GMSA calls for tax-free overtime work
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The Guyana Manufacturing and Services Association (GMSA) wants overtime work to be tax-free along with the removal of property tax and VAT on locally-produced products among other measures to “create a robust foundation for economic growth”.
These measures were proposed to the Government during consultations on the 2024 National Budget and included in the Association’s 2023 Annual Report compiled under the theme “Expanding Trade Horizons Together”.
In arguing for overtime work to be tax-free, the GMSA said: “This can serve as an incentive to employees to support extended work hours per day”, adding that the current severe shortage of skills and manpower affects productivity and project delivery.
Given the current global supply chain crisis, its impact on freight charges and the uncertainty of its longevity, the GMSA noted that measures need to be implemented to cushion the effects on Guyanese businesses and consumers.
To limit shortages and restrain inflationary pressures, it proposed duty be charged only on the Cost Price for items and not on the cost of insurance and Freight (CIF).
To facilitate a more-enabling business environment, it proposes the removal of property tax, noting that “property tax is a wealth tax and ought to be removed too, it is also counter-intuitive to the Governments Housing Drive”. The Government has successfully allocated close to 50,000 house lots across the country since assuming office in 2020.
The business association has been a driver of promoting the use of local products across all sub-sectors. As such, it is calling for the removal of VAT on locally-manufactured products and enforcement of legislation to deter local agents from charging VAT on those products to encourage local consumption.
Other proposals call for the removal of VAT on data purchases and packaging materials, and a reduction of VAT to eight per cent for locally-manufactured engineering products. It is also recommended that the VAT reimbursement system be upgraded to be more efficient.
GMSA also proposed the removal of VAT on the restocking fee for goods returned, the service charge placed on repairs and servicing of items already purchased, and on inputs for the textile and sewn goods subsectors.
Further, local foods such as chowmein, Chinese sauce, green seasoning, pepper sauce and prepared mustard must be zero-rated, the GMSA noted. The body also calls for medical equipment, consumables and reagents (lab supplies) to be zero-rated without seeking approval from the Commissioner General of the Guyana Revenue Authority (GRA) while adding the duty on these should also be removed.
Other measures proposed to the Government were a reduction of Corporation and Income Tax by five per cent, a reduction for companies that meet the “Guyanese Company” standard set in the local content legislation, removal of Stamp Duty completely on receipts/invoices, removal of VAT on testing equipment and reversion to a single tax rate for businesses that have both a manufacturing and trading section. It also proposed a reduction of tax on the importation of new vehicles between 1500cc and 2000cc to the equivalent of the current flat rate of used vehicles and the removal of the VAT.
“This encourages the creation of rental businesses and concierge services that need modern vehicles. Guyanese would also benefit from cleaner, safer vehicles that require less maintenance,” the GMSA said.
Currently, the double-cab and wagon-type 4×4 off-road vehicles are classified as luxury increasing the associated taxes for users of these vehicles.
The GMSA in this regard asked the Government to re-classify these vehicles to utility vehicles and exempt them from Excise Tax and Duty, since they “are a necessity for the survival of many businesses, especially natural resources and construction”.
Consultations were conducted with Government agencies; Private Sector bodies; Non-Governmental Organisations (NGOs) and others ahead of the budget presentations. The 2024 National Budget was presented on January 15 to the tune of $1.146 trillion.
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Guyana’s services sector surpassed $500B in 2023 – GMSA Annual Report
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The services industry plays a pivotal role in the Guyanese economy, generating over $500 billion and expanding by 10 per cent in 2023 when compared to 2022. This sector contributes 13 per cent to GDP and over 41 per cent to non-oil GDP. This was revealed in the Guyana Marketing and Services Association (GMSA) Annual Report for 2023. The report was released on Thursday.
Based on data provided in the report, significant growth rates were observed across various subsectors, with administrative and support services growing by 21 per cent, wholesale and retail trade and repairs by 9 per cent, accommodation and food services by 13 per cent, and transport and storage by 12 per cent. These industries, influenced by the energy value chain, are expected to continue growing as the oil and gas sector matures.
