President Bharrat Jagdeo told an Agri-Business Investment Seminar on Sunday last that investing in the agriculture sector particularly in aquaculture will net high returns.
According to a Government Information Agency (GINA) press release Jagdeo told the meeting that agriculture is vitally important to Guyana’s economy and several opportunities exist in the sector. He told businesspersons assembled at the Seminar and Mini Exhibition held at Naresa’s Palace in South Ozone Park that based on research done by international consultancy firm Mc Kinsey, aquaculture will net the highest returns as cultivating “one hectare of land is twice that of doing rice on the same acre of land.”
Jagdeo who is lead head for agriculture in Caricom said the challenges encountered this year when food prices spiralled engendered a “renewed focus on agriculture.” He said the ministry is incorporating “a plantation type of agriculture” side by side with small-scale agriculture and plans are in train to cultivate soya bean in the intermediate savannahs. “The Brazilians are doing this on the other side of the river. You have large ventures; the smaller ones you can piggyback on them for research and marketing support,” the President said. He also told the meeting that Guyana is unique because in the near future it will be able to produce even more food.
‘Generation Reforms’
Jagdeo said too his government has been engaged for some time on ‘generation reforms’ where “from an unstable macroeconomic situation, triple digit inflation, huge fiscal deficit, huge debt, among others, he explained that Guyana has managed to achieve stable macro economic fundamentals.” He said too reforms were also done in infrastructure though “we still have a long way to go, bridges etc. that will support … investment, education and health care and a number of other things.”
Guyana has reached a stage where it needs to move to a second generation level of reforms “that are more quality, reforms that are more direct,” Jagdeo said. “Many people talk about land availability and if you talk maybe 10 years ago, we didn’t have a clue opening some areas because for 30 years we have had land given out to people – some sold, some leased, some given out as leases without any record keeping,” the President added. He said too another number of reforms are needed; noting the closure of a bid for hydro power that is to supply the country with electricity. Also, several other developments such as the completion of the Berbice River Bridge, are expected to impact on agriculture.
Climate change
As regards climate change Jagdeo said deforestation contributes 20 per cent of green house gases and that it is critical for countries to cut their emission levels. According to Jagdeo in order to prevent catastrophic climate changes developed countries would have to agree to cut greenhouse gas emissions by 8% which would mean changing society itself he said, adding that it is estimated that the threshold is 2 tons of carbon by 2050. The president told the seminar that the issue remains at the forefront of plans for Guyana as it forms “part of our policy now as we move to low carbon economy.”
Macroeconomic climate
Alluding to the current financial crisis, Jagdeo said, “We in Guyana think we can ride it out. Our financial system is essentially sound, we had nine enterprises that were owned by the state in the financial sector, and all were privatized without costing the treasury a single cent.” He said too Guyana has some of the toughest laws, financial institutions act, and regulations because the government recognises that financial institutions can affect the real setting in a significant way. “If you ask me about the economy of the future, I would say that the traditional sectors would play a smaller role, sugar, rice, bauxite, and the forestry and fishing… some type of agriculture will grow like offshore fishing, maybe constant, but aquaculture will grow, tourism, and information technology.” He said too explorations for oil and gas are also ongoing.
Jagdeo also told potential investors that he has instructed that the Guyana Office for Investment (GO-Invest) to speed up the processing of investment applications to one week. To facilitate this he said he has instructed that a dedicated desk be set up to assist investors by ensuring that they have access to all the necessary information.
According to GINA, US Ambassador to Guyana John Jones and Agriculture Minister Robert Persaud also made presentations at the seminar.
i do wonder if small business oppotunity / grants will be available to the Guyanes populace so they can also be able to invest in the aquaculture/agriculture ventures which can be a win win situation for all parties involved.
16 years after returning to power, the PPP has finally received an epiphany about the role Guyanese in the diaspora with wealth or access thererto can play in the key area of Guyana’s development: agriculture!
Can you imagine the President said he instructed that a specific desk be set up to assist potential investors, while a desk should have been set up right there are the exhibition/seminar with literature and applications forms for potential investors? These guys went to New York for a walk! What a waste of taxpayers’ money!
And thans to GINA for debunking the rumor that Home Affairs Minister, Clement Rohee also attended and spoke. I really couldn’t see any connection between home affairs and agriculture!
He Andy! You have said inter alia; re: “Can you imagine the President said he instructed that a specific desk be set up to assist potential investors, while a desk should have been set up right there are the exhibition/seminar with literature and applications forms for potential investors? These guys went to New York for a walk! What a waste of taxpayers’ money!
And thanks to GINA for debunking the rumor that Home Affairs Minister, Clement Rohee also attended and spoke. I really couldn’t see any connection between home affairs and agriculture!”. Well, in that you are making reference to a recent event in New York City and the need for institution to facilitate investment application… How about finding out from these same dudes what has become of an institution that was established under the L. F. S. Burnham Administration named the Guyana Co-operative and Industrial development Bank (GAIBANK) which would have been the “ONE-STOP AGENCY” for the purposes mentioned above.
This has got to be the most sickening proposal I have seen in a long while.
President Jagdeo and the PPP made farmers left farm and house—everything and migrate in mass—in the first instance —just look at Berbice. Nothing has changed—in-fact it has gotten worse.
The Jagdeo presidency made farming unfeasible for most Guyanese with no planning, no infrastructure to help farmer, poor water supply system—making some areas totally prone to flooding, poor access road,–high power cost(electricity and fuel), no security, absolutely no educational facilities for families living in farming area(almost non-exisent in countryside—much-less farming areas), mechanism and logistical support nonexistent to set up farming, facilities to help farmers sell products to country outside Guyana non-existent—the list go on
The Jagdeo PPP is that if you are a farmer you are on your own, farmers have to come up with all of the above and more—because they believe farmers and Indo-Guyanese have enough money(sickening)—that is why farmers left in the first case.
