GO-Invest investment officers must now sign ‘legally enforceable’ confidentiality agreements

Patricia Bacchus

In an effort to consolidate the integrity of the services which it offers to would-be investors, the Guyana Office for Investment (GO-Invest) has put in place a regulation that now requires all of its investment officers to sign legally enforceable confidentiality agreements.

An article written by GO-Invest Chairperson Patricia Bacchus and published in this issue of the Stabroek Business says that the requirement has been put in place “so as to ensure that details of an investor’s proposal or intended proposal is held in the strictest confidence.” The article does not provide any indication as to whether or not the confidentiality of investor information has been an issue for GO-Invest in the past.

In the article Bacchus also alludes to the introduction by the state-run investment facilitation entity of an Expression of Interest form intended for use by applicants for investment agreements which provides details of “various disclosures required to be made when applying to the agency.” The article also alludes to the introduction of “another tool implemented by the agency,” a “lodgment receipt, which it says evinces proof of a submission to GO-Invest and which “is provided to investors on the agency’s receipt of their completed Expression of Interest form.” This system, the article says, “enables a higher level of management and accountability for applications received by the agency.”

Patricia Bacchus

The article says, meanwhile, that GO-Invest has put in place a mandatory Progress Report form to be completed by the investor during the third quarter after receiving an investment agreement. It says that the Progress Report form allows for the agency to monitor project implementation and to become acquainted with issues that may have resulted in delays.

Since entering office just over two years ago the APNU+AFC administration has singled out GO-Invest as important to its focus on attracting foreign investment though promised reforms have been slow in coming. The announcement of the appointment of Owen Verwey as Chief Executive Officer was made in January 2016.

Comments  

Syndicates awaiting official ‘green light’ on land for gold mining

Local gold mining syndicates are awaiting a commitment in writing from Natural Resources Minister Raphael Trotman which an official of the umbrella body administering the affairs of syndicates says should kick start operations by the groups comprising hundreds of small miners.

Value-added processing plant to be mooted at Gov’t/manufacturers roundtable

A joint public/private sector initiative to realize the setting up of a multi-purpose agro-processing plant in Guyana will be high on the agenda of the second Inter Ministerial Roundtable discourses between government and the Guyana Manufacturing and Services Association (GMSA), Stabroek Business has been informed.

Prospects for the industry going forward

By Raymond F. Trotz ITC Liaison, Guyana: Coconut Industry Development for the Caribbean (CIDC)   It has been almost a year since the staging of Guyana’s first Coconut Festival and there have been many queries on its outcome and possible repetition.

Students for mining, oil and gas orientation programme

At least thirty young Guyanese from various local communities will shortly be experiencing a novel learning opportunity designed to equip them with skills that will open up possible employment opportunities in the country’s mining and oil and gas sectors.

T&T financial sector pushing accelerated diversification from oil and gas

Even as Guyana becomes increasingly preoccupied with the 2020 timetable for the commencement of oil and gas recovery, the ongoing efforts of Trinidad and Tobago to diversify its economy away from the fossil fuel ought to be an object lesson for the new kid on the block as far as the fossil fuel sector is concerned.

Your browser is out-of-date!

Update your browser to view this website correctly.

We built stabroeknews.com using new technology. This makes our website faster, more feature rich and easier to use for 95% of our readers.
Unfortunately, your browser does not support some of these technologies. Click the button below and choose a modern browser to receive our intended user experience.

Update my browser now

×