Over the past decade (2014-2023), the selected services sector has witnessed tremendous growth, with finance and insurance, accommodation and food services, information and communication services expanding by over 60 per cent.
Professional services nearly doubled, while administrative and support services saw a remarkable 74 per cent increase. These high growth trends indicate abundant business opportunities.
Lending by commercial banks to the services sector has also increased. Private sector loan balances reached $133 billion by the end of December 2023. This marks a 133% increase in lending compared to the balance of $57 billion at the end of December 2014.
The report also revealed numerous opportunities in various service areas such as;
- Tourism, Hospitality, and Catering: Driven by international business activity and eco-tourism policy, with over 545,000 passengers processed at Cheddi Jagan International Airport in 2023, indicating a 13 per cent increase.
- Logistics and Distribution: Fueled by demand for trucking and transportation services, especially from the oil and gas and construction sectors. Guyana aims to become a logistics hub with improved linkages to Brazil and Suriname.
- Financial Services: Growing alongside Guyana’s expanding economy, including banking, insurance, and investment services.
- Information Communications Technology (ICT): Offering opportunities in web design, network administration, software development, and IT consulting.
Meanwhile, President of the GMSA, Ramsay Ali, emphasised the need for proactive engagement, inviting individuals to take leadership roles within the GMSA to foster growth in various subsectors and contribute to the overall development of businesses in Guyana.
“We need people in the GMSA to really take charge in some of the areas we are not strong in and I am hoping that some of you here today, even though you won’t get elected as members of the executive, there is a place for you in the GMSA to head up some of the sub sectors and we are reaching out to some of you to come onboard,” Ali said during the annual general meeting on Thursday.
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Guyana’s manufacturing sector records highest growth in history
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The manufacturing sector in Guyana experienced tremendous growth in 2023, generating $70 billion for the year. This marks a 25 per cent increase from $56.3 billion in 2022.
This was revealed in the 2023 Annual Report of the Guyana Manufacturing and Services Association (GMSA).
This performance, the highest recorded to date, reflects a shifting dynamic within the sector, moving away from traditional sugar and rice manufacturing towards the “other manufacturing” subsector.
The “other manufacturing” subsector includes a diverse range of products including spirits, beverages, processed foods, chemicals, pharmaceuticals, paints, putty, metal fabrication, plastic, and timber products.
Notably, the manufacturing subsector expanded by 31.8 per cent in 2023, driven by increased production of fabricated metal products and nonmetallic products.
This growth underscores the influence of the energy sector and construction boom on manufacturing activities.
Based on data provided in the Bank of Guyana September 2023 quarterly report, key developments within the subsectors include: Increased production of paints and putty, attributed to ongoing housing developments.
Growth in aerated alcoholic beverages production, particularly by major producers like Banks DIH Ltd and Demerara Distillers Ltd. Rise in production of edible fats and ice cream, with a focus on local consumption.
Decline in the pharmaceuticals sector, indicated by contractions in tablet, acetylene, and oxygen production. Growth in the Textiles and Sewn Goods Sector, fueled by increased construction and energy activities, with notable growth recorded by Denmor Garments Manufacturers Inc. Introduction of bitumen production in Guyana by DCSN Manufacturing Incorporated, with 100,000 tonnes produced locally in 2023.
The report noted that manufacturers in Guyana, apart from the CARICOM market, have significant export opportunities, particularly Latin America, Florida, New York, and Toronto.
GMSA report noted that the duty-free access to the CARICOM market remains underexploited, presenting scope for increased exports of Guyanese products such as uncooked pasta, medicaments, rum/spirits, and prepared sauces.
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Press Release: GMSA and Ernst & Young Services Limited Join Forces to Prepare Businesses for Regulatory Changes, Ahead of Guyana’s Data Protection Act
Georgetown, Guyana, January 19, 2024 – The Guyana Manufacturing & Services Association (GMSA) collaborated with Ernst & Young Services Limited on Thursday, January 18, 2024, to host an enlightening event centred around data privacy. The interactive session, facilitated by key players in technology consulting and global compliance from Ernst & Young (EY), aimed to prepare businesses for the impending enforcement of the Guyana Data Protection Act 18 of 2023 and the establishment of a Data Protection Office.
