Vice President, Dr. Bharrat Jagdeo on Thursday stated that the next term for the People’s Progressive Party government will focus more on financial empowerment and creating opportunities for ordinary citizens to invest in the country’s burgeoning oil and gas sector.
Speaking at his press conference yesterday, Jagdeo said, “I started speaking about the next term, a massive focus on financial literacy, financial inclusion, financial empowerment of our people at every level.”
He disclosed that mechanisms will be put in place to allow all citizens, including government workers and teachers, to invest their savings in secure, government-backed instruments with guaranteed returns, rather than having their money sit idly in banks. Recently, Jagdeo had disclosed the PPP’s plan to create financial instruments for citizens to invest their future cash grants.
He assured that new investment vehicles will be created to enable citizens to generate returns without the risks associated with private bonds or the stock market. The Vice President further disclosed that the administration has already identified three business opportunities in the oil and gas sector specifically tailored for small investors.
According to him, these opportunities will be structured to ensure that smaller players can participate without competing with large businesses.
“We have already identified about three big business opportunities in the oil and gas sector that we can tailor for small people in the economy, small investors, that they can share in the prosperity too,” Jagdeo stated.
He added, “…you can do it in increments of $50,000 investments or $100,000.”
In addition, he spoke about plans to reduce the bureaucracy for small businesses. The Vice President noted that this includes addressing hurdles for business registration, taxation adjustments, and expanding procurement opportunities.
