as well as available concessions and incentives.

Agency representatives can assist in running through the entire investment process, including the coordination of joint ventures along with establishing links to important stakeholders and agencies.

Go-Invest also can assist exporters with trade information and export promotion and provide the information on relevant laws pertaining to the nature and form of the business investment.

The table below summarizes the body of Guyana law that is most relevant to investment-related business activity in the country.

Guyana Laws Relevant to Investment Activity TITLE

PURPOSE

Bank of Guyana Act (Chapter 85:02) Business Names (Registration) Act (Chapter 90:05) Capital Gains Act (Chapter 81:20) Companies Act (Chapter 89:01) Competition & Fair Trading Act (2006) Copyright Act (1956) Corporation Tax Act (Chapter 81:03) Deeds Registry Act (Chapter 5:01) Environmental Protection Act (Chapter 20:05) Financial institutions Act (Chapter 85:01) Fiscal Management & Accountability Act (2003) Gambling Prevention Act (Chapter 9:02) Hours and Holidays Act (Chapter 95:02) Income Tax Act (Chapter 81:01) Income Tax (In Aid of Industry) Act (Chapter 81:02) Investment Act (2004) Labour Act (Chapter 98:01) Land Registry Act (Chapter 5:02) Mining Act (Chapter 65:01) National Insurance Act (Chapter 36:01) Occupational Health and Safety Act (Chapter 99:10) Partnership Act Patent & Design Act (Chapter 90:03) Petroleum Act (Chapter 92:01) Petroleum (Exploration and Production) Act (Chapter 65:10) Prevention of Discrimination Act (Chapter 99:09) Property Tax Act (Chapter 81:21) Revenue Authority Act (Chapter 79:04) Revenue Authority Amendment Act (2006) Securities Industry Act (Chapter 73:04) Small Business Act (2004) Termination of Employment and Severance Pay Act (Chapter 99:08) Trade Act (Chapter 91:01) Trade Mark Act (Chapter 90:01) Trade Union Recognition Act (Chapter 98:07)

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Central Bank regulations Registration and use of business names Taxation on capital gains Business regulations Competition and fair trading regulations Protection for copyright Taxation on corporate income Purchasing and leasing of private land Environmental regulations Commercial banks and other financial institutions regulations Accountability and transparency Restrictions on gambling Labour related issues Taxation on income Taxation Investment regulations Labour related issues Purchasing and leasing of private land Mining regulations Labour related issues Accident prevention, risk mitigation Partnership regulations Registration, use and protection of patents Regulations on petroleum Regulations on exploration and production Equal employment opportunity Taxation on property Taxation agency Taxation agency Stock market regulations Small business regulations Labour related issues Import and export control and licensing Registration, use, protection of trade marks Labour related issues

Roadmap

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Land and Site Selection Once investors and potential business partners are confident and satisfied that Guyana is an ideal location for the business startup, the focus turns to the real estate and land market for setting up the office and operations.

Guyana has qualified real estate brokers to consult for this purpose. Foreign investors also are treated in the same manner as domestic investors when acquiring or leasing land.

Private property in Guyana is registered under two legal forms:

The process of land identification begins with checking its availability and zoning status with Guyana’s Lands and Surveys’ Commission (GLSC). If the land is available, an inspection is requested and onehalf of the fees are paid up front. A GLSC officer visits the site and completes an inspection report so that the application form for lease can be successfully completed and submitted to the respective regional GLSC office.

Transported (governed by the Deeds Registry Act) TITLED (Land Registry Act)

For those interested in purchasing private land for operations, the first step is to sign an Agreement of Sale and Purchase with the owner of the property. The agreement should contain the names and addresses of the buyer and seller, the agreed purchase/selling price and the location and description of the property.

If the application meets the minimum information standard required, the filing fee is paid and the application is then forwarded for review by various regional and public agencies. If no objections are received, the application is forwarded to the GLSC’s head office, where the Management Information Unit reviews and verifies the application before it is sent to a processing unit for a confirming round of verifications. The final schedule is prepared and submitted to the GLSC commissioner who then forwards the package to the President and GLSC board chair for final approval. If it is approved, the final lease is prepared and granted.

Then, investors must secure the services of an attorney to prepare an affidavit to explain the intent and particulars of the purchase. The owner of the property is also expected to file a similar affidavit.

The agreement and both affidavits are then submitted to the Deeds Registry, which places an announcement in the official gazette of record.

Once the documents have been published, the public is allowed 14 days to register any opposition to the sale. Opposition might be based on a claim from someone who indicates the seller owes him some form of payment or compensation obligation or there is an existing lien on the property. If no protest is filed, then the passing of the transport (deed) is processed in two months’ time.

For titled land the process is the same except that the transaction does not have to be filed for gazette publication. Also, any contention from an outside party would be lodged with the Lands Registry.

It is advisable that buyers check in advance with the Registry to verify if any claims have been made on the property in question.

In Guyana, the State Lands Act (62:01) and the Land Development Act (59:01) govern the acquisition or leasing of government-owned land.

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Roadmap Entry and Registration

Visas and work permits

Incorporation

In Guyana, the Immigration Services Department of the Ministry of Home Affairs is responsible for visas and work permits. The Ministry has an updated list of countries whose nationals require a visa that can be found at www.moha.gov.gy or via email at homin@guyana.net.gy for queries and additional information.

Incorporation involves more time than registering an unincorporated company and submitting the required articles of incorporation, which should include the following items:

For short term visits, individuals can apply for a visitor’s visa, which is valid for an initial 30 days and can be extended by immigration officials for two additional one-month periods.

For longer term stays, business representatives and investors can apply for business visa good for five years, which also can be extended with official approval, as necessary. Individuals and companies also can apply for work permits and employment visas, respectively.

The proposed name of the company The proposed address of the registered office in Guyana The classes and any maximum number of shares that the Company is authorised to issue If there will be two or more classes of shares, the rights, privileges, restrictions, and conditions attaching to each class of shares must be specified Minimum issue price in respect of shares or classes of shares Number of directors; minimum/maximum number of directors Restrictions on the type of nature and business the company may carry out, if any The names, addresses, occupations and signatories of incorporators Statements naming the first directors and secretary and their consent to serve

Business registration Businesses can legally register with the Deeds Registry in one of the following forms and statuses: single owner proprietorship, partnership, or incorporated company. The Business Names (Registration) Act and the Partnership Act govern sole proprietorships and partnerships, respectively, and the Companies Act covers the registration of an incorporated business.

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Investors also should take note that individuals younger than 18, or who have an undischarged bankruptcy, or who have been determined by a court to be incapacitated in terms of making legally binding business decisions cannot be involved in the incorporation process.

After the articles of incorporation have been submitted, the fees due will be calculated. With issues such as a name that actually is a previously reserved name for another company, the applicant will be notified and directed to change the name.

Fees are due at the completion of the application, which is then forward to the company division of the Business Registry. In two to three days, the certificate of incorporation is ready to uplift, which represents conclusive proof of incorporation of the company named in the certificate and the date of its incorporation.

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Roadmap

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Registration with Tax Agencies Foreign firms They are special provisions for firms incorporated outside of Guyana, or what are called “external companies” in the Company’s Act. Additional information and documentation must be filed including the country within which the company was incorporated; its name, manner of incorporation, corporate instruments and the extent to which the liability of the shareholders/members of the company is limited.

There is also a different fee structure.

Trade mark registration For companies needing to protect specific trade names, invented words and other distinctive marks, an application to the Registry of Patents, Designs, and Trade Marks is required. The Registry will check for any previously registered trademark for similarities and if none is found, it will be published in the gazette for public scrutiny. After one month, if there are no contested issues filed, the applicant will be approved for a certificate of registration, which is good for seven years and can be renewed indefinitely every 14 years thereafter.

For ease of navigating the registration process, it is strongly recommended that investors utilise the services of an attorney licensed to practice in Guyana.

The next step is to register the newly formed company with the statutory tax agencies, namely Guyana Revenue Authority (GRA), the National Insurance Scheme (NIS) and the respective municipal authorities.

GRA All firms must register with the GRA to receive a Taxpayer Identification Number (TIN), which is require to conduct business with any government and public entities. To apply, representatives can complete registration at GRA Headquarters at 200-201 Camp Street, Georgetown or at any GRA Regional Office in Guyana.

The GRA collects taxes of the following types: value added, income, corporation, property, capital gains, professional fees, withholding, premium, travel voucher, environmental and excise.

NIS All firms must also register with NIS, the national social security organization, to obtain a unique registration number. The application process can be readily completed at any NIS office.

Companies must file monthly contributions for their employees. Self-employed individuals must also file monthly returns on their earnings. The total contribution is calculated at 14 per cent of the actual wage/salary paid to the employee and is derived by a 5.6 per cent deduction from the employee’s pay and the remaining 8.4 per cent portion by the employer on behalf of the employee.

The actual wage/salary is, at present, subjected to a ceiling of $GY158,159 per month ($GY36,498 per week).

The self-employed person contributes 12.5 percent of his/her declared earnings as contributions.

Municipal authorities

4

There are six municipalities in Guyana: Georgetown, Anna Regina, New Amsterdam, Corrivertown, Rose Hall, Linden. Companies are required to pay the duly outlined rates and taxes, including property taxes. Companies can register at the respective municipal office.

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Roadmap Financing

Site development

There are several options for locally based financing in Guyana.

Guyana has six private commercial banks with operations spread throughout the country:

At this stage, the investor and business principals are ready to develop the acquired land or property to establish operations. This process, as standard in any country, entails key steps, approvals and permits. In Guyana, the process includes the following:

Republic Bank GBTI

6

Demerara Bank Citizens Bank Bank of Baroda

a

Scotia Bank These banks provide many services, with loan interest rates, averaging around 11 per cent.

b

c

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Completed renderings and plans are submitted to the engineers department of the regional municipality or town council for review and approval. The review encompasses factors including spacing, sanitation and disposal facilities, drainage, boundaries, lighting, ventilation, structural soundness, and others.

Once plans are approved and the Council agrees with the recommendations of city engineers, the application is then passed onto the Central Housing & Planning Authority (CHPA).

The CHPA will request multiple copies to distribute to various permit agencies, where applicable.

d

After CHPA has received notification and approvals from the relevant permit agencies, it approves the plans and returns them to the municipality.

e

The municipality then issues a building permit to commence construction. The permit is usually valid for two years.

f

Find a reputable construction firm to carry out the project. The architect or the local Chamber of Commerce can recommend a few for consideration, as based on specifications.

g The Guyana Americas Merchant Bank provides loans in both U.S. and Guyana currency. The Merchant Bank also provides investment management services including securities underwriting and securities trading on the local stockexchange, the Guyana Association of Securities Companies and Intermediaries Incorporated (GASCI). Of course, the GASCI is an option to raise financial capital for the business by way of official listing on the Stock Exchange.

Find a reputable architect to design and complete architectural renderings of the proposed building. All permits and approvals are contingent upon these blueprints.

Once construction has commenced, a business principal must inform the city engineers department within 30 days from the beginning of construction and again once the construction is completed.

Permit agencies include, but are not limited to the following: Guyana Fire Service Department, Occupational Safety and Health Authority, Environmental Protection Agency, Food and Drugs Department, Public Health Department and Guyana National Bureau of Standards.

Roadmap

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Importation of Goods and Materials

Utilities During, before or after construction, utility services can be established and coordinated through the following entities: The Guyana Telephone & Telegraph Company Ltd (GT&T), Digicel, and E-Networks, for landline phone, voice, cellular connections and data.

There also are other providers of Internet connectivity that can be found in the yellow pages of the GT&T telephone Directory or by contacting the local Chamber of Commerce.

Other important utility providers include the Guyana Power & Light Inc. (GPL) for electricity, and Guyana Water, Inc., for water. For businesses in Linden, there is the Linden Power Company that supplies electricity.

