Press Release: GMSA Condemns Venezuelan Naval Threats in Guyanese Waters
Georgetown, Guyana, March 1, 2025: The Guyana Manufacturing and Services Association (GMSA) strongly condemns the unlawful incursion by Venezuelan naval vessels into Guyanese maritime territory, threatening the ExxonMobil’s Floating Production, Storage, and Offloading (FPSO) unit operating within the internationally recognized Exclusive Economic Zone (EEZ) of Guyana.
This action by Venezuela represents a direct violation of international law, which all states are required to uphold, and threatens not only Guyana’s territorial sovereignty but also the stability and economic security of our region. The GMSA stands in full solidarity with the Government of Guyana and supports all diplomatic and legal measures to ensure that our country’s rights are upheld under the 1899 Arbitral Award and the ongoing proceedings before the International Court of Justice (ICJ).
Guyana has experienced significant growth driven by the stability and security that our nation has upheld. This unwarranted act of aggression threatens the economic progress of our business community, jeopardizes multinational interests and the broader investor confidence.
We remain steadfast in our advocacy for peace, stability, and regional cooperation and urge all stakeholders to unequivocally condemn Venezuela’s reckless provocations. A diplomatic resolution must be pursued, but the onus remains on Venezuela to respect international law and uphold mutual respect.
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Press Release: GMSA Welcomes Provisions in 2025 National Budget
Georgetown, Guyana, January 23, 2025: The Guyana Manufacturing & Services Association (GMSA) is pleased to acknowledge the new measures introduced in the 2025 National Budget, which promise to bring substantial benefits to employees and businesses alike. These initiatives reflect the government’s commitment to addressing key concerns within the manufacturing and services sectors. The manufacturing sector saw an expansion of 13.5% in 2024, driven primarily by ‘other manufacturing’. This growth signifies a strategic shift from reliance on traditional manufacturing sectors such as rice and sugar towards a broader manufacturing base such as non-metallic and fabricated metal products, beverages and processed food.
The services sector, which remains a critical pillar of Guyana’s GDP, also experienced notable growth, expanding by 7.4% in 2024. The GMSA recognises that the services sector plays a vital role in providing essential support to the manufacturing industry and driving overall economic growth.
Key Highlights from Budget 2025:
Several key initiatives announced in Budget 2025 are poised to significantly benefit the private sector.
A. Labour, People, and Quality of Life:
- Income Tax Adjustments: The increase in the income tax threshold to $130,000 per month and the reduction in personal income tax rates from 28% to 25% and 40% to 35% are expected to provide much-needed financial relief to the working population, making more disposable income available.
- Tax Relief on Overtime Income: The introduction of a non-taxable allowance for the first $50,000 earned from overtime work and second jobs, will incentivize the earnings of workers who work additional hours and jobs. This will be beneficial to local manufacturers, alleviating labour shortages and meeting the growing demand in both the manufacturing and services industries.
The GMSA advocated for these measures for some time, and we are pleased to see our recommendations implemented.
- Free University and Technical & Vocational Education: With Guyana’s expanding labour market, the government’s commitment to offering free university education and technical training aligns with the GMSA’s vision of ensuring a skilled and educated workforce. The GMSA also advocates for greater emphasis on STEM (Science, Technology, Engineering, and Mathematics) and TVET (Technical and Vocational Education and Training) fields, which include disciplines crucial for the country’s long-term development.
B. Energy Interventions:
- Gas-to-Energy (GtE) Project: The development of an additional power plant under the Gas-to-Energy (GtE) project aims to provide additional and affordable power supply for businesses and consumers. This will catalyse the full potential of the manufacturing sector by providing more affordable and reliable energy for production.
- Removal of VAT on Backup Generators: The removal of VAT on backup generators will offer immediate relief to small businesses struggling with the challenges of the current electricity distribution.
C. Agro-Processing:
The GMSA advocated for several measures aimed at supporting agro-processing, which were included in Budget 2025:
- Removal of VAT on Agricultural Machinery: This will reduce costs for the agro-processing sector, encouraging investment in modern machinery that will improve efficiency and productivity.
- Removal of VAT on Automated Poultry Pens and Veterinary Supplies: This measure will enhance the capacity of the poultry industry by improving efficiency and addressing ongoing challenges in livestock health, thereby boosting local production and reducing dependency on imports.
GMSA’s Vision for Continued Growth
The GMSA is committed to collaborating with the government on policies that will positively impact the manufacturing sector. The association is hopeful that further initiatives will be considered to drive continued growth:
- Expansion of the Zero-Rated List: The GMSA proposes expanding the zero-rated supplies to include more competitive locally made products, such as chowmein and vermicelli, which will stimulate local consumption and support domestic manufacturers.
