Small businesses in Guyana overall account for 50 percent of private sector investments and young entrepreneurs would be more encouraged if there is a change in the business culture to facilitate information sharing among businesses.

Chief Executive Officer of the Guyana Office for Investment (GO-Invest) Geoffrey Da Silva issued a call for a change in Guyana’s business culture at the Poverty Reduction Strategy Paper (PRSP) Consultation on Private Sector Development on Monday at Buddy’s International Hotel, Providence, East Bank Demerara, GINA reported.

Da Silva said, however, that there is no need for a successful businessperson to reveal his or her detailed plans, but noted that there are many young entrepreneurs who would appreciate some advice and success stories from experienced persons.

Reference was made to several small businesses that have attained significant successes in recent years, particularly in the Information and Communication Technology (ICT) arena which has created new jobs.

According to GINA, it was noted that 10 of the 18 projects recently developed in ICT are small businesses while of the 63 wood businesses, 34 are small. In the tourism sector, 61 of 78 are small businesses while there are 47 out of 81 in the agricultural sector.

Overall, small businesses in Guyana account for 50 percent of private sector investments.

It was pointed out, GINA stated, that there are many small businesses that export items such as handicraft and processed food to the Caribbean and other countries and these ventures have been very successful.

It was highlighted also that there is need for a better understanding of the private sector which needs to undergo a process of reformation and restructuring for further development in this area.

The PRSP on Private Sector Development points out that Guyana’s public and private sectors strongly support the need for diversification through widening the production base of the economy and improving competitiveness.

The National Competitiveness Strategy, GINA said, was formulated in support of this and is the practical expression of this partnership between Government and the private sector.

Minister of Finance Dr. Ashni Singh, Minister of Tourism, Industry and Commerce Manniram Prashad and Minister of Labour, Manzoor Nadir were among those present at the consultation which also saw participation by representatives from several small and micro-enterprises, Non-Governmental Organisations (NGOs) and international development organisations.