GMSA welcomes export incentive, again laments shipping woes
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The Guyana Manufacturing and Services Association (GMSA) has welcomed new export incentives announced in the 2026 National Budget, describing them as a timely measure to support local manufacturers.
In the budget presentation, Finance Minister Dr Ashni Singh announced that government will expand the list of products eligible for export allowances to include timber value-added products under the forestry subsector. The measure is expected to enhance the competitiveness of exporters by lowering their effective tax burden, allowing them to price goods more competitively in international markets while encouraging value-added production.
GMSA’s President Rafeek Khan said export incentives have long been advocated by the Association and welcomed the government’s decision to act on the proposal.
“The export incentive was a measure proposed by the Guyana Manufacturers and Services Association,” Khan said at a press conference on Wednesday.
Such a measure, he explained, was particularly crucial to help companies cope with the fallout from United States tariffs on Guyanese exports. Khan said local manufacturers initially absorbed some of the additional costs but were eventually forced to raise their prices.
“As you know, the US tariffs have really impacted exports to the United States. These export incentives will help cushion some of the additional costs manufacturers are having to pass on to consumers for the export market,” he said.
Despite the challenges, Khan said export demand has remained strong.
“So far, we have not seen any major pushback. Our export demand is continuing to grow,” he said.
He emphasised the importance of exports to national development, noting that without a strong export sector, economic growth and foreign currency earnings would be constrained.
“Without exports, we cannot grow our GDP in a certain manner, and we cannot get the foreign currency that we need. So we must keep improving exports,” Khan said.
Under the new incentive structure, companies exporting as little as 10 per cent of their output will qualify for benefits, with greater incentives available to firms exporting up to 75 per cent or more. Khan explained that the more a company exports, the greater the reduction in corporate taxes it can receive.
SHIPPING WOES REMAIN
Meanwhile, GMSA’s Vice President, Ramsay Ali said shipping costs remain one of the most serious challenges facing local businesses.
Guyana’s ports, Ali noted, are unable to accommodate larger vessels, forcing exporters to rely on transshipment through Trinidad and Jamaica. As a result, shipping costs have climbed sharply, nearly returning to post-COVID costs.
“It is almost US$10,000 to US$12,000 to ship a container from the quarries,” Ali said, compared to approximately US$6,000 before the pandemic.
Beyond cost, Ali highlighted the unreliability of shipping schedules, which has forced companies to hold larger inventories and invest in expanded warehousing.
To address these challenges, he said, collaboration is essential.
In response to rising international shipping costs, the Government announced in the 2026 Budget that it will once again extend its measure to calculate import taxes using pre-pandemic freight charges. First introduced in 2021, the policy has saved consumers more than $28 billion to date.
The measure will be extended for another 12 months, from January 1 to December 31, 2026, at an estimated cost of $6 billion annually.
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PRESS RELEASE: Budget 2026: GMSA Says Manufacturing and Services Poised for Continued Growth
Georgetown, Guyana, January 27, 2026: The Guyana Manufacturing and Services Association (GMSA) welcomes the presentation of Budget 2026, delivered under the theme “Budget 2026: Putting People First,” and acknowledges the Government of Guyana’s continued focus on policies aimed at strengthening economic resilience, diversification, and inclusive growth.
Guyana’s economy expanded by 19.3% in 2025, with the non-oil economy growing by 14.3%. The GMSA notes in particular the strong performance of the manufacturing sector, which grew by 20%, and the services sector, which expanded by 8%, both of which contributed meaningfully to the expansion of the non-oil economy.
The Association recognizes the uncertainty in the global economic environment, influenced by geopolitical developments and external market volatility. Within this context, the GMSA notes that Budget 2026 includes measures intended to strengthen economic resilience and support longer-term diversification.
The GMSA further welcomes the inclusion of several policy measures submitted to the Ministry of Finance. These include: the removal of VAT on locally manufactured furniture, including doors, moldings, and beds; the revision of the export allowance to include value-added timber products; the removal of VAT on locally manufactured jewelry; the establishment of Special Development and Economic Zones to support export-oriented manufacturing; and the proposed establishment of a Junior Stock Exchange.
The Association also welcomes the planned establishment of a Development Bank, capitalised at US$100 million, with provisions for collateral-free financing of up to GYD $3 million for small and medium-sized enterprises, as well as the removal of corporate tax on agriculture and agro-processing.
