Sound corporate governance gives confidence to private sector

Sound corporate governance gives confidence to private sector
Guyana Chronicle, 8 October 2007
Guyana ’s economy is on the move, presenting opportunities for more
businesses to be developed. Modernisation is underway in all the
sectors creating an attractive investment destination.

These were the sentiments expressed by Minister of Tourism, Industry
and Commerce, Manniram Prashad during the 89th Board of Directors
meeting of the Caribbean Association of Industry and Commerce (CAIC)
held at Guyana International Conference Centre, Liliendaal on October
4.

“The reality is that we live in an era of globalisation and rapid
technology change, which together present a challenge to all countries
and enterprises, particularly in developing countries. The challenge is
how we achieve competitiveness, both at the national and individual
enterprise levels, if we are to sustain economic growth,” Minister
Prashad said.

The Government of Guyana is working to further strengthen its economic
policies by having stable macro-economic strategies, increased
investment in public services and improving the business and investment
climate to enhance national competitiveness.

Prashad noted this will require the country in a Single Market and
Economy environment has to undertake far-reaching changes in approaches
to industry and commerce.

“No longer can we confine ourselves within our own world and expect
protection from competitors that our local market would be preserved
for us or that we can offer consumers whatever we want and expect a
positive response. We live in a world where the consumer has choices
and where the array of goods and services available is vast, where
information technology opens an array of avenues for shopping,” the
Minister said.

In dealing with the challenges, CARICOM’s relationship with the
European Union (EU) is being redefined along the lines of Economic
Partnership Agreements. Heavy emphasis is being placed on the private
sector.

Prashad recalled the Caribbean Community’s commitment to the creation
of the CARICOM Single Market and Economy (CSME) which resulted in a
single economic space where goods, services capital and labour will
move freely among member States.

“The opening up of markets will present unprecedented access for goods
and services in the short, medium and long term. The challenge that we
face is how to position ourselves and our enterprise including small
and micro-enterprises to capitalise on these opportunities,” he added.

He emphasised the need for building a vibrant private sector which can
be achieved by being efficient, innovative and proactive in business
practices. The private sector can address challenges faced by being
more competitive through closer business-government partnership,
effective networking of key agencies and proper use of available
resources. (GINA)