All items imported for the new business must pass through the Customs Department of the Guyana Revenue Agency (GRA). While one can navigate this process without assistance, a registered customs broker can prove effective in expediting the process, saving time and money.

For individuals pursuing the process independently, the required documents include bill of lading/airway bill, invoice, completed declaration (Form C 72), Taxpayer Identification Number (TIN), and permits or licences, as applicable. Other documents to support the transaction (i.e., valuation) should be attached.

The process also includes the following steps.

The importer, consignee, broker or agent lodges the required documents for vetting at the customs lodging area in GRA’s headquarters.

If documents are not in order, they are returned to the importer, consignee, broker or agent for required revisions. A lodgment number is assigned to the completed set of documents and the entry will then be processed usually in one day, but may take up to three to five days, especially for a large shipment of multiple items.

If the payment is greater than $GY30,000 the importer, consignee, broker or agent is issued an assessment notice which is paid at the office where tax assessments are satisfied.

After payment, the broker or investor receives official receipts and copies of the entry before proceeding to the Transit Shed (T/Shed), where the goods are stored and the shipping agent will release goods once the receipts and entry are presented for claiming the shipment.

The officer-in-charge arranges for the transferring of goods to be examined prior to final release. The physical goods inventory is checked against the items listed in the invoice.

As experienced investors soon discover, the customs protocol in Guyana is similar to many other countries. Rather than inspecting every single item in a claim lot, customs officers employ risk-profiling techniques in which random checks may be conducted even if the risk profile is low for a particular item. The percentage of items to be examined is determined by criteria identified in the Total Revenue Integrated Processing System (TRIPS).

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Once all documents and inspections have been completed, the importer, consignee, broker or agent obtains delivery of the goods and the documents are stamped for release.

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Roadmap Insurance

Hiring employees

Insuring investor and owner assets is an important part of the business startup process and Guyana offers several channels for handling insurance needs. These include the Guyana & Trinidad Mutual Fire & Life Insurance Companies (GTM), the Hand-in-Hand Group of Companies, North American Life Insurance Company Limited, Demerara Mutual Assurance Society, Caricom General Insurance Company and Assuria Life, Inc. Companies unfamiliar or unsure about which firm to use for insurance needs are encouraged to contact a well-known insurance brokerage firm.

Guyana’s workforce is advantageous for its youthful energy, its large skills base in a variety of agricultural and manufacturing industry sectors and its capacity to adapt to and adopt technologies that are critical to today’s economies. Job postings are most widely disseminated in local newspapers and their popular classified advertising sections, especially for quick response from qualified applicants. The country’s daily newspapers include Stabroek News, Kaieteur News, Guyana Times and Guyana Chronicle.

Another option is to procure the services of a local recruitment agency and some accounting firms coordinate and facilitate activities for hiring.

The local Chamber of Commerce and Guyana’s Ministry of Labor do effective advocacy for identifying solid job candidates.

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Roadmap

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Grand opening As in many other countries, when all of the steps have been completed in preparing a new business, Guyana’s communities enthusiastically celebrate a grand opening.

There are professional marketing and public relations agencies which can help facilitate event planning but in instances where cost management is important, key business personnel can do much to plan their own grand openings.

A well-established grand opening protocol in Guyana includes elements that are familiar to many other countries. Companies, of course, should prepare media materials and make available press kits to all local and national media. They should procure the services of a master of ceremonies and confirm guest speakers who represent as comprehensive a spectrum of signatories and important stakeholders in the community. A grand opening also is an ideal platform to showcase Guyana’s expertise in making an event as festive as possible, including catering, event programmes and ceremonial features such as a ribbon cutting or activities in which the community can directly participate in as relevant to the new business.

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Sector Spotlight: Forestry

Types of state forest allocation Guyana offers several types of permissions and permits. One is the State Forest Permission (SFP), granted for fewer than 8,000 hectares, and which is valid for two years. The permission, in which the GFC calculates the quota allocation, can be renewed.

The second is the State Forest Exploratory Permits (SFEP), which is granted for parcels greater than 8,000 hectares and is valid for three years. The SFEP is granted in the precursor stage to a Timber Sales Agreement (TSA) or Wood Cutting Lease (WCL), which is subject to an environmental social impact assessment, and where only limited harvesting is permitted. A TSA or WCL, granted once SFEP conditions are satisfied, is subject to an annual allowable cut, determined in accordance with annual operations plans.

Joint ventures The GFC (The Guyana Forestry Commission) also allows companies to enter into joint ventures after the requisite due diligence is done. Joint venture requests also follow a process that starts with an announced justification to enter into such an agreement which is made by the company of individual that has legal access to state forest lands. The GFC performs a thorough assessment on the proposed joint venture partner. The GFC’s Technical Sub-Committee finalizes the review and submits a recommendation to the GFC Board of Directors, which is responsible for final decisions regarding proposed joint ventures.

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Forestry

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Value-added opportunities Perhaps the biggest opportunity for investment in Guyana’s forestry sector arises in the potential to develop forest products into lucrative value-added products for domestic and international markets. Guyana’s government and the GFC have prioritised activities to promote value-added forest product production for export.

Among the specific sub-sector areas ideal for such activities include furniture, plywood and veneers, moulding and doors, parquet, floor tiles, and other related products.

Investment Incentives In addition to the general incentive package that Guyana offers investors, the forestry sector attracts specific incentives and exemptions from customs duty on a wide range of forestry equipment. Also, special incentives are available to those engaging in value-added production in the sector. Check with the Go-Invest office for advice on the full range of concessions offered.

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Forestry

With vast pristine resources that encompass more than threequarters of Guyana’s entire landmass and more than 1,000 species of trees, Guyana’s forestry sector provides many lucrative opportunities for potential investors.

MILLION untouched

At the latest report, approximately 6.9 million hectares of state forest lands have been allocated for commercial purposes while the remaining 5.7 million is untouched. Mindful of the most urgent environmental and climate concerns, the country has implemented a low carbon development strategy (LCDS) along

5.7

state forest lands

MILLION

hectares

6.9

for commercial purpose

Production data for the period 2006 to 2013 logs

c u b i c

more than

1000

m e t e r s

species of tress

sawn lumber

round wood

plywood

450,000.00 400,000.00 350,000.00 300,000.00 250,000.00 200,000.00 150,000.00 100,000.00 50,000.00 -

2006

2007

2008

2009

2010

2011

2012

2013

Number of years can be harvested annually

MILLION cubic metres

1.3

utilized annually at the moment

MILLION

cubic metres

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420,000

with entering into several international agreements to conserve its forestry resources. Guyana’s officials have set a curb on the volume of forest resources that can be harvested annually, which sits currently at 1.3 million cubic metres. However, only 420,000 cubic metres is being utilised annually at the moment.

This means the country has the capacity to harvest twice its current capacity while remaining committed to its conservation goals, which could provide enormous opportunities for those looking at the sector’s business potential.

Forestry export data for the period 2006 to 2013 logs

c u b i c m e t e r s

sawn lumber

round wood

4%

plywood

250,000.00

25

GDP national Gross Domestic Product

200,000.00 150,000.00 100,000.00 50,000.00

20,000

-

2006

2007

2008

2009

2010

2011

2012

2013

atleast jobs

Number of years

2013 us$19.6 MILLION 49% export revenue

Log Export

Sawn wood commodities

Forestry acti vities

MILLION us$40 annually in export earnings

us$12.5 MILLION 31% export revenue

Sector Performance

Export market

The sector plays a major role in Guyana’s economic development, contributing annually around four per cent of the national Gross Domestic Product (GDP) and providing at least 20,000 jobs, both directly and indirectly. Forestry activities generate approximately US$40 million annually in export earnings. In 2013, sawn wood commodities led the sector in value earning revenue of US$19.6 million, which accounts for 49 per cent of all exports revenues.

Meanwhile, log export has contributed US$12.5 million, or 31 per cent of the total export revenue earned.

Logs are mainly exported to the Asia Pacific region – namely, India and China – while sawn lumber is sent primarily to Europe and Caribbean markets, especially the United Kingdom, Trinidad and Tobago and St Lucia. The main market for roundwood is in the United States while plywood exports predominate in the Latin American and Caribbean region, primarily Suriname and Belize.

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Forestry

Most sought species of trees in Guyana

legislative, policy and the forest sector

Among the hundreds of tree species found in Guyana that are most commonly used in forestry activities include Chlorocardium Rodiei (Greenheart); Mora gonggrijpii (Mora); Catostemma Commune (Baromalli); Peltogyne spp (Purpleheart);Cedreta odorata (Red Cedar); Carapa Guianensis (Crabwood); Quassia simarouba (Simarupa) Hymenaea courbaril (Locust); Goupia Glabra (Kabukalli); Bocoa prouacensis (Wamara); Loxopterygium sagotii (Hububalli), and Chrysophyllum pomiferum (limonaballi).

national forest plan 2011 national forest policy statement 2011 lcds ncs /nds

Legislative framework As the chart suggests, Guyana has spent much of the last seven years focusing a good deal of effort on coordinating legislative, policy, and procedural issues and matters with regard to managing the nation’s forestry industry with the goal of balancing business concerns with those involving conservation and responsible use of natural resources. The most significant development has been creating databases that can be accessed and shared among various sector stakeholders to make the most effective and responsible business decisions in Guyana’s forestry sector.

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strategic plan for national resources sector

Forestry

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procedural framework

Forest act 2009 GFC act 2007

procedure for land allocation; guidelines for forest inventory; A0p and fmp guidelines; codes of practices; log tracking system etc;

GFC: Guyana Forestry Commission LCDS: Low Carbon Development Strategy NCS: National Competitiveness Strategy NDS: National Development Strategy AoP: Annual operations Plans FMP: Forest Management Plans

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Forestry

Major agency role players in forestry There are several important agencies that are responsible for managing and promoting Guyana’s forestry sector. They include the following:

The Ministry of Natural Resources and the Environment (Policy)

The Guyana Forestry Commission (GFC) (Regulator)

As the principal government policy agency responsible for the sector, the Ministry of Natural Resources and the Environment is responsible for drafting and enacting policies and regulations dealing with the environment, including conservation, regeneration, forestry and wildlife protection. It is also responsible for the exploration, management and conservation of the country’s natural resources.

The GFC is the principal regulator of Guyana’s forestry sector, also serving as the advisory agency to Guyana’s Minister of Natural Resources and the Environment on issues relating to forest policy, forestry laws and regulations. The Commission also is tasked with administering and managing the 13.6 million hectares of land classified as state forest in Guyana. It develops and monitors standards for effective and sustainable forest sector operations, including conducting research, providing education and training, and developing and implementing forest protection and conservation strategies.

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Forestry

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The Forest Products Development & Marketing Council of Guyana, Inc. (Promotion) This organisation seeks to build regional and international market awareness of Guyana’s forest and wood products, both domestically and internationally. Recently, the council has expanded some of its efforts to promote some of Guyana’s lesser-used species of trees. It also gathers much of the relevant, updated market data and information pertaining to the sector.

The Forestry Training Centre Incorporated (FTCI) (Training) FTCI’s provides hands-on training to forest managers, supervisors and operators in the forestry sector, including governmental agencies, NGOs and hinterland communities in order to promote practices that serve simultaneously the goals of industry performance and longer term conservation and responsible management of natural resources.

Along with industry-specific activities to enhance sector efficiency, the center also trains individuals and companies on reduced-impact logging techniques.

Private Community Forestry Organizations (Private Sector Interest) There are several private sector organisations that represent the collective interests of investors and loggers in the sector, including The Guyana Forest Products Association, Upper Berbice Forest and Agriculture Producers Association., Ituni Small Loggers Association, Region Ten Forest Producers Association, Arima Forest and Agriculture Producers Association, and the Kwakwani Natural Resource Association.