Them PPP boys talking investment—as if it was not enough that farming Guyanese had to abandon house and land—now they want the New York—Diaspora to—give up some more of their money—to get frustrated trying to set up farming in Guyana.
I know several people who try to go back to farming(because of USA background)—who after two years—and losing all their money(government bureaucracy, EPA etc—to get ok to start farming—) lost more or fall further behind after full experience of Jagdeo presidency.
LFS Burnham has ALWAYS tried to get us to produce what we eat. This isn’t a new initiative. What may be new is the “focus”
Ironically, LFS Burnham’s dictatorial regime and its policies, brought about food and fuel shortages, blacketmarketing, malnutrition, hunger, repression of farmers and private businesses, repression of the press, economic hardships, political murder and assassination, jonestown mass sucide/murders, a foisted constitution, rigged elections, mass migration etc; etc.
Referrence to Burnham’s rule, evoke memories of one of the darkest chapters in Guyana’s history; it is really a non starter, in attempting a constructive dialouge of Guyana’s future.
Hey “Light”! If all the things that you have mentioned were happening under the L. F. S. Burnham Administration ought to have come to and end after the PPP Government now in office took over how come there were no mass re-migration of people back to Guyana and what are you still doing in Canada if all is soooooooooo good at present in Guyana. Also, how about explaining to the world how those hundreds of people who have lost their lives since the PPP Government took office did so? Now, compare this to that of the period that you are talking about.
Guyana’s President Jagdeo said among other things; re: “[....If you ask me about the economy of the future, I would say that the traditional sectors would play a smaller role, sugar, rice, bauxite, and the forestry and fishing… some type of agriculture will grow like offshore fishing, maybe constant, but aquaculture will grow, tourism, and information technology.” He said too explorations for oil and gas are also ongoing.....]” Left out from his comments were – What is currently happening in the “gold and diamond mining industry” and what is likely to happen to this particular industry in the future and how this industry (along with plans for the establishment of a aluminum smelter in Guyana) are likely to impact the Guyana engineering economy from a long term point of view; also, what roles will Guyanese professionals in the diaspora play in these planned development activities in Guyana.
this el presidente jagdeo is out to lunch, I am not returning to Guyana for vacation or business or to live until there is a govt other than PPP or PNC.
I will take my money else where in the region
Re: “[....I am not returning to Guyana for vacation or business or to live until there is a govt other than PPP or PNC.
I will take my money else where in the region....]” First of all you have got to ask yourself if there is going to be an alternative other than the PNC or the PPP….. So, if I were you and a clever business person I would show the PNC or the PPP that I am “much smarter” than they are. And, secondly, do you think that it would be a wise thing to do to invest your own money rather than other people’s?. Besides, what are you going to do – have the money just sit in an office in Guyana (without a business plan and the people around you) and let money work for you. :-D
I totally agree with this comment. Jagdeo and his government continue to waste money. they have no business plans to create wealth. Have no interest in returning to a backwater that I left. In Guyana, squalour abounds.
My friends please stay where you are. You can go for a vacation, drink lil rum and so on, but don’t make a mistake of your life and put you hard earned money in Guyana, unless you have friends in high places. It is very frustrating doing business in Guyana. The Customs Dept sees every person as a tax evader. They are looking for your tax dollars.
The other point I want to make is that Guyana is a very small market; it cannot really sustain real growth. In a year or two your business would reach its optimum point, then the next thing you would realize is that people around you who lack initiative, starting to do the same thing that you are doing, and using their friends in various departments to pull your business down. There is so much I wish I could tell you guys, but I guess you have to learn for yourselves.
Kampta Persaud
Mr Jadeo curb the crime and then talk to us about investing in Guyana. The next time you come to NY you will hear it , the red-tapes that scratch your back when you come here have no back bone can cannot speak up.
We will not patronize their business………..
Re: “Mr Jagdeo curb the crime and then talk to us about investing in Guyana…” Well, we had British Guiana, French Guiana, Dutch Guiana….. therefore, are you talking about investing in an Chinese Guiana (re: the bauxite and sugar industries….)! ;-)
All what the president is saying may be true, but one has to wonder where he sits on the Violence and murders plaguing the country,,, where is the protection for the honest businessman to conduct business in Guyana.
Jagdeo…put your tail between your legs are run back home…you will NEVER get any of us to invest in Guyana as long as the Jagdeo/PPP Govt is in power. You have been at your very best to try and get investment from the USA and you have been equally at your best to frustrate to the point that invests RUN from Guyana..no walk…RUN!!
A very good recent example is the GRA going after internet cafes..what a joke!
Why do you charge 300% duty on NEW cars being imported? OH YES..I remember..one of your party officials stated – “If dem rich enough fuh buy new car dem can pay de duty”..what a joke!!
Also you do not treat returning professionals that were sent on scholarships with respect..remember when one’s contract was up and bolted for the US..your kind words were..”don’t worry yuh gone run back from de cold”
This is the environment that you foster for private business to invest? Give us all a break ..we are not that stupid in the USA.
Once again I plead to all Guyanese that you MUST VOTE on the ISSUES not RACE come 2011
Peace..
Re: “Why do you charge 300% duty on NEW cars being imported? OH YES..I remember..one of your party officials stated – “If dem rich enough fuh buy new car dem can pay de duty”..what a joke!!” Well, you get the kind of government you vote for. So, who to be blamed.!