WITH Guyana’s development on an incline in several sectors, President, Dr Irfaan Ali said his government is focused on predictable policymaking in an effort to maintain the interest of investors in Guyana.
The Head of State made these remarks as he spoke at the commissioning ceremony for US$25 million heavy-lift berths at the Guyana Shore Base Inc (GYSBI).
During his address, President Ali explained that bad policymaking led to the delay of GYSBI’s expansion and several other projects along the coastline. In fact, upon entering office, he met with several developers along the coastline who were waiting for more than two and a half years for their permits for works to be looked at. The President added that those issues were fixed in months and many of these facilities have completed work within two years.
“So, two and a half years these companies were waiting for permits; in the last two and a half years, as a result of granting those permits, more than $25 billion has been invested directly along the coastline by those companies,” Dr Ali highlighted.
The unlocking of this approximately $25 billion investment brought more jobs to the sector with the building out of support services and other things. And bad policymaking, the President stressed, cost these businesses and investors quite a lot.
Without the much-needed approval for the expansion of these facilities for over two years, the investor would have had to incur at least a 20 percent increase in the capital cost of building this facility.
Dr Ali, however, added that these instances do not bode well for investors and would cause them to lose confidence in investing here.
President Ali said, “A country and a government must have a level of predictability that must have investors’ confidence. If you lose predictability in policymaking, you lose investors’ confidence.”
With that, he indicated that the crafting of a strategy to develop and advance Guyana is precise, delicate and structured work that is being done at the moment.
“I assure you there is no guessing about what we’re doing, that is why there is so much predictability about where we are going,” Dr Ali said.
This he said has fostered an environment with the most dynamic and innovative business operations. The head of state noted that when one is to reflect on the growth and dynamism that is taking place, one can be proud to see what has evolved.