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Forestry

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Forestry

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Concessions Granted Guyana’s forestry sector awards three types of concessions, based on area size and duration. They include:

Timber Sales Agreement: Granted up to 25 years for areas in excess of 24,000 hectares

Wood-cutting Lease: Granted for up to ten years for areas ranging in size from 8,000 to 24,000 hectares

State Forest Permission: Granted for a two-year period on no more than 8,000 hectares.

The GFC protocol for granting concessions includes the national publication of state forest concessions available for allocation. All applications meeting the eligible requirements are evaluated using GFC Board approved criteria through a series of four steps. The first encompasses a review by the GFC Forest Resource Allocation Committee (FRAC), which then submits a recommendation to the Commissioner of Forests (COF). The second steps involves the GFC Board Technical Sub-Committee, which is convened to continue reviewing the applications/recommendations. In the third step, the Sub-Committee then makes its recommendation to the full Board of Directors. Finally, the GFC Board reviews recommendations before deciding the awards for areas to be covered under concessions agreements.

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MONEY

Favourable Financing for Green Projects Since 2009, Guyana has formally embraced a national Low Carbon Development Strategy. The plan is aimed at promoting the country’s economic development in a sustainable manner that helps to combat the negative effects of global climate change.

To support this initiative, Guyana Bank for Trade & Industry (GBTI), a commercial bank, has established a favorable loan structure that encourages private sector companies to invest in the low energy sector.

Called the “Green Loans” initiative, the programme provides cheap rates and incentives for borrowers who can satisfy the bank’s requirements that the loan purpose is low carbon driven.

According to the bank, activities eligible for the programme include solar energy projects, water treatment plants, water filters, hybrid motor vehicles, energy saving appliances, solar panels, radios, lights, fans, flashlights, chargers, camping lamps, portable solar mobile device chargers, laptops, air filters, windpowered projects hand-powered machines and lowcarbon economic investments such as high-endmarket fruits and vegetables and aquaculture.

25-percent discount on lending services fees and a one- to sixmonth moratorium on installment payments, where applicable.

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MONEY

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Additionally, borrowers enjoy competitive interest rates that are calculated using the reducing balance method, fast approvals, a 25-percent discount on lending services fees and a one- to six-month moratorium on installment payments, where applicable. There are no late payment fees and no prepayment penalties.

Customers are required to put up equity in the amount of ten percent. The assessed interest rate falls between eight and ten percent per annum, with the maximum repayment period being 60 months.

For loans up to $1 million, the interest rate will be eight percent. Up to $10 million, interest will be 9 percent; up to $50 million, 10 percent, and above $50 million, 11 percent. The bank will accept, as forms of collateral, mortgages, debentures, bills of sale, shares in a traded company and cash.

$1 Million 8%

For loans up to interest rate will be

$10 Million 9%

Up to interest rate will be

$50 Million 10%

Up to interest rate will be

$50 Million 11%

Up to interest rate will be

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Young Entrepreneur

ishnu Doerga BG Business Guyana

2015

Young Entrepreneur Like many entrepreneurs seeking career independence and financial freedom in Guyana, Vishnu Doerga did not have a large amount of capital to start his equipment rental business nearly 15 years ago.

However, his seemingly limitless reserve of energy along with a solid commitment to building strong community ties and networking skills have helped Doerga over the long term cultivate a business enterprise delivering practical, relevant business management expertise to a largely diversified client base.

“I dealt with the challenges as they came my way,” Doerga, the current senior vicepresident of the Georgetown Chamber of Commerce & Industry, explains. “Joining my local Chamber of Commerce and completing my master of business administration degree greatly assisted in my understanding of the business landscape and how to overcome any posed challenges.”

In addition to running Doerga Business Enterprise (A Management and Investment Firm), he is also a Business Coach with ActionCOACH Guyana. Doerga also serves as advisor and facilitator for The Nations University’s MBA program, a role he believes essential to growing Guyana’s critical mass of energetic professionals eager to expand the country’s private and public sector capabilities. “Being among the first wave of the school’s top graduate business students coupled with my private sector experience has given me the unique opportunity to provide technical support to the hundreds of current students pursuing their MBAs,” he says, adding he facilitates courses in strategic management and international business.

Doerga embodies a new generation of Guyanese nationals who welcome

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opportunities to become bona fide stakeholders in an internationally based economy. Fluent in English, Dutch and the Surinamese-based Sranan Tongo languages as well as speaking some Spanish and Hindi, he has his roots on “both sides” of the Corentyne River where his ancestors settled more than a century ago. He spent his formative years in Nickerie and Paramaribo in Suriname and Corriverton and Georgetown in Guyana.

In 2000, he decided to launch his own business in equipment rental. “I understood early on that I could increase my income by increasing the value I provided to clients and customers,” Doerga says.

“Being more knowledgeable than my competitors, treating clients with respect and building my business with long-term success in mind were some of the drivers to my success.”

After earning his diploma in mechanical engineering at the University of Guyana, he worked as an engineer for Alesie Guyana, an innovative rice processing company which delivers quality Guyanese products to local and global markets. In 2000, he decided to launch his own business in equipment rental. “I understood early on that I could increase my income by increasing the value I provided to clients and customers,” Doerga says. “Being more knowledgeable than my competitors, treating clients with respect and building my business with long-term success in mind were some of the drivers to my success.”

Doerga expands continuously his breadth and depth of experience. In supplementing his university education, he has taken programmes in social media marketing offered through the Organization of America States and courses in greenhouse

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Young Entrepreneur Doerga says. “Whatever the circumstances always devise a success plan and give your best effort to achieving success. This way even if you do not achieve your goal, you can rest easy knowing you gave it your best shot. Therefore, no regrets.”

gas emissions inventories by the World Resources Institute along with numerous courses sponsored by the U.S. Agency for International Development (USAID) including the topics of negotiation, mediation, data research and issue identification, and strategic planning and message positioning. He has also worked as business development and country manager for Kaizen Environmental Services.

In addition to his work and role in the GCCI, he has provided support to many organizations including the Theater Guild, the Cacique Toastmasters Club, the Upper Corentyne Chamber of Commerce, Private Sector Commission of Guyana (PSC), Association of Regional Chambers of Commerce, Technical & Vocational Education & Training Council, USAID SKYE Project (which provide employment skills and knowledge for Guyana’s youth) and the NCS Energy Strategy Group.

Doerga says a passion for community volunteer work is important.

“While I understand that the main driver in the public sector is social

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development and in the private sector economic development, I am of the firm belief that these two forces need to be harnessed equally,” he explains. “Currently, business support organisations operate on a voluntary basis. Our elected voluntary leaders have to sit across the table, when invited, with paid fulltime public sector and institutional heads. The imbalance does not lend to the mandate of private sector development. I therefore continue to volunteer in order to eventually reduce this imbalance by attracting a greater membership base which would allow for these organisations to have the resources required to substantially address private sector development matters. The benefits to membership also include the many networking opportunities and the constant flow of information.”

He also sees this type of involvement as significant to helping investors appreciate Guyana’s potential for business. “Political and economic factors continue to play a significant role in how attractive and feasible investments in Guyana will be,” Doerga says. “Meeting with the relevant agencies such as GoInvest,

the GCCI and local value chain partners will shed more light on the possibilities. I also cannot overstate the value of good legal advice since investors from time to time do end up in legal quandaries. Investors, both domestic and foreign, need to be prepared for our legal system and the lack of respect we sometimes exhibit towards legal contracts.”

Time management is a skill that Doerga has finessed with great effect.

A lawn tennis player who is a member of the Corriverton Tennis Club, he especially takes pride in his family which includes Davitri, his wife of 15 years, and Venu, his daughter.

He also strives to follow the advice that he often gives to members of Guyana’s aspiring younger generation.

“You sometimes choose your situations; many times situations choose you,” Doerga says. “Whatever the circumstances always devise a success plan and give your best effort to achieving success. This way even if you do not achieve your goal, you can rest easy knowing you gave it your best shot. Therefore, no regrets.”

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Aviation

Air Services Limited Raises

the Bar for Agriculture Industry Air Services Limited (ASL) has diversified its range of services to offering commercial crop-dusting services to Guyana’s agricultural sector.

The services will be provided from Ogle Airport, using a new S2R-T34 Thrush Aircraft, which has been specifically designed to handle aerial spraying for agricultural fields. Crop dusting services will meet the needs of farmers throughout the country by providing aerial application of hydro-seeding, fertilizers and pesticides at a fraction of the cost of doing it manually.

These services will enable farmers to reduce not only their costs but also their seeding time, as aerial application is considered to be at least five times more effective and efficient than manual application. Of prime importance, too, is that, for pesticide control, a few hours of aerial spraying during the early morning is much more timely and effective than manual application which is a day-long task. The aerial service will contribute significantly to reducing the chances of paddy bug infestation, which often results in huge crop losses for farmers.

Designed to be as pilot-friendly as possible, the S2R-T34 Thrush has set the crop-dusting standard for tough

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dependability, high performance and low maintenance. Powered by a Pratt & Whitney PT6-34AG turbine engine, the aircraft is flat rated to 750 shaft horse power (shp), capable of taking off with 6,000 pounds of payload using a runway length of just 1,530 feet. It delivers the kind of maximum loads and superior spray patterns that are essential for effective aerial spraying.

The new ASL fleet member employs the Satloc Bantam GPS Precision aerial application system which allows pilots to fly and spray in precise patterns using constant-rate flow control, thereby reducing fuel consumption and flying time and consequently creating lower operating costs for farmers.

The airplane also is fitted with the

New L7 Lightbar Guidance System which includes a real-time graphic moving map on a seven-inch display.

It provides vital information such as swath sprayed and field boundaries, as well as skips and overlaps, mark points and waypoints – all with the objective of enhancing pilot productivity.

The Thrush is built with an 18-footlong stainless-steel belly skin, making it an ideal aircraft for the local terrain, and with its exceptional performance and state-of-the art equipment, the aircraft is destined to raise the bar for Guyana’s steadily growing agriculture industry and the increased attention around the world which is focused on food safety and integrity.

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JAGS Aviation Has Sky High Ambition In August of 2014, Jags Airlines was formally launched under new ownership with the BK International Group of Companies. The airline has unprecedentedly ambitious goals that aim to revolutionize Guyana’s domestic aviation industry. According to Briony Tiwari, Jags company director, the company’s goal is to provide a “service that will always be in keeping with the highest industry standard and cutting-edge technology.”

The company also introduced its new Cessna Grand Caravan 208B EX, valued approximately US$3 million, which has a seating capacity of 13, besides the pilot. Equipped with the best aviation technology and is fully air-conditioned, the Caravan will provide domestic services to interior locations within Guyana.

Late in 2014, the company also introduced the newest fleet member: a Poland-made, M28 Sky Truck, the first of its kind in the country’s history.

The aircraft – described as a “game changer” – will boost passenger and cargo transportation volumes.

The aircraft, which has a seating capacity for 20

persons, is valued at approximately US$4 million and will accommodate chartered flights.

The company plans to add a helicopter and Challenger Jet (for medical emergencies) to its fleet.

Jags officials believe the fleet will help build and develop Guyana’s tourism product. “You will also see substantial investment in the promotion of Guyana as a destination for international and domestic tourism,” Tiwari explains. “We want to encourage everyone in the tourism and transportation sectors to work together to quickly bring Guyana’s tourism infrastructure to the place where we are hosting a substantial number of tourists each year.”

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A Changing Role for Guyana’s Private Sector

A Changing Role for Guyana’s Private Sector?

By Eric Phillips

As former U.S. Secretary of State Colin Powell has suggested, the race for sustainable development is a marathon, not a sprint. Assuredly, the private sector serves as the ‘engine of growth’ while the government fosters a suitable environment through enacting legal, regulatory and fiscal frameworks for economic development and sustainability.

positions or which are third-generation, family-owned enterprises that are vertically integrated. Guyana has no multinational companies but has many resellers of global brands. It has a few large export-focused extractive foreign-owned companies that provide little in terms of skills or technology transfer, high-paying jobs for local nationals, or sustainable development.

