Guyana President urges private sector to become more innovative at opening of GuyTIE 2018

President David Granger delivering remarks at the opening of the Guyana Trade and Investment Exhibition (GuyTIE) at the Marriott Hotel, Georgetown, on September 20, 2018

The inaugural three-day Guyana Trade and Investment Exhibition (GuyTIE) was officially opened by President David Granger on Thursday at the Marriot International Hotel in Guyana’s capital, Georgetown.

Fifty-six exhibitors and over 100 potential buyers and investors are expected to participate in the event.

Minister of Business, Dominic Gaskin, in brief remarks, said, “GuyTIE is not about numbers or mega sales, it is strictly a business to business networking event.”

He pointed out that, the event was organised in such a way that it can contribute to improvements in private sector investment.

Gaskin said as Guyana gets closer to commercial oil production, local businesses must stand ready to take advantage of the opportunities that will be aligned with that sector.

The Business Minister said, “The Private Sector is the key driver of long-term growth and will be responsible for the development of the economy long after the oil is gone.”

The keynote address was delivered by President David Granger who said that the event comes at a time of renewed efforts to re-energise Caribbean economies.

He said, “The exhibition’s theme – “Made Locally, Trading Globally” – and its objective of promoting export-ready firms and linking them with regional and international businesses are all consistent with the objectives of economic integration in the Caribbean.”

He also believes that the private sector has a pivotal role to play in regional economic cooperation.

“The private sector should aim at increasing investment and at becoming more innovative in pursuing new markets and improving the competitiveness of its goods and services. Investment is the fuel for wealth creation and employment generation,” the President stated.

GuyTIE, he said, could enhance Guyana’s investment image as an investor-friendly state. “It can improve the competitiveness of large, small and medium-sized enterprises and strategically position Guyana and the Caribbean in the global marketplace,” he said.

Meanwhile, over fifty business-to-business meetings are scheduled as well as business awareness sessions on expanding market access.

Representatives from Europe, Asia, Canada and the United Kingdom are among those potential investors participating in the event.