The GMSA thanks the Government of Guyana for the presentation of the G$1.558 trillion Budget 2026, and the Association anticipate ongoing collaboration with policymakers to support a stable, competitive, and diversified economy, and to advance sustainable growth across Guyana’s manufacturing and services sectors. The government’s budget allocation, especially in housing, agriculture, agro-processing and technology, will positively impact our businesses directly as companies are assured of their expansion investments for the next five years and beyond.
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Responsible policy-making essential for economic resilience – says Finance Minister
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Congratulating manufacturers and service providers last evening on their continued achievements in their respective industries as well as their contribution to Guyana’s growing non-oil economy, during the Guyana Manufacturing and Services Association’s (GMSA) 30th Anniversary Dinner and Awards Ceremony held at the Marriott Hotel last evening, Senior Minister in the Office of the President with Responsibility for Finance Dr. Ashni Singh assured the businesses that this government, led by President Dr. Irfaan Ali will continue to be a responsible government, and do all that is paramount to ensure that Guyana navigates the future and ensure its success and their success as investors. The Minister, who delivered the feature address, noted that this was especially since Guyana operates in an unpredictable world economic environment.
“Everybody has been alive long enough to remember an era when oil was US$138 a barrel and we should remember not only the era of oil being US$138 per barrel but we’ve also in recent memory lived through a period more recently when oil was as low as US$13 per barrel and the reality is that oil did not stay at US$138 per barrel for very long,” Minister Singh explained, pointing out further that just about two and a half years ago oil was US$98 per barrel.
“It’s not US$98 a barrel today, it’s closer to maybe sixty something dollars – a third less than it was two and a half years ago. That’s the reality of the world in which we live. Gold is, of course, an important contributor to our economy, and all of us in this room we celebrate the fact that gold today is US$4,000 an ounce, but we can all in this room remember a period when we were excited about gold even crossing the US$400 threshold and we can all remember a time when gold was just US$450 an ounce. Today it is US$4,000 an ounce. I don’t know who will wager whether it will remain at US$4,000 an ounce,” he explained.
The finance minister then alluded to freight prices, which he reminded have skyrocketed over the last five years.
“And so we must never forget that we live in a very uncertain and unpredictable period, and we know this as a government, and as a responsible government that recognizes the reality that we are living in an unpredictable world, and as a government that takes its responsibility seriously, and not only its responsibilities today and tomorrow, but its responsibilities next year and the year after that, and not only its responsibilities in this term of office but in the next term and the term after, and not only for this generation but the generation after, we as a responsible government have to be mindful of these global realities, “ Dr. Singh emphasized.
He added that as a commodity producing economy, one of the things that matter most is ensuring not only survival but ensuring the country’s success and the realization of its prosperity, notwithstanding these uncertainties long into the future.
Pivoting his address to things that should not be underestimated in relation to responsible policy-making, Dr. Singh explained to the forum that ‘we must never underestimate the importance of preserving the democratic credentials of our country and preserving our standing in the international community including the integrity of our financial system as part of an integrated, unavoidable, integrated global financial and economic system’.
He said that as the country celebrates its successes, it must never take these things for granted as it can quickly disappear if the democratic credentials of the country were ever allowed to be undermined.
Acknowledging the presence of the United States Ambassador to Guyana Her Excellency Nicole Theriot at the ceremony, the Minister said should Guyana take its current position for granted it can run the risk of becoming a pariah state, or a state isolated by those who traditionally have been its friends, such as the USA.
“We must also never take for granted the importance of macroeconomic stability and macroeconomic resilience. We must never take those things for granted, and when we speak of a resilient economy, we are speaking, of course, of an economy that has strong institutional structures, including now as an oil and gas producer, an economy with a strong natural resource fund, a sound sovereign wealth fund with clear and transparent governance arrangements and clear and transparent rules, for the management of the resources in that fund,” he further posited.
At this point he reminded the audience that Guyana stands today as one of the very few countries of the world that has accumulated in its sovereign wealth fund enough resources to be able to pay off the entire external debt of the country and still have cash remaining.
“But also, when we speak of resilience, we are speaking also of an economy that is more diversified and needs to be more diversified because we know that resilience can only be achieved if we diversify the sources of growth and the sources of macroeconomic and fiscal space and so you will hear us speaking incessantly about the importance of the non-oil economy, and importantly, the importance of a globally competitive non-oil economy,” the finance minister stressed.
