Skip to main content

FM
Former Member

PPP/C Gov’t has always created level playing field for local and foreign investors - President

Written by , Published in News, Georgetown, GINA, March 14, 2015, Source - GINA

 

Over recent times, there has been an attack on investors by the combined opposition, particularly Chinese investors, but the concessions granted to this set of investors in no more than what is given to other foreign investors.

 

This is according to President Donald Ramotar, who has underscored that all investors, local and foreign, are critical to Guyana’s development. The Head of State in a recent interview said there is a level playing field for all foreign investors, as well as local investors.

“Particularly, Chinese investments are targeted and being criticised, let me say that we have not given any Chinese company one more benefit or one more priority than that we would have given to any foreign company that comes to this country.”

 

President Ramotar reiterated that there is one policy for all investors as he debunked suggestions that one group of investors enjoy more benefits than another.

 

“… the impression is being created differently in our society by the spin doctors in Guyana, there is absolutely no extra benefit given to (Chinese) investors. All (investors) have the same benefit.”

 

Operations at Bauxite Company of Guyana's Kurubuka mine

Operations at Bauxite Company of Guyana's Kurubuka mine

 

Pointing to other companies including from Canada, Australia, and the United States of America, the President reiterated that they all have benefited from the same concessions given to the Chinese.

 

“It is totally untrue, the attacks against the Chinese, I don’t know why, because the Chinese are now one of the most important developmental partners for many countries in Latin America and the Caribbean. It is the Chinese investors that are bringing in the capital than probably any country at this point in time.”

 

President Ramotar added that the criticisms and comments coming from the opposition about Chinese investors all fall into their pattern of what they have been playing out in the 10th parliament.

 

Republic Bank Branch, D'Edward Village, West Coast Berbice

 

“ I don’t know if this attack falls into the general pattern of what I have had to deal with over the last three years, of the opposition trying to frustrate any kind of developmental initiatives to prevent them from taking place…this seems to be geared in that direction to try to discourage investment in our  country.”

 

The President also call on citizens not to fall into this thinking as they must become aware that Guyana’s further development depends on all investments both local and foreign. It is a fact that these types of investments continue to create jobs for Guyanese and propel Guyana into a modern state.

 

However, even in the face of these attacks investors continue to show confidence in the local economy as more businesses are expanding and new businesses are coming to every region in Guyana.

 

On March 11, Bauxite Company of Guyana Incorporated’s (BCGI’s) Kurubuka Mining and Production Complex was commissioned in Region Ten.  The mine is located immediately adjacent to the Berbice River.

 

BCGI, a subsidiary of the Russian company, RUSAL has invested over $4.6Billion on the mine. Surrounding communities stand to benefit as hundreds of Guyanese are currently employed by the company.

 

Unicomer, parent company of Courts Guyana's Distribution Centre at Eccles

 

In the recent past, several investments have evolved both local and international. Among these is Popeye’s branch in the vicinity of the Stabroek market, the Caribbean’s largest conglomerate formerly Neal and Massy, now Massy, invested US$ 10M into a distribution centre at Montrose, East Coast Demerara, Unicomer, the parent company of Courts, injected US$6M  in a distribution centre  at Eccles, East Bank Demerara, Republic Bank  opened a new branch at D’Edward Village, West Coast Berbice, built at a cost of $508M, and the Guyana Bank For Trade and Industry injected $60M into a branch in Bartica, Region Seven.

 

Additionally, numerous businesses have opened their doors in the city and across the country.

Replies sorted oldest to newest

Mr. Badal had detailed how the govt discriminates against local businesses.

So it's not a level playing field, no matter what they say.

 

In many of the deals, the govt gets kickbacks for working out lucrative deals.

 

Explain logically how putting in US $8M of $55M in the Marriott entitles you to majority control.  That's PPP voodoo economics for you.  Who does business like that?  Are they watching out for the country's interests?

FM

The chinese get tax breaks and duty free access while local people get none. The Chinese will kill all business in Guyana just as they did in Africa. They expatriate the money so no benefit comes to the country. Local business circulate cash at least a dozen times in the community. The Chinese are a siphon to China.

FM

Personally, I have a problem with the President's statement. Maybe, he is not aware of the works of some of his ministries. I will be happy to talk to him on his statement. Perhaps, he could assist me in solving the US$300,000.00 investment I made back in 1997. 

 

Perhaps, you PPP fellas could arrange for me to have a word with him. So far, he has not replied to any of e-mails/letters. Neither did Irfaan Ali, Roger Luncheon or Winston Brassington.

 

 

S
Originally Posted by Stormborn:

The chinese get tax breaks and duty free access while local people get none.

World-wide, tax breaks and concessions are offered to numerous entities.

 

One example, in the US_of_A, there are tax breaks and duty free oncessions for about ten years to companies.

FM
Originally Posted by Jay Bharrat:

Building a Marriott to spite Badal, and giving Marriott all kinds of concessions, does not seem fair.

 

It's not like we have a demand for more hotels.

 

That is the essential reason why Marriott was built. They wanted to get at him. So they used the people's resources to go after Badal and Pegasus.

FM

So while they are using scarce state resources to carry out personal vendettas against Badal, an AFC backer, we have to endure blackouts, red water through the taps, garbage piles all over, mosquitos, trenches not dug, absence of street lights, unemployment, etc.

 

We do not need 5 more years of this.  Please go to AFC website and make your donation today.

FM

Add Reply

×
×
×
×
×
Link copied to your clipboard.
×
×