President David Granger, this morning, said that the private sector has a critical role to play in regional economic integration. In fact, the Head of State said that the Caribbean Single Market and Economy (CSME) is the way to build more resilient economies, not only in the Caribbean but also in Guyana.
Granger made these and other remarks at the opening of the Guyana Trade and Investment Exhibition (GuyTIE) which is being held at the Marriott Hotel Guyana.
He said that Guyana’s economic development has been constrained, historically, by the small size of its population, small domestic markets and the small range and volume of primary commodity exports. He said that these factors have made the country’s economy highly vulnerable to exogenous economic shocks.
Further to this, Granger said that the CSME aims in the long-term, to create a single economic space with an enlarged market producing globally competitive goods and services. The President said that this can, therefore, serve as an impetus to trade and cooperation within the region.
Additionally, the President noted that Guyana and Trinidad and Tobago, 24 hours ago, signed a Memorandum of Understanding (MoU) to promote economic cooperation. He said, “We hope to conclude, soon, a framework agreement for economic cooperation with Barbados. We see Guyana’s future in the Caribbean and we see the Caribbean’s future in Guyana. The private sector has a pivotal role to play in this regional economic cooperation.”
But to fulfill this role, Granger said that the private sector should aim to increase international trade, avoid the dangers of insularity, increase investment and become more innovative in pursuing new markets and improving the competitiveness of its goods and services.
President Granger also noted that GuyTIE comes at a time of renewed efforts to re-energize Caribbean economies. He said that the exhibition’s theme, “Made Locally, Trading Globally” and its objective of promoting export-ready firms and linking them with regional and international businesses, are all consistent with the Government’s objectives of economic integration in the Caribbean.