It was here that he reminded the manufacturers, producers and service providers present that they are an important part of ensuring that this is realized.
“Irrespective of the sector in which you’re operating, you too have an important role in this mission to ensure that whatever we produce is globally competitive,” the Minister underscored.
“So, you will see in our fiscal priorities a very significant reorientation of the budget away from government consumption and towards investment in economic infrastructure that is critical to competitiveness,” Dr. Singh highlighted, reminding that in 2020 when government came into office, the public investment component of the capital budget in 2019 accounted for less than 25 percent of the total budget as he juxtaposed this to the public investment component of the budget in 2024 accounting for more than 50 percent of the overall National Budget because of government’s deliberate policy position.
“The policy position that we will not engage in inefficient government consumption but instead, focus on investing in the things that matter for long term economic growth and long-term prosperity and for long term competitiveness,” he noted.
The Minister then alluded to hard choices the government has to make in terms of the decisions as to what should be priority investments.
“Because investing in the things that matter for the long term are not necessarily the things that are most popular in the short term, but you have in President Ali’s government, a government that will not sacrifice the long term at the altar of short term or immediate term expediency,” he said sternly, adding that ‘it requires an explicit policy position, it requires strong leadership and a strong government to ensure that the right decisions can be realized, ensuring fiscal sustainability’.
“We will ensure that our economy continues to grow rapidly but to be equally clear, particularly in this era of soundbites and competing promises and counter promises, you have in this government, a government that is keenly focused on responsible economic policy-making because more so than any other time in our country’s history, that is what is needed, not soundbites. This is a serious time for our country. We need to be responsible, and we need to be strategic,” Minister Singh concluded.
Delivering remarks at the forum, President of the GMSA, Mr. Rafeek Khan said the GMSA is entering into the 4th Industrial Revolution (Industry 4.0) characterized by the fusion of physical, digital, and biological systems through technologies and genetic engineering, adding that this revolution is driven by data and connectivity, creating a new era of smart, automated, and interconnected systems. He added that it is a new era where the service sectors of the economy will be bridging the gap and driving the overall economic growth.
He pointed out that some of the major interconnected services to bridge the gap for manufacturing will include transportation and distribution, finance and Investment, communication, storage and warehousing and professional Services.
Mr. Rafeek thus urged that the GMSA, in preparation for the new wave of industrial development, prepare itself in order to serve its members and the overall growth of our new economy and at this point, he unveiled a future campus that he noted would bring value to all stakeholders.
“About 5 years ago I stood on this platform serving then as President of GMSA, and I echoed a voice from our President Dr Mohammed Irfaan Ali – to build consortiums. This is the only way for many Guyanese companies to realize the benefits of the major economic growth. Today I am pleased to say that we have witnessed successful consortiums formed with international companies within various sectors of the economy,” Rafeek posited.
Following this, former President of the GMSA, Mr. Ramsay Ali also unveiled the GMSA’s new website which allows online purchases from GMSA’s members. The website address is uncappedmarketplace.gy.
Under the PPP/C government, credit to manufacturing grew by 103.7 percent between 2020 and 2024, to $43.3 billion, with notable increases in lending for other construction and engineering, and beverages, food and tobacco subcategories.
Total private sector credit has also grown by 73.4 percent since 2020 to $450.6 billion at the end of 2024, with double-digit growth recorded over the last four years. Meanwhile, credit to services expanded by 80.3 percent over the same period, to $157.9 billion, driven mainly by growth in credit to the ‘other services’, transportation, professional services, telecommunications and distribution.
At the end of 2024, lending to the private sector grew to $450.6 billion, an increase of 19.8 percent when compared with the position at the end of 2023 and Government continues to work with financial institutions to improve loan accessibility for Small and Micro Enterprises (SMEs) ensuring they have the capital to expand operations.
In its 2025 Manifesto, government has emphasized the importance of economic diversification, support for productive sectors and enabling the private sector, particularly SMEs and has committed to make Guyana the industrial capital of the region through a number of commitments including completing the Gas to Energy (GtE) project and reducing electricity tariffs by fifty percent to consumers on the grid, thereby eliminating a key barrier to expanding the manufacturing sector, establishing a SME Development Bank to provide micro credit loans to SMEs at zero interest, completing the industrial estate at Wales which will host a vast complex of industrial and manufacturing enterprises including the manufacture of enough cooking gas to meet and exceed domestic requirements, construct a second such industrial estate in Region Six and work with the private sector to achieve full occupancy at existing soon to be completed industrial estates at Belvedere, Lethem, Onderneeming and York as well as establish a small business development complex in Georgetown to provide SMEs with organized spaces and proper infrastructure to grow and operate more efficiently among other initiatives in partnership with private sector bodies, including the GMSA.