The event welcomed both in-person and virtual attendees, with the GMSA ICT Sub-Sector Chairman, Chet Bowling, emphasising the critical importance of prioritising data privacy in day-to-day business operations. The chairman set the stage for the engaging session that followed, articulating why businesses should make data privacy a top priority.
Privacy Explained
The event featured insights from the Executive Director and Cybersecurity Lead at EY Trinidad, Anil Persad, who delved into the fundamental concepts of privacy. Attendees gained a comprehensive understanding of the principles underlying data protection, setting the stage for the subsequent discussions on compliance. “Concerns about personal data protection and the ways companies use personal information to power the digital economy are driving lawmakers and regulators to ramp up data privacy and protection laws, revise statutes, and debate new rules,” said the Executive Director.
Navigating the Data Protection Act: Key Players and Responsibilities
Candace Lopez, Global Compliance EY Law (Guyana and Trinidad), provided a detailed overview of key terms and responsibilities outlined in the Guyana Data Protection Act 2023. Emphasising the role of the data controller, she explained that the data controller is any person (individual or a corporate body) or public authority who determines the purpose for which personal data is or should be processed, or any person (natural or legal) on whom the obligation to process data is imposed by or under any law. Candace noted that the responsibility lies with the data controller to demonstrate compliance with the Act’s provisions regarding data processing practices.
Preparing for Compliance: A Roadmap for Businesses
After an overview of the Data Protection Act’s specifics, businesses were guided on the next crucial steps towards compliance. Justin Morin, Executive Director, Technology Consulting of EY Jamaica, underscored the urgency for companies to act promptly. Justin outlined a comprehensive roadmap, highlighting the need for businesses to:
- Allocate resources to define a privacy program that complies with the law and generates value.
- Consult a privacy practitioner for expert guidance.
- Sensitise staff about the significance of privacy in their roles.
The Executive Director stressed the need for businesses to integrate privacy best practices and operate with privacy as the new normal.
Looking Ahead: Privacy as the New Normal for Businesses
The event reinforced the idea that privacy should be ingrained in the fabric of business operations. Operating with privacy as the new normal was highlighted as a key takeaway for all businesses, preparing them to navigate the evolving landscape of data protection regulations.
The collaboration between GMSA and Ernst & Young Services Limited showcased a commitment to fostering awareness and readiness among businesses as they braced for the Guyana Data Protection Act. This event is the beginning of a series of initiatives aimed at equipping businesses with the necessary tools and knowledge to protect customer data and comply with data protection regulations. It serves as a testament to the proactive approach needed to navigate the evolving landscape of data privacy.
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Press Release: GMSA COMMENDS GOVERNMENT OF GUYANA ON BUDGET 2024
Georgetown, Guyana, January 16, 2023: The Guyana Manufacturing and Services Association (GMSA) commends the Government of Guyana for its proactive and forward-thinking plans presented in the National Budget 2024, under the theme “Staying the Course: Building Prosperity for All”. By allocating an unprecedented 1.1 trillion Guyana dollars, the association acknowledges the government’s commitment to fostering economic growth and development in Guyana.
The GMSA is particularly pleased with the emphasis placed on supporting the manufacturing sector, as this will undoubtedly create new opportunities for local businesses and contribute to job creation. The growth in non-oil real GDP in 2023 by 11.7% has resulted in the expansion of the manufacturing sector by 25% and services by 10.3%. This hereby reaffirms private sector and manufacturing resilience, despite challenges in
the global economy.
The continuing development of current transformative infrastructure is key to enabling business activity and delivery. Such key infrastructures include enhancements to the energy grid, incorporating developments like the Gas-to-Energy project and solar and hydro initiatives. Equally significant are transformative land infrastructures, including the Demerara Harbour Bridge, the Schoonord to Crane highway, and the Ogle to Soesdyke Linden highway. These initiatives collectively contribute to fostering a conducive environment for business operations.