A lower middle-income country richly endowed with natural resources including gold, bauxite, sugar, rice, forestry products and seafood, Guyana strategically bridges the Caribbean to South America.

Fourth, access to capital is limited, constraining private sector expansion – a circumstance that only will be remedied once other structural and institutional arrangements are addressed.

However, for Guyana’s private sector to realise its potential as an ‘engine of growth’ working effectively with the government, it must become more visionary, inclusive, strategic and aligned with national development goals. While Guyana’s private sector exhibits many encouraging signs, a sobering analysis reveals enormous challenges to be addressed.

First, Guyana’s free enterprise private sector is still quite young – barely 30 years. Second, it remains technologically unsophisticated, having yet to go through a full-scale industrial revolution.

Fifth, ethnic diversity in Guyana’s business landscape remains limited. Amerindian and African Guyanese, for example, play no significant role in the economy – for many historical and political reasons.

Third, it comprises small companies with annual profits less than US$10 million, except for businesses which operate mainly in monopolistic market

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Achieving a holistic vision requires major changes at many levels. Guyana’s private sector consistently plays secondary or minor roles in government plans such as the National Development Strategy (NDS).

While the private sector has not embraced fully the NDS, several large companies have done so to consolidate their monopolistic market positions.

A component of the NDS, the Guyana 21 Plan for sustain development has never been championed

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despite the hopes that it essentially could transform Guyana’s economic infrastructure to become the ‘Singapore of Latin America.’ Guyana then could serve Brazil’s enormous markets, numbering more than 200 million, and the country would be positioned to become the Caribbean breadbasket. Meanwhile, Brazil has swept up the opportunity to become of the world’s newest advanced economies, joining Russia, India and China.

Despite these limitations, Guyana’s private sector has tremendous comparative advantages, as shown in the diagram below.

Guyana has an amazing platform of resources which can result in a highly developed nation using a low carbon path

geography

language

natural resources

market access

Guyana is richly endowed in many ways

an english bridge between caricom & south america

markets gold, diamonds, bauxite, manganese, water, oil

15 million hectares of pristine forests

200 + fruits and vegetables arable agricultural lands

Agreements 15 international 11 trades 3 preferential 6 bilaterals

$409 B export $2 trillion Purchasing power access to 311 m consumers

there are tremendous oppurtunities for the guyanese private sector

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A Changing Role for Guyana’s Private Sector

The private sector must push for a long-term vision that delivers strategic economic infrastructure, employment prospects, and growth opportunities in new productive sectors that make the most effective use of Guyana’s human capital.

Guyana’s private sector must embrace the country’s diversity in its many ethnic groups along with the diaspora in the region and the world. One mechanism would be a think tank with the portfolio of a national council of economic advisors. There must be goals and objectives detailing Guyana’s energy needs for the next 50 years and how they foster a sustainable “green” economy.

Guyana’s private sector cannot risk relying on shortterm objectives, especially with climate change as one of the most far-reaching threats. One only needs observe numerous investment projects along Guyana’s coastlines to see many have forgotten just how the floods of 2005 devastated the country, the most severe in more than a century. Developing a responsible vision must begin with an intensive, oneyear “green economy scoping study” similar to the NDS initiative.

The private sector also should lead the call for Guyana’s membership in the Extractive Industry Transparency Initiative (EITI), which would ensure the country’s mining sector operates transparently and inclusively with environmentally and socially

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responsible practices that, in turn, provide lasting benefits to local communities. The EITI mechanism contributes to good governance by reducing the risk of corruption, by promoting corporate social responsibility, and by holding companies and governments accountable through the disclosure of taxes, fees and royalties paid to the government.

Third, the private sector should coordinate and lead activities targeting product and export diversification; innovation and entrepreneurship; the adoption of state-of-the-art technology, and partnerships through the Caribbean Single Market and Economy (CSME) integrated development strategy, especially for global competition. If Guyana’s agricultural sector, for example, is to realise its potential, the private sector must address critical issues such as the privatisation of plant and crop seeds and genetically modified organisms (GMOs).

Fourth, the private sector must see education as critical to its sustainability and global competitiveness.

Initiatives such as STEM (Science, Technology, Engineering and Mathematics) are essential both at the secondary and university levels of education.

There are many simultaneously important challenges for Guyana’s private sector. Indeed, there are plenty of opportunities to be engaged for every business owner and entrepreneur in Guyana, regardless of the scale of their enterprise.

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The US and Guyana

Guyana is the only Englishspeaking country in South America As the host nation of the Caribbean Community (CARICOM) headquarters, can be a gateway to bordering countries Brazil, Venezuela, and the Caribbean island nations.

The second highest resource potential among unexplored oil basins in the world has been identified

by The United States Geological Survey (USGS)

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The US and Guyana: Building Business Relationships for a Prosperous Future

by The US Embassy in Guyana The United States is one of Guyana’s most significant trading partners. Our economic ties are strong and we share the same democratic values that allow for many races and religions to live and work together to achieve common goals. The U.S. trade policy towards Guyana is dynamic and designed to create robust and sustainable business activity. Guyana is the only English-speaking country in South America and, as the host nation of the Caribbean Community (CARICOM) headquarters, can be a

The US and Guyana

gateway to bordering countries Brazil, Venezuela, and the Caribbean island nations. Globalization and advances in technology bring our countries closer together and create mutually beneficial opportunities. Through 100,000 Strong in the Americas we encourage Guyanese and American students to study in one another’s countries in an effort both to build mutual understanding between our two nations and to assist Guyana in developing its skills and knowledge base.

Guyana is a nation of enormous economic potential. Its natural resource endowment includes gold, bauxite, diamonds and timber. The United States Geological Survey (USGS) has identified the Guyana Suriname basin as having the second highest resource potential among unexplored oil

50% probability that the Guyana-Suriname Basin holds 15 billion barrels of oil and 42 trillion cubic feet of natural gas.

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2002 EITI was established

basins in the world. Experts estimate a fifty percent probability that the Guyana-Suriname Basin holds 15 billion barrels of oil and 42 trillion cubic feet of natural gas. Under the Energy Governance and Capacity Initiative (EGCI), the United Stated Government will provide a range of technical and capacity building assistance as Guyana seeks to develop financial and regulatory regimes and address capacity issues that would maximize the development potential from prospective offshore oil and gas resources.

Major American corporations such as ExxonMobil continue to explore the region for natural resources, and this could lead to large American investments in Guyana in the coming years.

With major investment often comes significant company funded infrastructure projects such as roads and schools. As corporations strive to become integrated corporate citizens of the host country, they typically provide a significant boost to the local economy through increased spending in hotels, restaurants, and other general services.

The U.S. and Guyana are working with key stakeholders such as the World Bank and the InterAmerican Development Bank in order to pave the

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The US and Guyana

way for Guyana’s participation in the Extractive Industries Transparency Initiative (EITI), a global standard aimed at improving revenue transparency and accountability in the extractive sectors. EITI was established in 2002 and since then has become a robust, yet flexible methodology for monitoring and reconciling company payments and government revenues from oil, gas, mining, and forestry at the country level.

As part of President Obama’s National Export Initiative (NEI), the United States Embassy is continuing to support American companies’ efforts to provide more goods and services to the Guyana market. Machinery, foodstuffs, animal feeds, petroleum products, chemicals, computers and computer accessories, passenger vehicles, telecommunication equipment, and pharmaceuticals represent the major categories of American exports to Guyana in recent years. The Export-Import Bank of the United States (EX-IM) offers insurance and financing to support American

The Export-Import Bank of the United States (EX-IM) offers insurance and financing to support American exports to Guyana.

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Caribbean Basin Security Initiative (CBSI) regional security cooperation that President Barack Obama made at the Fifth Summit of the Americas, held in Port of Spain, Trinidad and Tobago, in April 2009.

exports to Guyana. Expanding and diversifying such exports helps to create jobs within the local marketplace while simultaneously providing Guyanese consumers with high quality goods and services at internationally competitive prices.

Such exports represent a win for both countries.

The vast majority of Guyana’s exports to the United States continue to receive duty-free access as part of the preferential trade agreements that make up Caribbean Basin Initiative. These programs which extend through at least 2020 include apparel knit with U.S.-made material, sugar, seafood, fruit, and other agricultural products as part of the duty-free entry program. Guyana has continued in recent years to focus its exports to the United States on non-monetary gold, fish and shellfish, aluminum and bauxite, lumber and wood, and apparel and

The US and Guyana household goods. Through partnerships with American businesses, it is hoped that Guyanese entrepreneurs will be able to diversify and expand such exports.

The United States recognizes that Guyana considers foreign investment to be crucial to the development and diversification of its economy.

U.S. businesses continue to explore opportunities in a cross section of industries including ecotourism, hydro-power, and oil and gas development.

The Overseas Private Investment Corporation continues to be available to provide financing and insurance to support American companies looking to invest in Guyana. In addition, the recently concluded Trade and Investment Framework Agreement signed with CARICOM offers a unique opportunity for Guyana and other Caribbean states to engage directly on a regular basis with the Office of the United States Trade Representative in order to work through any impediments that may exist in the trade and investment area.

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trade and other transnational crime that threatens regional security. This shared security partnership, the Caribbean Basin Security Initiative (CBSI), fulfills the commitment to deepen regional security cooperation that President Barack Obama made at the Fifth Summit of the Americas, held in Port of Spain, Trinidad and Tobago, in April 2009. By enhancing citizen safety, reducing illicit drug trafficking, and promoting social justice, the U.S. and Guyana work together to create a healthier business environment that gives investors confidence that the rule of law applies and innovation and hard work can be rewarded.

Facilitating growth and development remains a priority for both the United States of America and Guyana. We are united and bound by the goal of creating a more prosperous future for generations to come. The U.S. Embassy stands ready to serve as a bridge for American and Guyanese businesspeople to meet the business challenges of today through collaboration and partnership.

The United States, Guyana, and other nations of the Caribbean are partnering to combat the drug

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Q&A

Coleen

Patterson BG Business Guyana

2015

Q&A Who is Coleen Patterson?

Coleen is a mother, wife and career woman with a passion for learning and development for the young and old.

Tell us how you got involved with GraceKennedy Remittances Services (GKRS)?

I joined GKRS in 2004 as Operations Manager and moved to Country Manager at the beginning of 2007.

GKRS is currently in its 21st year of operations in Guyana, please share some of the company’s achievements over the years and what plans do you have for the company going forward?

GKRS is proud of being a good corporate citizen operating on the tenets of ethics and good governance. We continue to support education, sport and other social causes in communities where support in needed as well as in the diaspora.

GKRS is proud of being a good corporate citizen operating on the tenets of ethics and good governance.

We continue to support education, sport and other social causes in communities where support in needed as well as in the diaspora.

How important a role are remittances to Guyana’s development?

Remittances are an important foreign exchange injection in to our economy.

With the introduction of legislation and subsequent monitoring, remittances act as an indicator of the health of the economies of the countries with which Guyana completes transactions.

Remittances provide the single strongest link between families in Guyana and the diaspora and the region. This connection has been utilized for development in many areas.

Many women are climbing the corporate ladders in Guyana, what can you say about your experience being a female CEO? I see being a female CEO similar to being a young CEO – it represents an evolution to the pre-existing norms.

In a lot of instances, more is required to achieve the same result – less credence is given to actions/decisions made by a female CEO. As a female CEO in the GraceKennedy group, I am more of the norm than the exception so it is disappointing that locally there is still so much myopia with respect to female leadership.

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What advice would you give to investors looking to invest in Guyana?

Be very aware of all applicable laws, regulations and requirements.

Good market for well-priced labour but be prepared to train.

Are there any important issue(s) affecting business development in Guyana that you would like to see addressed or accelerated by the policy makers?

Liberalisation of the telecommunications sector is critical since access to affordable and reliable connectivity and bandwidth can result in significant positive changes to the business sector and consumer satisfaction.

Improvement in the education sector where the labour force can at times be deficient in the fundamentals.

