Unlocking Opportunities for Small and Medium-Sized Businesses

The Power of Collaboration

At the International Business Conference (IBC) in Guyana, President Irfaan Ali emphasized the significant opportunities for small and medium-sized businesses (SMEs) to grow and expand in the country.

Creating an Enabling Environment

Ali stated that his government is creating an environment that enables SMEs to integrate with larger companies and industries, acknowledging that SMEs should continuously invest in improving their capabilities to grow beyond their current status.

“You don’t have to be an SME for life,” he emphasized. “Being an SME does not mean you must not have standards, or you must not invest in certification, or that you must be an SME all your life.”

Local Content Legislation

President Ali also highlighted the importance of local content legislation in supporting the growth of SMEs. The Act mandates that Guyanese businesses and workers be given preference in procuring goods and services and filling jobs in the oil and gas sector. It also encourages the development of local skills and industries to support the oil and gas sector, reducing reliance on imports and services.

Boosting the Economy

Ali emphasized that Guyana could leverage the local content legislation to integrate SMEs into the supply chains and operations of more prominent companies entering the markets. He noted that large-scale port operators, for example, can bring opportunities for SMEs to support their operations.

Breaking Down Bureaucracy

However, President Ali acknowledged that bureaucracy poses a significant challenge to SME growth. He called on regional leaders to help break down bureaucratic barriers within their governments, stating, “If we want to break down bureaucracy in governments and break down the tears in government, we have to break down the bureaucracy within ourselves. That allows us to add.”

Conclusion

The International Business Conference (IBC) is focused on streamlining the ease of doing business and facilitating investments between international companies and Guyana/Suriname in key economic sectors, including manufacturing, energy, infrastructure, finance, logistics, agriculture, and business support services.

FAQs

* What is the focus of the International Business Conference?
The conference is focused on streamlining the ease of doing business and facilitating investments between international companies and Guyana/Suriname in key economic sectors.
* What is the role of local content legislation in supporting SMEs?
The Act mandates that Guyanese businesses and workers be given preference in procuring goods and services and filling jobs in the oil and gas sector, and encourages the development of local skills and industries to support the oil and gas sector.
* What are the challenges faced by SMEs in Guyana?
Bureaucracy is a significant challenge to SME growth, and regional leaders are called upon to help break down bureaucratic barriers within their governments.