Government’s inclusion of some of the association’s recommendations assured the intention to work collaboratively with the private sector. The measures below are essential in supporting the manufacturing and services sectors:
- $527.4 million for the development of the agro-processing sector. The GMSA anticipates that this strategic investment will provide manufacturers with the necessary infrastructure to enhance their production capabilities and meet growing market demands.
- $3.3 billion for the development and rehabilitation of industrial estates in Wales (Region 3), Regions 2 and 10. The GMSA believes the development of these estates will further support the growth of manufacturing in Guyana.
- $450 million towards the replenishment of the Small Business Bureau (SBB) Fund, which the GMSA has continuously advocated for in order to support product enhancement and growth in the agriculture and agro-processing industries. It will also enable businesses to attend regional and international trade fairs and events. Entrepreneurs will also benefit from training and mentorship.
- $500 million for the Food and Drugs Lab, which the GMSA believes will strengthen regulatory bodies and accredit laboratories to do testing, inspection, and certification of products for exportation.
- Over $8 billion for the development of human resources to fund tertiary education through Guyana Online Academy of Learning (GOAL) and the University of Guyana (UG), and a further 2.8 billion to develop skills training (Technical and Vocational Education and Training (TVET) and Caribbean Vocational Qualification (CVG)). This, the GMSA believes, will address the shortage of skills and manpower in the country while simultaneously enhancing the workforce through upskilling initiatives.
- Containing the cost of fuel at 0% excise tax and extending the reduction of freight charges for another 12 months, which will assist businesses to be more competitive on the local and global market and mitigate challenges.
- Increasing the income tax threshold to $100,000 monthly, thereby adding $4.8 billion in disposable income to the working population.
GMSA remains open and committed to working with the Government to foster a thriving business landscape and a prosperous future for Guyana.
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Workplace safety, enhanced relationship needed to prepare businesses for economic development – U.S. Ambassador
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The promotion of physical and physiological safety in workplace and enhanced company-to-company relationship are key aspects to prepare businesses for the economic growth and transformation being experienced in Guyana.
And as the partnership between the United States (US) and Guyana continues to strengthen, U.S. Ambassador to Guyana, Nicole Theriot has promised to work towards the promotion of inclusive growth.
The diplomat made the pledged as she was addressing the Guyana Manufacturing and Services Association (GMSA) 28th annual awards and dinner held at the Marriott Hotel, Georgetown on Tuesday night.
“Capacity building and training across the different sectors serves as an important part in preparing Guyanese companies for the economy of the future.
“The private sector has been deeply involved in this…but there is more work to be done. With organisations like GMSA, we can work together to promote physical and physiological safety in the workplace…The other part of the plan is to deepen company-to-company relationships,” Ambassador Theriot said.
Highlighting that the energy sector has been a catalyst for Guyana’s remarkable growth, the Ambassador said investment and fostering other sectors are equally important.
“Economic growth does not always result in economic diversification. It’s something that you have to make a certain effort to do…Economic diversification is achieved by enacting policies that enables private sector growth, welcome private investment and deepened commercial bridges,” she said.
Ambassador Theriot noted that the GMSA continues to advocate on behalf of businesses in Guyana.
“The GMSA plays an important role in Guyana’s continued development as well as the country’s economic diversification and during your corporate social responsibility initiatives and civic leadership, the GMSA has prioritised inclusive growth aimed at uplifting everyone as Guyana’s economy transform.”
Ambassador Theriot further noted that the U.S. Embassy has added a Department of Commerce to its structure. The department, she said focuses on helping U.S. companies to bring quality solutions to the local marketplace, especially with the “crucial” local content requirements.
Meanwhile, in his remarks, President of the GMSA, Ramsay Ali said partnerships and engagements have increased with regional and international companies.
