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usiness review2009 business review2009 September 14, 2009 - Takutu Bridge to benefit CARICOM goods, service providers. The Takutu Bridge was officially opened. The bridge connects Lethem and the south east of Guyana to the northern Brazilian state of Roraima. President Bharrat Jagdeo and the Brazilian President Luis Inacio Lula da Silva were on hand for the ribbon cutting ceremony. The opening of the bridge is a major advancement toward facilitating trade between the two nations. Apart from the benefits of trade and other opportunities which the newly commissioned bridge across the Takutu River will provide for both Guyana and Brazil, it also gives CARICOM producers of goods and services easy access to Brazil through Guyana. Head of State Bharrat Jagdeo said the structure will, in a very significant measure, “open new vistas to be explored”. The President described the past trade activity between Takatu Bridge on the Guyana/Brazil Border. Brazil and the Caribbean as small, recalling that in 2004 Brazil’s exports to CARICOM were valued US$744M while CARICOM’s export to Brazil were US$38M in the same period. In 2008 Brazil’s exports to CARICOM averaged US$1.2M while exports from CARICOM were US$91M. Similarly, in 2004, total trade between Guyana and Brazil amounted to a mere US$9.7M, with Guyanese imports from Brazil accounting for virtually all of this activity. “Since then, total trade between Guyana and Brazil has almost doubled to US17.8M in 2008,” President Jagdeo said. President Jagdeo said despite Guyana’s close geographic proximity to Brazil, the modest level of trade activity between the two countries has been striking. For Guyana, the new bridge will aid in the promotion of trade in items under the Guyana/Brazil Partial Scope Agreement which President Jagdeo said is yet to be fully taken advantage of The Partial Scope Agreement refers to the exchange of tariff preferences on specific products among signatories to the agreement. The bridge was opened to the movement of vehicular traffic, passengers and cargo on July 27. Brazilian President Luis Inacio Lula da Silva testified to the benefits which are already serving several frontier communities in the areas of goods supply, health and education. The Brazilian President however, highlighted the need for reduction in the imbalance in trade relations between the two countries and as Guyana joins the competitive import institution programme, exports to Brazil will be boosted. Optimistic about the future benefits which the bridge will bring to both countries, President Lula said his government is eyeing the opening of banks in the district to accelerate the integration agenda. He stressed the importance of agriculture development noting that it will be fundamental. The Guyana Government, through the Agriculture Ministry, has already begun structuring its short and long-term plans to capitalise on these opportunities which the Takutu river bridge will bring. Only recently, the Guyana Government finalised an arrangement with the Brazilian Agriculture Research Agency (EMBRAPA) for upland rice production, corn production, aquaculture and forestry. The arrangement allows the Agriculture Ministry to work through the EMBRAPA office in Boa Vista instead of Brazil’s capital. September 18, 2009 - Cuba Awards 146 Scholarships for 2009 as Part of Guyana’s Development Plan 146 students have been awarded scholarships to pursue studies in Cuba for the 2009/2010 academic year as an integral part of Government’s plan for the development of Guyana. The President was, at the time, addressing the students and their families at an orientation session held on the lawns of State House before they leave for Cuba on September 23. He explained that the country is beginning a new stage of economic reforms that will lead to greater development for the country and noted that achieving this would require qualified individuals to meet the demands that will result. “If our people are healthy and educated, they will be able to live a prosperous and productive life,” the President said. The Cuban Scholarship Programme started in 2002 when the President Bharrat Jagdeo poses for a photo with the 146 Cuban scholarship awardees on the lawns of State House. Cuban Government offered Guyana 350 scholarships, and it was extended in 2006 when a further 