- Corporate Tax Adjustment: The GMSA urges the government to consider adjustments to corporate tax rates to further enhance the competitiveness of Guyanese businesses.
- SME Support for Market Development: The establishment of a dedicated budget for SMEs in market development and exhibition will help local businesses access international markets and grow their reach.
As the country’s population continues to grow, driven by an influx of foreign nationals, local consumption has increased significantly due to the rising demand from a diverse population. This trend is encouraging for businesses, as it signals demand and new opportunities for growth, fostering a favourable environment for business expansion and profitability.
The GMSA remains committed to collaborating with the government to ensure that policies continue to support the manufacturing and services sectors and that Guyana’s private sector remains competitive, resilient, and poised for success in the years to come.
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More Guyanese need cybersecurity, AI training – PM
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Prime Minister Brigadier (Ret’d) Mark Phillips believes that more Guyanese should be trained in cybersecurity and Artificial Intelligence (AI) to help protect themselves and the country from emerging threats.
The Prime Minister, who is performing the duties of President, spoke at a technology conference sponsored by DynamIQ on Thursday.
“We must prioritise education and skill training in the fields of cybersecurity and AI so that our people are not only consumers of technology but also creators and innovators in this space,” the Prime Minister posited.
The conference was organised by the Guyana Manufacturing and Services Association (GMSA) in collaboration with the Georgetown Chamber of Commerce & Industry (GCCI). It was held at the Pegasus Hotel, Corporate Suites in Kingston, Georgetown.
The Prime Minister said such conferences are crucial because they facilitate much-needed discussions on new developments. In this case, he said the focus on technological advancements and the need for cybersecurity solutions are of national importance.
And he told the gathering that the government is focused on technological developments locally but it is not unaware of the need to beef up cybersecurity to protect against threats to privacy, economic stability, and national security.
Other stakeholders agreed that there should be a much greater focus on cybersecurity in Guyana.
DynamIQ Chief Executive Officer (CEO), Akiel Ghany contended that cybersecurity solutions should not be an afterthought. Rather, he said, these solutions should be an integral part of any organisation’s work.
And he believes that DynamIQ, a new joint venture between ENet, Guyana’s only locally-owned telecommunications provider, and Memory Bank Computers, is a company capable of providing the solutions needed.
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Guyana to Exhibit at America’s Food and Beverage Show & Conference 2024
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A range of products from Guyana will be on display at the 27th America’s Food and Beverage Show and Conference 2024, to be held at the Miami Beach Convention Center, September 16-18, 2024. This is the first time Guyana will participate as an exhibitor in this show, which is slated to attract some 900 exhibitors and 20 country pavilions.
This event is put on by the World Trade Center Miami which earlier this year signed a Memorandum of Understanding (MOU) with World Trade Center Georgetown, Guyana for collaboration in trade expansion through provisions for enhanced product visibility, easier market access and the exchange of trade missions.
Guyana’s participation in this event is made possible through the newly established World Trade Center, Georgetown, which is facilitating the exhibits of products from five (5) local export ready companies. Exhibits of DDL’s range of internationally acclaimed El Dorado rums and its Tropical Orchard Products Co. (TOPCO) fruit juices, along with packaged seasonings from Roy’s Extra Quality Products, different types of sauces from Umami, and a variety of BBQ sauces from SS Natural Fruit Flavored Inc., will be on display.
This business-to-business show and conference is expected to have 7,300 attendees from 93 countries and will provide a unique opportunity for manufacturers and buyers to get together in fulfillment of their shared objectives.
Guyana On A Mission
Ivan Barrios, president and chief executive officer of WTC Miami says he is pleased Guyana will be featured among some 900 exhibitors from 20 countries from five continents.
President of the Guyana Manufacturers and Services Association (GMSA) Ramsay Ali says Guyana’s exhibiting in the show and conference, demonstrates that the participating companies are fully export ready and well prepared to enter international markets.
On behalf of the Guyana Manufacturing & Services Association (GMSA), I would like to express our deepest appreciation to Demerara Distillers Limited (DDL) World Trade Centre Georgetown for the opportunity to have products from three of our members —Umami Inc., S. S. Natural Fruit Flavor Inc., and Roy’s Extra Quality Products— showcased at the 2024 Americas Food & Beverage Show & Conference in Miami this month.
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Upcoming IBC promises to bring together business owners, investors
-business start-up, supply sourcing ideas to be shared
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CATAPULTING businesses to a new level, the upcoming International Business Conference (IBC) promises to be the ideal platform to pair up local businesses and investors.
This is according to the Guyana Manufacturing & Services Association (GMSA), Executive Director Nizam Hassan, who, in a recent interview with the Guyana Chronicle shared that the GMSA is collaborating with the Suriname-Guyana Chamber of Commerce (SGCC) to host an International Business Conference focused on investment opportunities and manufacturing in Guyana.
