US$126.6M pumped into economy this year - Da Silva

Stabroek News
December 4, 2002

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Some US$126.6 million, totalling approximately $23.7 billion have been funnelled into the Guyana economy through business ventures within the past year, in both local and foreign investment, says Geoff Da Silva, Chief Executive Officer of the Guyana Office for Investment (Go-Invest).

Included in these projects are mining, tourism, textiles and light manufacturing. And these businesses have accounted for the creation of over 3,000 new jobs through the execution of 96 projects, 50 of which were new, while 46 were reinvestments, according to Da Silva in an interview with the Government Information Agency (GINA).

Pointing out that there is need for diversification in the country's industries, including sugar and rice, the Go-Invest boss said Guyana's major agricultural exports are facing increased challenges on the world market, GINA reported.

However, Da Silva noted that based on a United Nations survey that was conducted between 1998-2000, Guyana was ranked 19th in the world for direct foreign investment yields, a sharp rise from its 72nd position between 1988 to 1990, the information agency said.

Da Silva said that government had always been investor-friendly and non-discriminatory with both local and foreign entrepreneurs. In addition, the investment office facilitates the establishment of small, medium and large companies since the economy is not sustained merely by large businesses.

The construction of a 26-room hotel in central Georgetown and the recent opening of a $65 million shopping complex are merely two physical signs of ongoing business ventures in the country despite the social climate that has prevailed over the past few months through criminal activity, GINA stated.

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