965 scholarships were offered over the period 2006 to 2010. Including the 2009 batch of 146 students, 1,141 of the 1305 Cuban scholarships have been awarded, in addition to the 45 that were awarded under the Caribbean Community-Cuba Scholarship Programme. Of the 1,141 scholarships awarded, 136 are for agricultural sciences, 760 for medicine, 8 for sports and 237 for engineering and other sciences. Over the years, the scholarships have been awarded to students from all of the administrative regions of Guyana. October 01, 2009 President Bharrat Jagdeo met with the Brazilian Minister of Energy and Mines, Mr. Edison Lobão, to discuss wide ranging developmental issues, including Guyana’s hydro-electricity potential and how the two countries could work together to further the exploration of that potential. October 28, 2009 - Demerara Distillers Ltd invests $1.8B in state-of-the-art bottling plant Demerara Distillers Limited (DDL) commissioned its stateof-the-art, $1.8B liquor bottling plant at its Greater Diamond complex, East Bank Demerara. The plant, which benefited from a $400M grant from the European Union (EU) under the 70M Integrated Development Programme for the Caribbean Rum Sector, has enhanced production capabilities with three Italian-made bottling lines able to handle 12,000, 3,000 and 2,000 bottles respectively, is flexible with the ability of handling over 15 different types of bottles, has the most recent technology and is extremely energy efficient, with the bottle washer using 20% of the energy of similar machinery to sterilize 12,000 units. “If we did not have confidence in this country, we would not From the right - President Bharrat Jagdeo, Dr. Yesu Persaud, Chairman of Demerara Distillers Limited, European Union Ambassador Geert Heikens, and Komal Samaroo, Managing Director/Executive Vice-President of International Marketing, cut the ribbon to commission the new $1.8B liquor bottling plant. Guyana Business 2010 | 22 Guyana Business 2010 | 23 have invested in so many projects or developed new products,” Dr. Yesu Persaud, Chairman of DDL, stated, during his address to the audience that included members of the Cabinet, diplomats, business and political leaders. He also noted that DDL was able to transform itself, expanding from its main product of rum to carbonated beverages, shipping, distribution services and fresh fruit juices. Komal Samaroo, Managing Director/Executive Vice-President of International Marketing, explained that the company devised a three-pronged approach to its growth and development that encompassed diversifying sources of income, using waste streams to create economic value and competitive edge and adding value to its distillery products through the creation of high-value branded products. It is this final prong of creating high-value branded rums that led to the development of the bottling plant, which will allow the company to supply the 50 countries where it has a presence, including eight provinces in Canada and 20 states in the United States of America. November 2009 - The Governments of Guyana and Norway signed a Memorandum of Understanding (MoU) in which Norway will provide US$250M to Guyana in exchange for efforts to protect the country’s forests. Under the agreement, Norway will provide the financial incentive over a five year period and Guyana in return promised to ensure sustainable mining and forestry practices, maintain open and transparent dialogue on climate change and use the funds provided accountably and transparently. November 2009 - All Taxis to be Standard as of August 2010 In a meeting with a large contingent of taxi service providers at the Guyana International Conference Centre (GICC), President Bharrat Jagdeo indicated that Government will make it compulsory that all vehicles that ply the hire car trade as taxis be painted the same colour by August 2010. This is part of the Administration’s efforts, through the Ministry of Tourism, to improve the standards and quality of service provided by the public transport sector in light of the expectation that the demand for these services will grow significantly as Guyana’s tourism industry expands. This requirement aims to make it easier for patrons to identify vehicles offering transport services and allow law enforcement officers to be able to recognize and penalize those that do not conform to the new regulations.