“The conference aims to address challenges and promote collaboration, particularly in energy-efficient manufacturing to position Guyana as a Caribbean manufacturing hub. It will also provide information on setting up businesses, networking opportunities, and supply sourcing within the Caribbean Community (CARICOM),” Hassan said.
He pointed out that the conference’s agenda has been strategically crafted to ensure that businesses, especially those within the manufacturing sector in the region can access investment opportunities both locally and internationally.
Business owners and investors alike will have access to key information all in one space.
“It’s sort of like to shorten the learning curve in a new marketplace,” Hassan said.
He further urged local manufacturers to participate in the upcoming conference, pointing out the opportunity to share with international partners the expansive prospects that exist for investments.
“We’re pushing to position Guyana as the manufacturing destination for the Caribbean, especially with energy costs projected to be lower than what they currently are. And energy being one of the major contributors in any manufacturing process, in terms of the cost structure, the cost of energy plays an important part in any business taking the decision to go into manufacturing in Guyana,” he said, adding: “Guyana is just moving. There are always business opportunities daily that are mushrooming, and those that have gone past mushroom and growing into plants and are growing bigger into trees.”
The conference, he reiterated, will provide information on all that is required, from initially setting up a business in Guyana, whether it is an enterprise or limited liability company, who are the agencies, or what are the agencies that need to be contacted.
He stressed that there will be stakeholders and speakers at the conference who will guide, listen and respond to queries.
“Sometimes there’s going to be challenges that as a business progress they will experience, but those challenges will be discussed and solutions will be preferred…for policy makers, for businesses, for business support organisations to support government agencies to implement, to reduce those challenges, if not eliminate them. So, it is the conference in which delegates will have that information all at once, well over three days.”
IBC is slated to be held at the Marriott Hotel from October 15 to 17. It has been said that the IBC will focus on streamlining the ease of doing business and facilitating investments between international businesses and Guyana and Suriname in key sectors including, energy, infrastructure, finance, logistics, agriculture, and business support services.
The IBC is expecting over 100 speakers, and more than 500 delegates, with in excess of 15 conference sessions.
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Gas-to-Energy project will be a game changer for manufacturing sector- GMSA Head
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Guyana’s manufacturing sector is set to experience significant benefits from the Gas-to-Energy (GTE) project which promises to produce electricity at a lower cost. Ramsay Ali, Head of the Guyana Manufacturing and Services Association (GMSA), expressed this sentiment during a recent episode of the Energy Perspectives Podcast.
The Government of Guyana’s ambitious GTE project will be located at Wales, West Bank Demerara. The project entails bringing approximately 50 million cubic feet of gas from ExxonMobil’s Stabroek Block to two onshore facilities: the Liquefied Natural Gas (LNG) facility and a 300-megawatt power plant. President Irfaan Ali led-administration has repeatedly touted the power plant as one that will slash electricity bills for citizens by 50%.
GMSA’s Head who shares similar views explained that energy costs are often on par with labour expenses for most local companies. He noted that when the GTE project becomes operational, there will be a significant reduction in energy costs for manufacturers in Guyana, making them more competitive.
“Also, if you were to look at say the top 10 manufacturing companies in Guyana…none of us are on the grid; we are all generating from our own suppliers, possibly using generators,” GMSA Head stated. He added, “That itself tells you a story; one, it’s the reliability of power and of course the cost of energy.”
Ali explained that the government’s investment in the GTE project would be a major game changer, not only by reducing the cost of electricity but also by having several positive implications.
“So, let’s start at the top, so most of us in this in this country, are manufacturers here. One of the reasons why we are not so competitive in the export market is the cost of production and one of the reasons why is the cost of energy that has been the story of our lives,” Ali said.
He explained that manufacturers struggle because profit margins are small.
The GMSA Head noted that Trinidad and Tobago companies have always had an edge over Guyanese manufacturers due to their lower energy costs, which are only a third of Guyana’s.
“We do it because we want to expand our business but really and truly, [we] don’t make a significant profit and it’s simply because of the cost of production,” Ali stated. He underscored that a reduction in energy costs and access to high-quality energy would significantly boost Guyanese companies’ export capabilities.
Moreover, smaller manufacturers would also see a reduction in costs. Over the years, the agro-processing business has increased, with most businesses using modern equipment. “They had to lift their game, because there’s no way you could put ketchup in a bottle put a paper label on it. Nobody don’t buy that anymore,” he noted.
Under the GMSA umbrella, there are about 120 small-scale agro-processors. Ali mentioned that most of them state that one of their biggest costs is energy. “So I’m even more excited for the with this project than for larger companies…if they can see a 30% reduction in their cost, that’s going to be amazing,” the GMSA Head stated.
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