He said local companies also continue to strive. But as the economy continues to grow and develop at a rapid pace, Ali said there are gaps that need to be filled to cater for future development.
“A lot is happening in the country and there are a lot of gaps…we have to gear up for what is going to take place in the country,” he said.
Reflecting on 2023, Ali said 30 of GMSA members were certified by the Guyana National Bureau of Standards (GNBS) to carry the ‘Made in Guyana’ stamp on their products.
He said they have also facilitated and participated in a number of trade visits and business-to-business meetings with regional and international companies.
And in 2024, Ali said the most anticipated event is the ‘GMSA Impack Manufacturers’ Summit’ which is aimed at promoting Guyana as a manufacturing destination.
Meanwhile, at Tuesday’s event, a number of local companies were recognised for their contribution and service to the manufacturing sector.
Awards were given for GMSA Start-Up business, GMSA new technology in business, GMSA innovation and creativity award, significant contribution to the oil and gas sector and distinguished service to the manufacturing sector among other categories.
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As local businesses embrace technology, focus shifts to cyber security
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Local businesses are embracing technology as a way to make their services more efficient and competitive. With more businesses integrating technology into their operations though, cyber security is now a huge focus.
This was made clear at a technology conference organised on Thursday by the Guyana Manufacturing and Services Association (GMSA) in collaboration with the Private Sector Commission (PSC) and the Georgetown Chamber of Commerce (GCCI).
At the conference, several business leaders underscored the need for more Guyanese firms to integrate technology into their day-to-day operations.
GCCI’s Treasurer Orson Ferguson told fellow business leaders and students at the conference that technology is needed more than ever before to help local businesses become more competitive amid the influx of international firms.
“Unless local businesses become more and more competitive, we are going to get eaten up by our global competitors,” Ferguson emphasised.
But even as companies leverage technology, he said they should be wary of protecting the data garnered and generated. As such, Ferguson said a focus on cyber security was crucial too.
Prime Minister Brigadier (Ret’d) Mark Phillips agreed.
According to him, the government is mainstreaming technology in the delivery of services but cyber security has not been forgotten.
“In Guyana, our focus on cyber security is evident in our attempts to enact transformative legislation.
“The Data Protection Act of 2023 and the Digital Identity Card Act of 2023 seek to protect personal data and privacy rights while empowering people,” the Prime Minister said.
He reminded the gathering that Guyana’s transforming landscape makes persons more vulnerable to data breaches. As such, stakeholders must all take the necessary steps to protect their data while leveraging the myriad of benefits technology provides.
The Prime Minister also told the gathering that Information and Communication Technology (ICT) is a crucial part of the government’s efforts to fortify security and combat various types of crimes including cybercrimes.
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The Guyana Manufacturing and Services Association endorses the unity of the government and opposition in condemning Venezuela’s violations of international law
Georgetown, Guyana – 25 October 2023 – The Guyana Manufacturing and Services Association (GMSA) is pleased to learn that Guyana’s government and opposition have joined forces to oppose Venezuela’s ongoing efforts to undermine Guyana’s sovereignty and territorial integrity. On Tuesday, October 24, 2023, His Excellency Dr. Mohamed Irfaan Ali, President of the Cooperative Republic of Guyana, and Mr. Aubrey C. Norton, MP, Leader of the Opposition, jointly denounced Venezuela’s planned December 3 referendum to make Guyana’s Essequibo County a state.
The GMSA recognizes that the unity of these two political parties is beneficial for the country and its citizens. Their joint statement reaffirms their commitment to safeguarding Guyana’s interests and ensuring a peaceful and prosperous future for all Guyanese citizens. President Ali and Opposition Leader Norton have demonstrated their commitment to fighting Venezuela’s relentless attempts to undermine Guyana’s development.
The association also appreciates the international community’s support in condemning Venezuela’s actions and standing in solidarity with Guyana. This support further strengthens the country’s position and sends a clear message that any aggression towards Guyana will not be tolerated.
