Wednesday May 28, 2003
Go-Invest
oversees significant investments last year. Increase in investment
expected in 2003
Georgetown, GINA, Wednesday, May 28, 2003
For the year 2002, the processing food sector
stood out as the sector which attracted the highest investments.
According to the Guyana Office for Investment (Go-Invest),
that sector has realized forty seven percent (47%) of total
investments. The other sectors include Tourism, Wood, Information
and Communication Technology, Services, Light Manufacturing
and a combination of other sectors including Mining, Quarrying,
Energy, Fresh Food, Infrastructure, Housing Handicraft, Garments
and textiles. This amounts to a total of G$11.2B in investments
for 2002, creating1, 702 jobs.
In its sector analysis, Go-Invest says that processed food
investments amount to G$5.23B, creating 532 new jobs, whilst
tourism accounted for the second highest investment total
of G$1.3B, creating 156 new jobs. The other investment sectors
such as Wood - G$1.02B, Information and Communication Technology
- G$998M, Services – G$845M, Light Manufacturing –
G$307M and the other sectors – G$1.388B, performed creditably,
according to Go-Invest. The Wood sector realized 228 new jobs
whilst the Information and Communication Technology, Services,
Light Manufacturing and the other sectors realized 293, 98,
42 and 353 jobs, respectively. A number of indirect or “spin-off”
jobs were also created by these investments.
According to the Go-Invest analysis, the performances confirm
the fact that the Private Sector, with the encouragement and
support of the Public Sector, is working towards the fulfillment
of one of the major objectives of the National Development
Strategy and the National Poverty Reduction Programme. Incorporated
into those programmes, it is intended that the economy should
be diversified away from primary products (Rice and Sugar)
towards the production of value-added goods and services.
Most of the Investments in the top six performing sectors
were the purchase of new equipment, machinery and vehicles.
Investments in these sectors also came in the form of training
and marketing to develop the capacity of these businesses
to produce a regular supply of quality products and new product
lines.
The 2003 National Budget estimates, project a total of G$18B
in new investments, to be facilitated by the Guyana Office
for Investment this year.
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