Additionally, there is a challenge on the job market for skills in certain areas such as Human Resources, Marketing and Business Development.

Which one of your accomplishments (life and/ or work) are you most proud of and why?

I am proud of being a mom to two delightful children.

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Real Estate

Golden Real Estate:

A Purchaser’s Market

A buyer’s market currently awaits investors in Guyana’s golden real estate market. After several years of high prices for rentals and sales, the market has cooled to ideal standards that present a perfect opportunity for investors to get great bargains.

In the last eight years, Guyana’s growing economy, fuelled in part by a steep rise in international gold prices and concomitant investments in the sector, has experienced a strong spike in the real estate market with high property values rivaling those in more advanced economies. It is reasonable to say the Guyanese real estate market is tied in some extent to the gold commodity sector’s fortunes.

When gold prices are high, a large number of gold investors and traders diversify and put their excess capital into the real estate sector, both from the objectives of purchasing for ownerships and developing properties to turn around and sell. Flush with cash, gold market investors and traders respond to the demand for real estate properties, willing to pay above market value for properties to beat out competitors. While property values rise to unprecedented heights, these same gold investors would develop low-, medium- and high-end properties to rent or sell to commercial and residential markets. Thus, the recent pool of properties for interested clients is large, significant even to casual observers in Guyana who have noticed numerous construction projects in their communities.

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Real Estate The government data in the national budget provides empirical support for this observation, which shows the construction sector expanding annually at an average of approximately 11 percent. In 2013, the sector expanded by 22 percent and it grew by 17 percent in the first half of 2014. Likewise, commercial banking and lending data show high levels of mortgage lending to the private sector for construction activities.

The sector’s success also is evident in an annual building and construction exposition, hosted by the government in collaboration with private sector exhibitors. The expo showcases local and international companies that supply construction items such as hardware, electrical, wood products, cement, tiles, furniture, paint and other products. The expo also invites wood millers lumber dealers, housing developers, real estate agencies, furniture manufacturers and suppliers and others to bring their exhibits to the annual event. The expo provides a solid snapshot of Guyana’s current real estate boom.

Yet, in 2013, international gold prices dropped precipitously, which coincided with a modest drop in activity for Guyana’s gold commodity sector and a subsequent decline in the country’s heated real estate investment market. While demand and prices have decreased, the real estate market now represents a lucrative proposition for those looking to either rent or purchase prime commercial and residential properties. Moreover, property owners and developers looking to sell are seeking to do so sooner than later, as they are willing to accept reasonable reductions in the asking price.

Those looking to rent or purchase property in Guyana should first read the concisely explained process of acquiring both state and private properties, as outlined in the Investor’s Guide Supplement included with this magazine. Likewise, prospective investors should consider hiring a real estate agent to fine tune the search for a property that could be among the best

51

11% Construction sector expanding annually average of approximately

2013

sector expanded by

2014

first half of

22%

17%

2015 BG Business Guyana

52

Real Estate

available bargains in the market. Property buyers also will need to seek the advice of a certified valuator to calculate and assess the property’s legitimate, appropriate value. And, of course, one should hire an attorney to help navigate through the process or to advise on and review contracts.

The market conditions are ideal for bargainsensitive purchasers who should think twice before delaying an investment decision. As history suggests, prices for gold will rebound and property values once again will increase correspondingly. No doubt, Guyana’s real estate landscape remains a golden opportunity.

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20 Facts about Guyana

01

Average Gross Domestic Product (GDP) growth of

4.6%

since

Free, open and investor friendly economy

03

Facts about Guyana BG Business Guyana

2015

2006 02

Most sought after tourist destination owing to its amazing natural environments and abundant and diversified bio diversity

Home to the awe-inspiring Kaieteur Falls, which stands at

226 metres (741 ft)

04

Facts about Guyana

05

55

Vast land area of around

21 MILLION hectares; of which forests cover approximately

80%

08

The gold mining sector contributes the

highest percentage to the Country’s GDP and many untapped mining sites are still available.

One of the cheapest taxi system in the world, with average cost for a short ride at

06 A population of

TAXI

US$1.50.

with an average

3.5 07

09

747,844 persons persons per square kilometer.

Produces some of the finest premium rums in the world under the

El Dorado brand.

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Facts about Guyana

The United States

13

is Guyana’s largest trading partner, both in terms exports and imports Females outnumber males at a ratio of

10

99 males per every 100 females.

Stable financial sector with

6

high performing private commercial banks

12

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2015

Pursues a Low Carbon Development Strategy (LCDS), where almost the entire rainforest is preserved in service of the world’s battle against climate change

14

Trinidad and Tobago is Guyana’s biggest trading partner in the

CARICOM region

Most popular sport is Cricket and has produced some of the game’s biggest stars in

15

Shivnarine Chanderpaul, Clive Lloyd, Carl Hooper, Rohan Kanhai and Alvin Kallicharran

Facts about Guyana

18

57

Low average inflation rate of

3.14% between

2009 to 2013.

16

.Agriculture is a major contributor to GDP, with sugar and rice trading places annually as the

Membership in several regional integration initiatives:

2nd and 3rd highest GDP earner Remittances are higher than the GDP revenues for

17

19

CARICOM, MERCOSUR, OAS, CELAC, and UNASUR.

sugar and rice combined 20

Only country

Englishspeaking

in South America

2015 BG Business Guyana

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Marketing

Getting The Most Out Of Social Media For Your Business

By Dr. Rosh Khan “Social media,” in the simplest definition, is ‘the conversations that take place online 24/7’. This is important because utilizing social media platforms are increasingly effective ways of connecting with a business’s target audience. Studies suggest followers of brands that use social media are 65 percent more likely to purchase a particular brand’s products or services.

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However, most businesses fall short in their social media efforts because they lack strategy. Based on my experience with social media operations for small, medium, and corporate businesses both internationally and locally, these five simple steps are for any business to take in finding social media success.

Marketing

Secure Your Digital Storefront

Whether you’re using Facebook, Twitter, LinkedIn, or YouTube, your first task is to secure your digital storefront.

As Facebook is the most popular, effective platform for Guyana, we’ll focus there. To start, you must create your Fan Page, which serves as the business version of a Personal Profile. You can create a Fan Page by going to www.Facebook.com/Pages and clicking on Create A Page.

You should also acquire at least 25 Likes so you can secure your Vanity URL (www.facebook.com/username).

This enables your business to have a neat URL, such as www.facebook.com/GTChamber or www.facebook.com/ GoToGuyana.

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Do Your Homework

For your business to thrive, you must understand your target demographic. The same applies to your social media efforts. As social media platforms are inherently platforms of ‘connectivity’, you must realize that you’re connecting with people. It’s important to understand your customer demographics and psychographics – including their pain (e.g., emotional) points and how your products/services offer the solution. This will help to craft both your broader marketing messages and daily social media messages.

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Marketing

Deploy The 4E Principle

Most businesses mistakenly think any type of random content can be posted on social networks. However, that is neither scientific nor strategic. It is recommended that you deploy the ‘4E Principle’ which stands for: Engage, Educate, Entertain, and Empower. If the content you create does any one of those 4 ‘E’s, then your content is great to go. Also, don’t make posts whenever you feel like but instead, be strategic by posting at optimal times (e.g., when your audience is most likely to be online). Review your analytics and slot your posts ahead of time using a scheduler tool, such as Facebook’s Native Scheduler.

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Marketing

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Sell Smartly All these efforts must translate into the magic word: SALES. However, the traditional methods of broadcasting sale upon sale simply won’t work today. Your customers will tune you out. However, if you educate them and use smart content marketing (such as tips and how-to articles), your business will gain trust and credibility. Once that is effectively done, when you mention your products/services, your social media followers will be much more inclined to purchase. Also, avoid making daily promotional posts. Instead, spread them out over the month.

Use The Secret Weapon The one thing that will skyrocket your business to social media success even faster is advertising, specifically Facebook Advertising. This is ideally cost-effective and has unique targeting capabilities. For our clients, Facebook Ads have outperformed traditional advertising campaigns every single time, both from a budget- and ROI-perspective. You can create Facebook Ads by exploring www.facebook.com/ads.

Whether you handle your business firm’s social media management by yourself or hire a company to navigate the social media landscape for you, once these steps are put into play, you will create a thriving social media presence.

Be willing to experiment with different concepts, ensure social media is integrated with other marketing efforts, and always keep an eye on the numbers. At the end of the day, while your social media engagement must translate into sales, never forget that you’re dealing with people.

When done effectively, social media emerges as the ultimate win-win.

For any questions regarding social media marketing, kindly email Dr. Rosh Khan at rosh@socialrankmedia.com.

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Entrepreneur

BG Business Guyana

2015

Entrepreneur

Edward Boyer

Building a Lasting Empire As a boy, Eddie wanted to become something special in life – the man who stands for integrity and honesty. Today, Edward Boyer has done much to realise that important dream in his work as the founder and owner of National Hardware Ltd. Eddie’s story begins on Friday, February 13th 1962, when he was barely twelve years old. He watched flames destroy the business his parents owned, a casualty of the riots that fanned out across Guyana. He remembers his family basically were left with nothing. “Those were turbulent times in British Guyana,” he recalls, nodding his head as the memory floods into his mind.

Eddie worked for a while with his father who had restarted the family’s business after the fire but he also was determined to carve out his own entrepreneurial path when the government announced it would provide rental units to manufacturers. Taking advantage of the programme, Eddie started making furniture.

His personal life reached an equally significant turning point. At 21, he met Donna Ishmael, a beautiful young woman, and after months of courtship, they were married. She remains an assiduous business woman in her own rights, as Eddie ascertains without any prompting.

Indeed, she is a major reason for his own entrepreneurial success.

They must be willing to take a chance, and be focused, as success comes with defining your goals and working hard to achieve them.

However, out of this chaos, Eddie was determined that someday he would overcome this adversity and establish his own business and ensure it would be successful.

His furniture business was not large enough to sustain him financially, as much larger competitors already had cornered the market so he decided to

63

change paths in industry and market. He purchased a modest property of 1,200 square feet and sold mostly small hardware items and related miscellany.

During the 1970s, when other businessmen were fleeing Guyana, because of tremendous hardships and the limited availability of import licences, Eddie persevered and was optimistic there was a light at the end of the tunnel.

Instead of leaving, he continued to expand his business, purchasing a cargo vessel, importing trucks and spare parts from the United Kingdom, and entering the business of iron mongering.

By 1979, in a combination of his own initiative and the partnerships with relatives and friends he accumulated enough capital to buy a property on the busy commercial corridor of Water Street in Guyana’s capital of Georgetown and begin his flagship business known today as National Hardware Ltd. Within five years he bought out the shares of the other partners, becoming the sole owner of the business and accomplishing the dream he had since his boyhood years.

He wanted to distinguish his flagship business in the market, so National Hardware became the country’s first self-service hardware store where the customer picked his purchase and did not have to go through the traditional over-the-counter sales checkout

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Entrepreneur

service. Customers were thrilled to try out this wrinkle in customer service and they responded in droves.

Acknowledging how innovation was central to the entrepreneur’s commitment for continuous improvement, he also introduced products never before sold in Guyana. Among these were gypsum board and roofing shingles.

Today his business empire has expanded into warehouses and a manufacturing factory, where he produces almost all hardware items for the building trades along with home decorative products and accessories. Never seeming to exhaust his entrepreneurial energy, he entered the restaurant business with the Royal Castle franchise, one of the primary fast food outfits in Guyana, with outlets spread across the country. Eddie also has acquired

BG Business Guyana

2015

numerous properties and is in the process of completing a real estate development of more than 100 acres of prime space.

Eddie’s shrewdness as a knowledgeable, astute businessman has been recognized by his associates. For four years beginning in 2001, he was president of the Georgetown Chamber of Commerce.

He remembers with trepidation the 2005 torrential rains that caused severe flooding in Guyana. He spearheaded the Chamber’s role in helping to collect and distribute food and clothing hampers to areas most directly affected by the floods.

