Dear Editor,
Reference is made to two letters in the media authored by Opposition Member of Parliament, Jermaine Figureira that appeared in the Stabroek News edition of April 22, 2023, with the caption “some worthwhile strategies, if implemented, can prevent Dutch disease”… and in the Stabroek News edition of April 24, 2023, with the caption, “one of our significant challenges has been the ethical and equitable division of wealth”. Editor, first I commend Figueira for the two letters which were void of the usual politically leanings. In the first, he wrote about the need to pursue economic diversification among other things to mitigate the impact of the dreaded Dutch disease. It is important to note, however, that all of the
initiatives that were referenced by the M.P, are being pursued by the incumbent Government.
A crucial investment to support economic diversification is the gas-to-energy project aimed at reducing energy cost by 50% and ensuring reliable supply of energy. This is to enable greater competitiveness of industries, especially the manufacturing sector. Government is focusing on food security, not only locally, but regionally. There are investments in Agro-processing and in creating new industries in the agricultural sector. The eco-tourism sector is another major focus, complemented by Education and private Health sectors where corporate taxes were removed to attract more private investments in these sectors. That said, the direction in which the country is being positioned will inevitably transform the economy from a predominantly primary producing economy to a tertiary sector producing economy.
These cannot be achieved if the infrastructure deficit of the country is not resolved and gaps are addressed by investments in an aggressive manner. Not only the infrastructure gap but every other constraint―whether it is the human capital deficit, the high energy cost and unreliability of electricity supply, the bureaucracies inhibiting the ease of doing business, the political economy, etc., all addressed in the interest of achieving the developmental goals of the country that in turn leads to greater prosperity of the nation and the people.
Finally, with respect to Figueira’s postulations in the second letter, I will address those―as well as extend on the contents of this letter in a series of subsequent articles. In so doing, it is my intention to stimulate a different/higher level of quality debate on issues of national importance and public policy across the political spectrum.
Sincerely,
Joel Bhagwandin
Public Policy and Financial Analyst