usiness review2009 business review2009 President Jagdeo intimated that this decision was not taken lightly, noting that he was advised by several parties who provided numerous recommendations. The ideas put forward included prohibiting passengers from sitting in the front seat, installing a screen between the front and back seats, moving to a metered service, using tracking devices for vehicles, having taxi drivers wearing similar uniforms and the paint scheme. However, the Head of State stressed that he was cognizant of the cost that implementing all of these recommendations would put on the service providers. Therefore, he stated that his decision to make only the recommendation on the paint scheme compulsory is meant to apply minimum standards that will increase the quality of service provided incrementally. A large number of taxi service providers at the Guyana International The other recommendations remain voluntary but the Conference Centre to interact with President Bharrat Jagdeo President pointed out that employing them would provide those operators with a competitive advantage from which they can benefit. November 12, 2009 Dr Ashni Singh, Minister of Finance, presented the 2009 mid-year report to the National Assembly. According to the report the economy contracted 1.4% for the half-year. This decline was attributed mainly to a decline in sugar revenues of around 20%. The report was however optimistic that the economy will rebound in the latter half and record a 2.5% growth for the entire year. November 23, 2009 - Canada’s CGX to drill for oil, gas in Guyana Canadian petroleum company CGX Energy Inc. will drill for oil and natural gas deposits along Guyana’s eastern coast in 2010 after a nearly decade-long sea-border dispute disrupted operations, officials said. Drilling is expected to begin in late 2010 in the Corentyne region, company President Kerry Sully said. Toronto-based CGX identified the location in June 2000 but was forced offsite when Suriname claimed ownership of the area. A U.N. tribunal settled the maritime border dispute in 2007, awarding Guyana nearly double the territory granted to Suriname. The resolution also determined that the CGX site was more than 6 miles (10 kilometers) inside Guyana’s territory, Sully said, but the company found a better location 3 miles (5 kilometers) An overhead view of the CGX Energy Inc oil rig offshore Guyana south of the original site. CGX explored more than 190 square miles (500 square kilometers) and expects to spend roughly $70 million to drill a well 20,000 feet (6,000 meters) deep, Sully said. Spanish-Argentine company Repsol YPF and Exxon Mobil Corp. of Irving, Texas, also have concessions in Guyana’s oiland-gas-rich basin, which could contain up to 15 billion barrels of oil and 42 trillion cubic feet of gas reserves, according to the U.S. Geological Survey. Two years ago, CGX paid $8.9 million -- the majority of Guyana’s legal bill -- following the country’s dispute with Suriname, though President Bharrat Jagdeo has said CGX would not receive preferential treatment. December 02, 2009 - New G$2B Linden Hospital Complex Commissioned The Linden Hospital Complex, which has the motto, “Improved Health Care: Access through Partnership” was officially commissioned by President Bharrat Jagdeo. The complex was constructed at a cost of G$1.8B and equipped at a further cost of G$200M under the Health Sector Programme (HSP).President Bharrat Jagdeo expressed Government’s commitment to ensuring development in every region of Guyana, including the township of Linden. The HSP is a five-year, US$25.5M (over $5B) programme cofinanced by Government and the Inter-American Development Bank (IDB), and the goal of the programme is to improve the effectiveness, quality and equity in access to health service in President Bharrat Jagdeo interacts with some of the nursing staff of the Linden Hospital Complex after its commissioning on December 2 Guyana Business 2010 | 24 Guyana Business 2010 | 25 Guyana. Also being constructed under the HSP is the in-patient facility at the Georgetown Public Hospital at a cost of $1.2B. The medical facility was a progressive step for the development of the Linden township and would improve the lives of the people of Region 10 and many hinterland communities that access the coast through Linden. December 04, 2009 - New 20.7 MW Kingston Power Plant Commissioned. The country’s only electricity supplier, Guyana Power and Light (GPL) commissioned a new 20.7MW power plant at its Kingston site in the capital city, Georgetown which consist of three 6.9MW Wartsila turbines. The plant, which adds 30% to the generating capacity of the Demerara network, will significantly reduce the incidence of power outages and is part of Government’s plan to catapult Guyana to the next level of growth and development, given that power is an important requisite for economic activity. Government has invested US$125M into the Guyana Power and Light Incorporated (GPL), the local electricity utility. An additional US$15M was invested in fuel subsidies in 2007 and 2008 when the world price for fuel had risen significantly. This ensured that electricity rates remained relatively stable. An external view of the 20.7MW Kingston Power Plant President Jagdeo reiterated his Administration’s commitment to continue investing in this key sector, highlighting the US$38M agreement with the Import- Export Bank of China to modernize the electricity transmission system over the next two to three years. The project will also see the stringing of 110km of transmission mains from Skeldon in Berbice to Edinburgh, West Coast Demerara and the construction of seven power sub-stations that will route the power.
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