This son of the soil, who also can be described as a consistently innovative business leader, continues to work extremely long hours to ensure the success of

his entrepreneurial enterprise.

He recently was awarded one of the nation’s highest honours: the Golden Arrow of Achievement (AA), given for long and dedicated service of a consistently high standard in public service. Eddie is self-effacing, always mindful that all deserve equal respect and treatment, regardless of their economic bearings or social upbringing. A thoughtful listener, he never turns away anyone.

Knowing the effort to demonstrate the sincere pride he has in his business, Eddie lives by the motto that he is here to serve the people of Guyana. As for up and coming entrepreneurs, the advice is simple: As Guyana’s economy expands, he explains, “They must be willing to take a chance, and be focused, as success comes with defining your goals and working hard to achieve them.”

66

Travel

Journey to I set out last Easter on a trip I had dreamed about for the last eight years – to trek to the top of Mount Roraima, the Lost World, Home of the Dinosaurs and Guyana’s highest point. Midway in my journey was Lethem’s Rodeo, a mustdo on any Guyanese annual calendar.

Although we were gutted to miss the Rodeo’s greasy pig competition, we did get to see Guyana’s President successfully climb aboard a horse in front of an anxious crowd.

Sadly, Guyana hasn’t been lucky enough in the geological timescales, as there is no easy way to the top of Mount Roraima without crossing borders. This meant that Venezuela was our next destination and, after a day’s travel through Brazil and, finally, Venezuela, we reached the border town of Santa Elena and the mountain base camp.

The following two days we gathered supplies, a guide, and enough time to scope out Roraima’s foothills to pull a team together. The team comprised a Canadian, a Guyanese, an American, an English national and a Dutch national: the true meaning of international. Starting out from a small Amerindian village, we were soon in Hiker’s Paradise. Dotted along one small track that stretched out in front of us were Amerindian porters carrying huge packs full of mountain supplies. The track stretched for the next two days until it confronted the sheer cliff of Mount Roraima.

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of

Travel

67

the Top

the World

By Tom Greenwood

2015 BG Business Guyana

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Travel

Crawling out of the tent after a dinner of dry bread and tinned sardines, I looked up, and straight ahead was the ominous grey-brown, 2700-metre high cliff of Mount Roraima. Then, FLASH! The cliff lit up with pinks and yellows, illuminated by a distant lightning storm over the town of Santa Elena in Venezuela. Aside from the storms on the horizon, the sky was clear – but close, made more so by the stars which were numerous and vast. The sky was the fullest I have ever seen. Orion’s Belt was to

my right, the Big Dipper over my shoulder and the Southern Cross hanging just above the storms. All this was cut through by the Milky Way’ sweeping arc.

Long days of sweaty trekking, countless meals of tinned sardines on bread crumbs and cold damp nights even inside a fourseason sleeping bag appeared insignificant against this nightly spectacular view at the base camp of Mount Roraima.

The team comprised a Canadian, a Guyanese, an American, an English national and a Dutch national: the true meaning of international.

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Travel

69

2015 BG Business Guyana

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Travel

Long days of sweaty trekking seemed so insignificant with this nightly spectacular view at the base camp of Mount Roraima.

We woke bright and early for the final trek in which we would summit Mount Roraima, something I had wanted to do for years. The full day’s route could be seen from base camp, as if in a final effort by the mountain to scare off weary climbers or at least fill them with nightmares of the prehistoric beasts that still ruled the mountaintop.

We spent the morning scrambling upwards through dense forest towards the foot of the cliffs. At lunch we reached the cliff base, which was so close that

BG Business Guyana

2015

we rested our bags against it but a quick glance upwards signaled our plan for the afternoon. The cliff soared straight upwards from where we stood, where one couldn’t even see the top which was shrouded in clouds. Occasional plants dotted up the cliff face, gripping on for fear of plummeting to the forest below. Waterfalls sprouted out of ‘The Wall,’ giving us the source of our midday wash/water refills.

Getting our fill of the mountain delicacy of boneless sardines, we marched

onwards. The final section is known as ‘The Ramp,’ the only way up the mountain without ropes and the reason we came to Venezuela for the climb even though it borders Guyana and Brazil. The ramp was pioneered by two Brits in 1884 with the idea of finding dinosaurs on top. It is hard to decide if these two men were brave or stupid.

Walking through Amerindian villages on the way, they had been warned of the beasts living on the mountain that occasionally flew down to steal Amerindian babies.

Travel

71

The ramp was pioneered by two Brits in 1884 with the idea of finding dinosaurs on top. It is hard to decide if these two men were brave or stupid.

After three hours we closed in on the end of the ramp. Blocking our final ascent were the ‘Tears of Roraima,’ a waterfall that spouted from the top never ceasing in its year-round deluge onto climbers’ heads. Blindly we rushed through the water in a last scramble over the loose rocks that outlined a sketchy path up the narrow ramp.

Elation is normally a word reserved for summiting mountains but that would

be too easy. Mount Roraima never lets one have anything ‘easy!’ We crawled onto the top just as all the jet-black Roraima frogs were crawling their way past us. Save for a glimpse of some of nature’s rock carvings (some in the form of sea turtles and elephants), we quickly made our way to The Hotels, an alluring name for the stone caves in which weary climbers spend their nights in whilst on top. The days on top were incredible: thousand-

mile views, ice-cold plunge pools to swim in, and plants and animals that are the dreams of biologists.

All this means I cannot describe Mount Roraima as an once-in-alifetime trip. I cannot wait to return.

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Education

Nations University:

Educating Business Professionals Located in Guyana’s capital city of Georgetown, Nations University provides one of the most sought after tertiary educational options for business professionals. In collaboration with the Australian Institute of Business (AIB), the University offers a 12-month master of business administration (MBA) programme.

Established in 2004, the university initially developed a relationship with the University of Cambridge in the United Kingdom by offering an international diploma in business and a diploma for teachers and trainers. Ten years later, more than 500 Guyanese business students and educators have completed their diplomas from Cambridge University, including persons based in the country’s Regions 6 and 10.

Course offerings have expanded to degree programmes through the London School of Economics (LSE) and the law programme (LLB) through the University of London. Nations University has gained further momentum by extending offerings to include diploma programmes with “open entry” for persons who have not completed high school or the equivalent. These programmes are level based allowing for entry in multiple options as suited to a student’s desired timetable for progress. Offerings include specialized courses in accounting and finance from internationally known providers such as the Association of Chartered Certified Accountants

BG Business Guyana

2015

(ACCA) and Chartered Institute of Management Accountants (CIMA). Others are the highly popular, wide range of management courses offered through the Association of Business Executives (ABE) including business, marketing, human resource and hospitality management, and those in project management, hospitality management, economics and business management from the UK’s Institute of Commercial Management (ICM).

Although most students are unable to devote full time to studies, many have succeeded and excelled in their programmes. The University of London’s LLB programme honoured a Nations University student who achieved one of the best results worldwide in the 2013 examinations. The UK-based AB awarded a Nations University student with the top paper prize.

In 2010 the Australian Institute of Business (AIB) approached the Guyana school to offer the school’s full suite of business degrees which are fully accredited in Australia and internationally recognised, as part of its 12-month MBA programme.

As the AIB MBA is extremely affordable and widely recognised, being ranked 13th globally and 2nd in Australia by the CEO Magazine (UK), the demand for the programme has been significant. Nearly 250 persons have enrolled in the programme so far, with more than 50 having graduated and the rest currently pursuing their MBA. This constitutes a significant

Education

75

2013 University student who achieved one of the best results in examinations worldwide

catalyst for progress in Guyana. The high calibre of lecturers, from both Guyana and other Caribbean countries – who merge business experience and lecturing prowess, coupled with the highly practical nature of this MBA programme – enables students to develop themselves not only academically, but practically, too, in developing local enterprises.

AIB entry requirements, while vigorous and flexible at the same time, allow applicants to enter the programme with or without prior business educational background. MBA students come from a wide crosssection of the Guyanese business community, including senior personnel from government ministries, and from large organisations such as the Guyana Sugar Corporation (GuySuCo), Demerara Distillers Limited, Barama, Guyana Elections Commission, the Caribbean Community (CARICOM), the Guyana Revenue Authority and all the major commercial banks. Many current students and alumni also are sole entrepreneurs and representatives of a broad range of private agencies.

One of the key programme elements is the final project, where students examine a key issue in the local business community and how to address that challenge. Presently, AIB is considering numerous projects from Guyanese students for publication.

Thus, the students not just simply pass the MBA course but they also are contributing significantly

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Education

to current thinking about issues in areas such as strategic management, human resource development, leadership and new product management.

Nations University continues to bring high level, fully accredited and internationally recognised, affordable courses to focus on Guyana’s development, which, in turn, helps stem the ‘brain drain’ and loss of skilled workers and experienced individuals while providing through education a path leading to progress for all.

Nearly

250

persons have enrolled in the programme

more than

50

graduated and the rest currently pursuing their MBA.

BG Business Guyana

2015

500

Guyanese business students and educators

Cambridge University, including persons based in the country’s Regions 6 and 10.

MBA is extremely affordable and widely recognised, being ranked

2

nd in

13

th

Australia by the CEO Magazine (UK)

78

Fast Facts

Guyana: Capital:

National Bird

Georgetown

The Hoatzin

Population:

National Flower:

Approx. 747,884

The Victoria Regia

National Motto:

Time Zone:

One People, One Nation, One destiny

GMT - 04:00

Official Language:

Social Demographics*

English

Population: 747,884 Population 3.5 km² Density:

Guyana Flag: Golden Arrowhead

Population 0.04% Growth Rate: Gender/Sex 99:100 (Male: Female) Ratio: Rate:

Currency: Guyana Dollar

Average 3.6 Household Size: Life Expectancy 63 at Birth: Major Religions: Christianity, Hinduism, Islam

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Fast Facts

79

Fast Facts Climate and Geography: Location: North Eastern Coast of South America Area: 214,970 km² Climate: tropical; hot, humid, moderated by northeast trade winds; two rainy seasons (May to June, November to January) Rainfall: 2,300mm Annually Temperature: 27 o C Geographic 5 00 N, 59 00 W coordinates: Geographical Low Coastal Plain, Hilly Sand Makeup: and Clay Belt, High Land Region, Interior Savannah.

Border Brazil 1,119 km, Suriname 600 Countries: km, Venezuela 743 km.

Time Zone: GMT - 04:00

Government Independence: May 26, 1966 from Britain Capital City: Georgetown Judicial System: Common Law Legislator: 65-Member National Assembly Head of State: President Donald Ramotar Electoral General Elections held System: every 5 years; Proportional Representation Municipalities: Anna Regina, Corriverton, Georgetown, Linden, New Amsterdam, Rose Hall

Communications and Media Country 592 Phone Code: Telecommunica- GT&T and Digicel tions Providers: Daily Stabroek News, Guyana Newspapers: Chronicle, Kaieteur News, Guyana Times

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Fast Facts

Emergency Numbers

Economy Currency: Guyana Dollar (G$) Real GDP (2013): US$3.076 billion GNI per capita: ~US$3800 Inflation Rate 0.90% (2013):

Fire: 912, Ambulance: 913 Police: 911 Police Emergency 225-6411 Response Unit:

Major Export USA, UK, Canada, Venezuela, Countries: Jamaica, Germany Major Import USA, Trinidad, Venezuela, Countries: Suriname, China, Japan Major Gold Mining; Rice; Sugar; Industries: Construction; Commercial ~11% Lending Rate: Export Earnings: ~US$1.5 Billion Import Earnings: ~US$1.8 Billion Average G$207 to US $1 Exchange Rate: Foreign Exchange ~US$6.5 Billion Transactions:

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Administrative divisions: 10 regions; Barima-Waini, Cuyuni-Mazaruni, Demerara-Mahaica, East Berbice-Corentyne, Essequibo Islands-West Demerara, Mahaica-Berbice, Pomeroon-Supenaam, Potaro-Siparuni, Upper Demerara-Berbice, Upper Takutu-Upper Essequibo

Fast Facts

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Regional population distribution, guyana 2012 Pomeroon-Supenaam (Region 2) Barima-Waini (Region 1)

Essequibo IslandsWest Demerara (Region 3)

Demerara-Mahaica (Region 4) Cuyuni-Mazaruni (Region 7)

Mahaica-Berbice (Region 5)

Potaro-Siparuni

Upper Demerara-Berbice (Region 10)

(Region 8)

Upper TakutuUpper Essequibo (Region 9)

East BerbiceCorentyne (Region 6)

Reg ional Population Region 8: Region 7: Region 9:

10,190 20,280 24,212

Region 1: Region 10:

26,941 39,452 46,810 49,723 107,416 109,431 313,429

Region 2: Region 5: Region 3: Region 6: Region 4:

Source: Bureau of Statistics

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Fast Facts

CENTRAL BANK The Bank of Guyana is the central bank of Guyana. It is the main regulator of the financial sector. It also formulates and implements monetary policy and ensures that there is a sound, stable and an effective financial system.