Also, in attendance at the GMSA’s dinner and award ceremony was Minister of Public Works, Bishop Juan Edghill.
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Locally-made products now on sale on GMSA-sponsored website
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The Guyana Manufacturing and Services Association (GMSA) has revamped a website where locally-processed agricultural products and other items are on sale.
The UncappeD Marketplace portal also facilitates free delivery of purchased products nationwide.
At least 30 businesses are selling online. “The initiative marks a major step in empowering local producers to scale their operations and connect directly with consumers nationwide,” GMSA communications officer, Nikeshia Castello told a recently-held awards ceremony.
The initiative is as a result of a memorandum of understanding between the GMSA and the International Trade Centre (ITC) under a European Union-funded project that aims to strengthen nutritious foods, food security and sustainable value chains in the Caribbean.
GMSA Executive Member, Ramsay Ali said the website was relaunched at the right time and he appealed to Guyanese to support the entrepreneurs. “These are small businesses that need our support. There is convenient shopping and they have come a long way,” he said. Mr Ali said, for instance, the labelling and packaging have improved from where they were 10 years ago.
Mr Ali said soon an app would be developed. Plans are also underway to facilitate payments by Mobile Money Guyana (MMG) and bank transfers.
GMSA President Rafeek Khan also sounded a call for Guyanese to buy local because the quality and standards are improving. “Being a patriotic investor is one thing. As Guyanese, we invest in Guyana but being patriotic consumers, meaning ‘buy local’, support your local brands, embrace them. We’re getting better and I encourage you strongly because without local manufacturing, we’re going nowhere,” he said.
Mr Khan, meanwhile, said the 62-year-old GMSA would be investing GY$250 million in establishing a business incubator for small, medium and large companies. “We want to have our own business incubator and not just waiting on the government to do it. I believe the private sector can do it as well,” he said.
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GMSA eyes $250M incubator & Uncapped Market 2026 in major growth push
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Capping off a year marked by major service improvements, the Guyana Manufacturing and Services Association (GMSA) is gearing up to launch its UnCapped Market Place 2026 while establishing a $250 million business incubator aimed at boosting local enterprises.
GMSA President Rafeek Khan, speaking at the Association’s 30th Annual Presentation Awards Ceremony at the Marriott Hotel, said Guyana’s rich resources and expanding economic landscape are creating unprecedented investment opportunities.
“This is how we transition into new economies. I believe this could be a manufacturers’ incubator for small, medium and large companies,” Khan explained, noting that the facility will allow businesses to operate without relying on government-provided infrastructure.
The ceremony also honoured member companies for their contribution to national development. The Uncapped Market Place Online Portal – used to connect businesses with consumers – was also introduced during the ceremony.
Finance Minister Dr Ashni Singh said the country’s rapid expansion in private investments reflects confidence in Guyana’s development trajectory. He emphasised that government efforts to strengthen infrastructure and human capacity are not short-term but designed to support emerging industries.
“You know the investments we are making to improve the quality of life enjoyed by our population, ensuring we have a healthy workforce with the right skills,” he said.
Dr Singh underscored that the planned landing of a second gas pipeline in Berbice, recently announced by President Dr Irfaan Ali, will trigger a new wave of industrial development, expanding electricity generation and complementing the Wales Gas-to-Energy project.
Crucially, the new infrastructure opens doors to industries previously unexplored.
“The potential for fertiliser production, the potential for value-added operations that we have not been able to host in Guyana… the potential to develop energy-intensive industries,” Singh said.
Value-added production remains a national priority, and GMSA has already responded by forming several consortiums this year, aligning with President Ali’s call for local businesses to collaborate and compete in the growing economy.
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Press Release: GMSA Welcomes the Opening of the Bharrat Jagdeo Demerara River Bridge
Georgetown, Guyana, October 5, 2025: The Guyana Manufacturing & Services Association (GMSA) welcomes the official opening of the Bharrat Jaggeo Demerara River Bridge, a project that marks a major step forward in improving Guyana’s infrastructure and competitiveness.