Trust Company (Guyana) Ltd (Trust business)

Secure International Finance Company Inc (Finance company and underwriter)

Beharry Stockbrokers Ltd (Stock Brokerage)

Guyana Americas Merchant Bank Inc (Merchant Bank)

COMMERCIAL BANKING Guyana hosts a variety of private commercial banks and include: Guyana Bank for Trade and Industry (GBTI) Bank of Baroda Bank of Nova Scotia Citizens Bank Demerara Bank Republic Bank

LICENSED DEALERS IN FOREIGN CURRENCY The country laws also cater for authorised companies that buy and sell foreign currency (Cambio), some of these institutions are: Confidential Cambio A & N Sarjoo Cambio L. Mahabeer & Son Cambio Martina’s Cambio Cambio Royale R. Sookraj Cambio

NON-BANK FINANCIAL INSTITUTIONS There are a few credit making, deposit taking and non-deposit taking financial institutions that are authorized to provide various services to the public and include:

F & F Foreign Exchange Enterprise Cambio Commerce House Cambio Gobin Varity Store & Cambio Salt & Pepper Cambio Mohamed`s Cambio

Hand-in-Hand Trust Corporation Inc (Deposit-taking and trust business)

The New Building Society (Deposit-taking)

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CREDIT BUREAU CREDITINFO (GUYANA) Inc. is Guyana’s first and only Credit Bureau.

Fast Facts

83

INSURANCE COMPANIES

GUYANA STOCK EXCHANGE

There are several authorized companies offering insurance services in Guyana:

The Guyana Association of Securities Companies and Intermediaries Inc. (GASCI) is Guyana’s only Stock Exchange.

It began conducting trades in 2003 and is responsible for organising and supervising the stock market in Guyana.

Assuria General & Life Caricom General Insurance Company Demerara Mutual Life & Fire Assurance Society Ltd Diamond Fire & General Insurance

P U BLI C H O LI DA YS 2 0 1 5

Frandec & Company Gcis Incorported

Date

Name

January 01

New Year’s Day

January 03

Youman Nabi

February 23

Republic Day

March 6

Phagwah (Holi)

April 3

Good Friday

April 6

Easter Monday

May 1

Labour Day

May 5

Arrival Day

Money transfers agencies play an integral part in Guyana’s economy and includes the following:

May 26

Independence Day

July 6

CARICOM Day

Grace Kennedy Remittance Services (Guyana) Limited (Western Union)

August 1

Emancipation Day

September 25

Eid Ul Adha

November 11

Deepavali

December 25

Christmas

December 26

Boxing Day

Hand In Hand Mutual Fire & Life Insurance North American Life, Fire & General Insurance The Guyana And Trinidad Mutual Fire & Life Insurance United Insurance Company Limited

MONEY TRANSFER AGENCIES

NM Services Limited (MoneyGram) RemitX Inc. (First Global Money) Excel Capital Inc.

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Economic Indicators 4-Year Sectoral Contributions to Annual 2012

2011

RICE

2014 16,269

2012 13,829

2011 13,725

95,563

85,788

Agriculture, Fishing and Forestry

21,878

22,975

2011

2012

2013 15,327

Other Crops

Forestry

Mining and Quarrying 2011 2012 2013 2014

bauxite & others

87,920 103,903 109,027 96,922

GOLD 71,656

92,383

78,747

81,053

2011

2012

2013

2014

26,945

26,652

2014

2013 2011

2012

2013

2014

12,840

12,963

13,618

14,299

13000 12000 11000 10000

12,448 11,363 10,054

10,773

9000

8,425

8000

7,401

7000 bauxite others

6,211

6000

5,281

5000 0 2011

2012

2013

2011

2012

2013

2014

29,728

32,419

36,166

38,046

Sugar

4,169

5,210

4,676

5,410

Rice

8,257

8,938

11,574

11,725

Other Manufacturing

17,302

18,271

19,915

20,911

Services

274,765

294,270

324,620

362,283

Manufacturing

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2014

Economic Indicators

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GDP at Current Basic Prices (G$Million) 2013

2014

101,553

107,246

Sugar 11,960

11,794

Fishing

9,884 2012

19,368

17,384

20,112

2011

2012

2013

2014

Livestock

11,528 2011

15,499

2013 2014

11,963

14,634

17,044

17,660

2011

2012

2013

2014

Construction

Electricity & Water 2014

12,391

2013

11,316

2012

6,437

2011

6,021

Information and Communication 27000 26000 25000 24000 23000 22000 21000 0

26,365

2014 2013

54,762

2012

39,764

2011

43,996

48,037

23,968 21,747

22,400

2011

2012

2013

2014

Wholesale and Retail Trade

72,894

80,477

77,090

84,028

Transportation and Storage

27,451

32,199

37,456

42,835

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Economic Indicators Financial and Insurance Activities 2011 18,827

2012 21,551

2013 25,986

Health and social services 2011

7,360

2012

7,790

2013

8,829

2014

9,495

2014 31,053 real estate activities

education

2014 - 20,132

4,592

5,123

5,632

5,914

2011

2012

2013

2014

2013 - 18,847 2012 - 17,054 2011 - 16,036

2011

2012

2013

2014

public administration

39,274

43,201

47,592

53,255

other service activities

16,567

18,273

19,866

22,052

less adjustment for FISIM

-18,094

-19,942

-21,833

-22,706

460,108

511,337

537,428

586,795

Memo Items

2011

2012

2013

2014

Growth Rate of Nominal GDP

14.8

11.1

5.1

9.2

Growth Rate of Real GDP

5.4

4.8

5.2

5.6

total

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Guyana’s Diplomatic & Consular Representatives

BARBADOS Mr. Michael E. Brotherson Consul General Consulate General of Guyana Sefton Lodge Britton’s Cross Road St. Michael, BB14002 Barbados Tel: 246-228-2767; 246-426-1708 Fax: 246-228-3123; 246-228-3083 E-mail: guyanaconsulategeneralbarbados@gmail.com BELGIUM His Excellency Dr. Patrick Ignatius Gomes Ambassador Embassy of Guyana Boulevard Brand Whitlock 114 1200 Brussels, Belgium Tele: 322 - 675 - 6216 Fax: 322 - 672 - 5598 E-mail: embassy9.guyana@skynet.be; ambassguybruss@skynet.be

BRAZIL (BRASILIA) His Excellency Merlin Udho Ambassador Embassy of Guyana SHIS Q 105 Conjunto 19 Cassa 24 Lago Sul, CEP 71615 – 190 Brasilia DF, Brazil Tele: 55 - 61 - 3248 - 0874; 55 - 61 - 3248 - 0875; 55 - 61 - 3364 - 5319 Fax: 55 - 61 - 3248 - 0886 E-mail: embguyana@embguyana.org.br.

RORAIMA Mrs. Marissa Carmichael Edwards Officer-in-Charge Consulate of Guyana Cel Mota 629, Centro Boa Vista Roraima CEP: 69.301-120 Brasil Tel: 001-55-95-3624-1129; 001-55-95-3624-6904 Email: co_guyanaconsulateinboavista@hotmail.com

GUYANA

MISSIONS OVERSEAS TORONTO

Mrs. Satyawattie Sawh Honorary Consul General Consulate General of Guyana 505 Consumers Road, Suite 206 Willowdale, Ontario M2J 4V8 Canada Tele: 416 - 494 - 6040; 416 - 494 - 6059; 416 - 494 - 2679 Fax: 416 - 494 -1530 E-mail: info@guyanaconsulate.com

PEOPLE’S REPUBLIC OF CHINA His Excellency David Dabydeen Ambassador Embassy of Guyana No. 1 Xiu Shui Dong Jie Jian Guo Men Wai Beijing 100600, China Tele: 8610 - 6532 - 1601 Fax: 8610 - 6532 - 5741 E-mail: admin@guyanaembassybeijing.cn Website: www.guyanaembassybeijing.cn CUBA Her Excellency, Mrs Mitradevi Ali Ambassador Embassy of Guyana Calle 18, No. 506 Entre 5ta y 7ma Miramar, Havana Cuba.

Tele: 537 - 204 - 2094 Fax: 537 - 204 - 2867 E-mail: embguyana@enet.cu ENGLAND (LONDON)

CANADA (OTTAWA) His Excellency Harry Narine Nawbatt High Commissioner High Commission of Guyana 151 Slater Street, Suite 800 Ottawa, KIP 5H3 Canada Tele:613 - 235 - 7240; 613 - 235 - 7249 Fax: 613 - 235 - 1447 E-mail: guyanahcott@rogers.com; harrynawbatt@hotmail.com

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His Excellency Mr. Laleshwar K. N. Singh, C.C.H. High Commissioner High Commission of Guyana 3 Palace Court, Bayswater Road, London, England Tele: 44 - 207 – 229 -7684; 44 – 207 - 792 - 1178 Fax:44 - 207 - 727 - 9809 E-mail: laleshwarsingh@hotmail.com or guyanahc1@btconnect.com Website: www.guyanahclondon.co.uk

Guyana’s Diplomatic & Consular Representatives

INDIA His Excellency Jairam Ronald Gajraj Commissioner High Commission of Guyana E-7/19 Vasant Vihar, New Delhi – 110057 India Tel: 9111- 4166 – 9717/8 (Office) Fax: 9111- 4166 - 9714 High Commissioner: 9111- 4166 - 9715 or 4166 9716 E-mail: hcommguy.del@gmail.com KUWAIT Mr. Safraaz Shadood Charge’d Affaires Embassy of Guyana Block 3, Street 321, Villa 3, Mubarak Abdullah Al Jaber West Mishrif, State of Kuwait Tel: 965-2539-7939; 965-2539-4336 Fax: 965-2539-3448 Email: guyanaembassy.kuwait@gmail.com SOUTH AFRICA Ms. Barbara Haley Acting High Commissioner High Commission of the Republic of Guyana Suite H, Third Floor, Grosvenor Place 235 Grosvenor Street PO. Box 12238, Hatfield 0081 South Africa Tel: +27 (0) 79 648 6373 E-mail: bhaley@minfor.gov.gy; b.haley@hotmail.com

SURINAME (PARAMARIBO) His Excellency Keith George Ambassador Embassy of Guyana Henckarronstraat No. 82, P. O. Box 785, Paramaribo Suriname Tele: 597 - 477 - 895; 597 - 472 - 509 Fax: 597 - 472 - 679 E-mail: guyembassy@sr.net

NICKERIE Mr. Arlington Bancroft Consul General Consulate General for Guyana Gouverneur Straat & West Kanaal Straat, No. 10 Nickerie, Suriname Tele: 597-211-019 Fax: 597-212-080 E-mail: guyconsulnick@sr.net

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UNITED STATES OF AMERICA (WASHINGTON) His Excellency Bayney Karran Ambassador Embassy of Guyana 2490 Tracy Place, N. W. Washington, D.C., 20008 USA Tele:0011 - 202 - 265 - 3834; 0011- 202 - 265 - 6900 328 - 1567 Fax: 0011 - 202 - 232 -1297 E-mail: guyanaembassydc@verizon.net PERMANENT MISSION TO THE UN His Excellency George Talbot Permanent Representative Permanent Mission of Guyana to the UN 801 Second Avenue, Fifth Floor, New York, New York 10017, USA Tele: 212 – 573 – 5828 Fax: 212 - 573 - 6225 E-mail: Guyana@UN.int NEW YORK, USA Mr. Brentnold Evans Consul General Consulate General for Guyana 308 West 38 Street 8-9 Avenue New York NY 10018 USA Tele No: 212 - 947 – 5115-6; 947 – 5110-9 Fax No: 212 - 947 - 5163 E-mail: guyanaconsulate@hotmail.com VENEZUELA His Excellency Geoffrey Da Silva Ambassador Embassy of Guyana Quinta Los Tutis Segunda Avenida entre Novena y Decima Transversal Urbanizacion Altamira, Municipio Chacao Caracas, Venezuela Tele: 58 - 212 – 267-7095; 58 - 212 – 261-7745 Fax: 58 - 212 – 976 - 3765 E-mail: embguy@cantv.net GREECE His Excellency George Hallaq Minister of State and Presidential Envoy Guyana Mission for Greece and Middle East 4th Floor, Erithmou Stavro 3 and Makka 1 Street, Athen Greece 11503 Tel. No.: 30-210-958-5064-65; 30-210-958-5066-67 Fax No.: 30-210-951-7355; 30-210-813-7322 E-mail: nadahallak@hotmail.com.

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Embassies and Consulates in Guyana

FOREIGN COUNTRIES REPRESENTED IN

GUYANA Embassy of the Bolivarian Republic of Venezuela 296 Thomas Street, South Cummingsburg. Georgetown Tel: 592 226- 1543; 226 6749 Fax: 592 225 3241 Email: embve.gygto@mppre.gob.ve

Delegation of European Commission 11 Sendall Place, Stabroek, Georgetown, Guyana.

Telephone: +5922264004.

Email: delegation-guyana@eeas.europa.eu

Consulate General of the Netherlands 24 Water Street (In Care at John Fernandes) Tel: 227-3344, 226-3241/2 Email: kristelvincent9@gmail.com

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Embassy of the Argentine Republic 66 Brummel Place, Stabroek Georgetown Tel: (592) 231-9521-22 Email: eguya@mrecic.gov.ar embargentinagy@gmail.com

Embassy of the Russian Federation 3 Public Road, Kitty, Georgetown.

Tel: 592 225-2179; 226- 9773 Fax: 592 227 2975 Email: embrus.guyana@mail.ru

Embassy of the Republic of Suriname 54 Anira & New Garden Street Queenstown, Georgetown Tel: 592 226- 7844; 225 -2846 Fax: 592 225- 0759 Email: surnmemb@gol.net.gy amb.guyana@foreignaffairs.gov.sr

Embassy of the United States of America 99-100 Young & Duke Streets, Kingston, Georgetown.

Tel: 592 225 4900-9 Fax: 592 225 8497 Email: usembassy@yahoo.com

Embassies and Consulates in Guyana

Embassy of the Federative Republic of Brazil

Embassy of the People’s Republic of China

308 Church Street, Georgetown Tel: 592 225-7970; 592 227 5790 Fax; 592 226 9063 Email: brasemb.georgetown @itamaraty.gov.br

2 Mandela Avenue, Georgetown.

Tel: 592 227-1651/2 Fax: 592 225 9228 Email: chinaguyana@yahoo.com

Indian High Commission

Embassy of Mexico

307 Church & Peter Rose Sts., Georgetown Tel: 592 226 3996; 226 8965 Fax: 592 225 7012 Email: hoc.georgetown@mea.gov.in

44 Brickdam, Stabroek, Georgetown Tel: 592 226 3987 -90 Fax: 592 226 3722 Email: mexicoembassygy@gmail.com

Canadian High Commission

British High Commission

High & Young Street Kingston, Georgetown Tel: 592 227-2081-5 Fax: 592 225-8380 Email: grgtn@international.gc.ca

Embassy of Australia Lot 105 Block I, Goedverwagting East Coast Demerara Tel: 233-6311, 665-1198 Fax: 592 231 0799 Email: domosul@yahoo.com

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44 Main Street, Georgetown Tel: 592 226 5881-4 Fax: 592 225 3555 Email: bhcguyana@networksgy.com

Embassy of the Republic of Cuba 46 High Street, Kingston, Georgetown.

Tel: 592 225 1881; 225-1883 Fax: 592 226 1824 Email: emguyana@networksgy.com

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BUSINESS CONTACTS PRIVATE SECTOR ORGANISATION Private Sector Commission

Forest Products Association of Guyana

Umbrella organization for most private sector business and employer organizations. Most major companies are also members.

157 Waterloo Street, North Cummingsburg, Georgetown Tel: 592 226-9848 Fax: 592-226-2832 Email: fpasect@guyana.net.gy

157 Waterloo Street, North Cummingsburg, Georgetown.

Tel: 592-225-0977 Fax: 592-225-0978 Email: office@psc.org.gy Website: www.psc.org.gy Guyana Manufacturers’ & Services Association Institute of Private Enterprise Development 253 South Road, Bourda, Georgetown.

Tel: 592-225-8949, 225-3067 Fax: 592 223 7834 Email: rameshpersaud@ipedgy.com, iped@ipedgy.com Website. www.ipedgy.com

Guyana Rice Producers’ Association Public Road, Crane, West Coast Demerara.

Tel: 254-2012/13 Email: kumarraj7167@yahoo.com, rparice1946@yahoo.com

157 Waterloo Street, North Cummingsburg, Georgetown Tel: 592-223-7405-6 Fax: 592-225-5615 Email: gma_guyana@yahoo.com Website: www.gma.org.gy

Tourism & Hospitality Association of Guyana P157 Waterloo Street, North Cummingsburg, Georgetown.

Tel: 592-225-0807 Fax: 592-225-0817 Email: thag.secretariat@gmail.com, thag.execdir@gmail.com Website: www.exploreguyana.org

CHAMBERS OF COMMERCE Georgetown Chamber of Commerce and Industry

Berbice Chamber of Commerce and Development

156 Waterloo Street, North Cummingsburg, Georgetown.

Tel: 592-227-6441; 225-5846 Tel/Fax: 592-226-3519 Email: gccicommerce2009@gmail.com, info@gcci.gy Website: www.gcci.gy

12 Chapel Street, New Amsterdam, Berbice.

Tel: 592-333-3324 Email: bccda@guyana.net.gy Central Corentyne Chamber of Commerce Plot cc Williamsburg, Corentyne, Berbice Tel: 592-337-4778; 592-337-5120 , 592-333-2819 Email: central_chamber@yahoo.com

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BUSINESS CONTACTS

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Linden Chamber of Industry, Commerce & Development

Rupununi Chamber of Commerce and Industry

97-98 Republic Avenue, McKenzie, Linden.

Tel: 592-444-2901 Fax: 592-444-4057 Email: infolindenchamber@gmail.com

Block ‘A’ Takatu Drive, Lethem, Rupununi, Region 9 Tel: 592-772-2213 Email: rupununircci@yahoo.com, rupununircci@hotmail.com

Upper Corentyne Chamber of Commerce & Industry 157 Line Path ‘B’ Corriverton, Berbice.

Tel: 592-339-2935 Fax: 592-335-3738 Email: uccci_9@yahoo.com, uccci.chamber@gmail.com

BUSINESS ORGANIZATIONS Consultative Association of Guyanese Industry 157 Waterloo Street, North Cummingsburg, Georgetown.

Telephone# 592-226-4603; 592-225-7170 Fax: 592-227-0725 Email: ramchancagi@aol.net.gy

West Demerara/East Bank Essequibo & Islands Chamber of Commerce and Industry Ocean View Dr. Ruimzeight, West Coast Demerara.

Tel: 592-269 0020; 592-269-0030 Fax: 592-269-0022 Email: sase_shewnarain@hotmail.com, rose. ramdhan88@gmail.com

REGIONAL ORGANISATIONS Caribbean Community Secretariat (CARICOM) Caribbean Community Secretariat (CARICOM) P.O. Box 10827, Turkeyen, Greater Georgetown.

Tel: 592-222-0001/75 Fax: 222 0171 Email: registry@caricom.org Website: www. caricom.org

GOVERNMENT OFFICES & AGENCIES Ministry of Tourism Industry & Commerce

Ministry of Foreign Trade & Int’l Co-operation

229 South Road, Lacytown, Georgetown Tel: 592-226-2505, 225-6710 Fax: 592 225 4310 Email: dpsmintic@gmail.com

254 South Road, Bourda, Georgetown.

Tel: 592-227-7726, 225-7404 Fax: 592 223 0900 Email: eharper2010@gmail.com, eaharper@minfor.gov.gy

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BUSINESS CONTACTS Guyana Office for Investment (GO-INVEST) 190 Camp & Church Streets, Georgetown.

Tel: 592-227 0653, 225-0658 Fax: 592 225 0655 E-mail: goinvest@goinvest.gov.gy Website: www.goinvest.gov.gy

Guyana Tourism Authority National Exhibition Centre, Sophia, Georgetown.

Telephone: 592-219-0094/6 Fax: 592-219-0093 Email: info@guyana-tourism.com Website: www.guyana-tourism.com

Guyana Rice Development Board 117 Cowan Street, Kingston, Georgetown.

Tel: 592-225-8717, 225-3839 Fax: 592 225 6486 Email: singhjagnarine@gmail.com

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INTERNATIONAL ORGANISATIONS The World Bank 87 Carmichael Street, South Cummingsburg, Georgetown, Guyana Tel: 592-223-5036/9 Email: gmcdaniel@worldbank.org, esmemannuel@worldbank.org

Inter-American Development Bank (IDB) 47 High Street, Kingston, Georgetown, Guyana Tel: 592-225-7951 Fax: 592-225-7951 Email: IDBGuyana@iadb.org

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Last Word

A Banking Achievement

By Bonita Marissa Lowden In April 2015, the electronic processing of cheques became a reality in Guyana. While in developed countries this has been routine for many years, in small developing countries like Guyana this step forward represents a major achievement for the financial and banking sector.

The revolutionary E-Clearings system improves upon the presentation of the previous physical cheques-only system, with the end result being a more efficient, secure procedure for the processing of cheques.

In the past, whenever a bank received a cheque from a customer that was not written on its own cheque book leaves, the verification to process that cheque could take 3 to 4 days, thus delaying the processing of funds, which slowed up business and resulted in delays for business transactions. Imagine a company having to wait days to verify whether a cheque payment received was successfully processed. This sometimes resulted in the cheque being rejected by the bank for insufficient funds and or improper signature. Moreover, some companies would have accepted the cheques and offered a good or service

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only days later to discover the cheque was invalid.

Or, in cases of an emergency need to process a transaction, a business owner would have had to go to a corresponding bank from which the cheque was issued, even if this meant the corresponding bank was a far distance from the closest bank. This inconvenience resulted in many businesses simply refusing to accept cheques to process transactions.

The Bank of Guyana should be applauded for introducing this initiative, an additional dimension to the new suite of services being offered by the banking sector to consumers and businesses.

Guyana’s banking sector has a lot to be proud of recently. It has been one of the more stable sectors over the past two decades, even surviving unscathed the 2009 global financial crises that adversely affected many countries’ banking sectors. Guyana’s banks all have seen good financial returns and many have introduced technology to usher in modern, efficient ways of improving transactions with clients.

The E-Clearings system adds to this and is one that we all welcome and will be proud of in our daily business activities.