For manufacturers, businesses, and employees, the new bridge brings immediate benefits, such as faster, more reliable logistics; reduced costs by eliminating delays that consequently lead to demurrage charges and holding costs; and equal benefits for all with the zero-toll system. The bridge will also improve quality of life for employees, who will spend less time in traffic and more time being productive at work or with their families.
The GMSA applauds this investment in Guyana’s future. Better infrastructure strengthens the backbone of our economy, improves business competitiveness, and creates the right environment for sustained growth.
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Read MorePRESS RELEASE: GMSA Congratulates the PPP/C on Winning the 2025 General and Regional Elections
Georgetown, Guyana, September 7, 2025: The Guyana Manufacturing & Services Association (GMSA) extends heartfelt congratulations to the People’s Progressive Party/Civic (PPP/C) on their victory in the General and Regional Elections held on Monday, September 1, 2025. We also congratulate President Elect, Dr. Mohamed Irfaan Ali, as he commences his second term as President of the Cooperative Republic of Guyana.
The GMSA looks forward to working closely with the government of Guyana in achieving the vision plan outlined in their 2025 manifesto to further advance the development of Guyana’s economy. The manifesto, over the next five years presents a framework for achieving a new era of economic growth and industrial modernization, based on strategic investments, targeted policies, and collaborative efforts across all sectors of society.
We also commend the public for their peaceful participation in the elections and the professional and diligent work by the Guyana Elections Commission. This demonstration of democratic maturity reflects the unity and resilience of our people as we continue to build a stronger nation.
The GMSA extends congratulations to all other political parties that participated in the elections. Their involvement enriches our democracy and ensures that the voices of all Guyanese are represented in the national dialogue.
As we move forward, the GMSA remains confident in Guyana’s future. With collaboration and shared vision, our country is poised to achieve sustainable growth and prosperity for all.
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Read MorePRESS RELEASE: GMSA Condemns WIN’s Boycott Call: A Dangerous Assault on Private Enterprise and National Stability
Georgetown, Guyana, August 2, 2025: The Guyana Manufacturing and Services Association (GMSA) strongly condemns the recent statement issued by the political party We Invest in Nationhood (WIN), which called for a public boycott of several longstanding Guyanese businesses.
The GMSA reiterates that political competition must never come at the cost of economic sabotage. Our business community must not be politicized and attempts to weaponize the private sector is destructive to national progress. We have always championed efforts for the Guyanese business environment to be seen as a credible economy, and statements such as these serve only to introduce uncertainty.
The businesses named in WIN’s boycott are among the largest manufacturers in Guyana’s private sector. They collectively sustain thousands of jobs, contribute significantly to national revenues, and provide goods and services essential to everyday life. Several of these companies are publicly traded and have a legal and fiduciary responsibility to their shareholders, many of whom are ordinary Guyanese citizens with savings and investments tied to the success of these institutions.
Furthermore, Commercial banks have a legal obligation to manage risk and uphold compliance with international standards, including Office of Foreign Assets Control (OFAC) sanctions and anti-money laundering regulations. They also carry a fiduciary responsibility to safeguard the interests of depositors, shareholders, and the country’s financial stability.
If any party feels aggrieved by the actions of a private business, Guyana’s judicial system remains the appropriate and available forum for resolution.
The GMSA stands in firm solidarity with all law-abiding businesses that have contributed tirelessly to Guyana’s development. We call on all political actors to exercise restraint, act responsibly, and put the interest of the nation above partisan ambitions.
Let us not undermine the private sector, the very engine of Guyana’s economic future.
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Read MorePRESS RELEASE: GMSA Recognizes U.S. Tariff Reduction and Appreciates Government of Guyana’s Diplomatic Efforts
Georgetown, Guyana, August 1, 2025: The Guyana Manufacturing and Services Association (GMSA) acknowledges the recent Executive Orders issued by the United States Government to reduce the scheduled reciprocal tariff rate on Guyanese exports from 38% to 15%.
The GMSA extends its sincere appreciation to the Government of Guyana for its active engagement and representation throughout the negotiation process. The Association further acknowledges that discussions are ongoing and expresses its full support for continued diplomatic and trade efforts aimed at securing additional tariff reductions.
The GMSA remains committed to advocating for the interests of local manufacturers and service providers and will continue to work with national and international partners to unlock new trade opportunities for Guyanese businesses.
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