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GMSA response to Peeping Tom article “The GMSA is seeking impermissible protection”
Dear Editor,
In response to Columnist Peeping Tom’s article in the Kaieteur News dated August 21, 2023, captioned ‘The GMSA is seeking impermissible protection’, the GMSA wishes to advise as follows:
The Guyana Manufacturing and Services Association (GMSA) is fully aware of the references made in the published article.
““Article 3 (2) of the General Agreement on Tariffs and Trade (GATT) states: “The products of the territory of any contracting party imported into the territory of any other contracting party shall not be subject, directly or indirectly, to internal taxes or other internal charges of any kind in excess of those applied, directly or indirectly, to like domestic products.”””
“”Article 3 (4) then states: “The products of the territory of any contracting party imported into the territory of any other contracting party shall be accorded treatment no less favourable than that accorded to like products of national origin in respect of all laws, regulations and requirements affecting their internal sale, offering for sale, purchase, transportation, distribution or use.”””
To clarify, GMSA is simply asking the government to expand the VAT-free basket of goods to include more categories of locally manufactured goods. We are in no way implying that the government should impose VAT on identical imported goods. This would not violate international or regional trade laws, as it would not give domestic goods an unfair advantage over foreign goods once the product has already entered the domestic market. It therefore means that foreign producers would be able to import their goods (i.e., identical items) into Guyana without paying VAT. Thus, we are accorded the same treatment pursuant to Articles 3(2) and 3(4), provided that our proposal is approved by the government.
It was from this perspective that the President of GMSA, Mr. Ramsay Ali, made this statement at GMSA’s Mid-Year Dinner and pointed out two locally manufactured agro-processed goods, namely: chowmein and guava cheese. Local manufacturing of these products, along with others such as chinese sauce, fruit mixes, green seasoning, pepper sauce, tamarind, and mango achars, constitutes a large portion of the local market with negligible imports.
In fact, removing the VAT on locally manufactured goods will benefit consumers since it is a consumption tax. This would reduce the cost of the products, which would make them more affordable for the consumer. GMSA also supports the removal of VAT on data, especially at the small and medium business level, as this would reduce transaction costs and encourage technology usage.
In addition to the foregoing, Guyana has a small population of less than a million people and therefore a small domestic market. Consequently, removal of the VAT on locally manufactured goods could lead to increased revenues and expansion for businesses and allow Guyanese agro-processors in said categories of goods to become more competitive in the export market.
Consider as well that the manufacturing sector accounts for 5% of non-oil GDP (2022) and is a major employer in Guyana. Removing the VAT on the proposed list of locally manufactured goods would help to create jobs and boost economic growth by virtue of the sector being more competitive. This is pivotal to diversifying the economy.
VAT is a regressive tax that disproportionately affects low-income families/households. Removing the VAT on locally manufactured goods would help to make these goods more affordable, especially for low-income consumers.
Moreover, the removal of VAT is not an uncommon policy for catalyzing manufacturing. In 2021, for example, Trinidad and Tobago removed VAT on an expanded list of basic food items. According to the Ministry of Trade and Industry, these items include vegetable/soya bean oil; olive oil; coconut oil; canola oil; ghee; peanut butter; black pepper and other spices; cereals; condensed milk and milk substitutes; instant and ground coffee; black and green tea; orange and apple juice; bottled water; seasoned meat and pigtail; canned sausages, tuna, mackerel, peas, beans, corn and mixed vegetables; mayonnaise; ketchup; roti skin; packaged soups; soya chunks and minced; ground dhal; cheese slices; table butter; ham and turkey slices; chicken lunch meats; bologna and biscuits and crackers. ‘These items now form part of the list of items under Schedule 2 (Zero-rating of the Value Added Tax Act). Additionally, these items will also be zero-rated when imported into the country.’
It is against this background that the GMSA’s request is neither impermissible nor protectionist. We believe that it is a reasonable request that would benefit both domestic producers and consumers. The government should carefully consider GMSA’s request and weigh the potential benefits against the potential costs.
In closing, the GMSA finds the claim that it is ‘shooting from its hip’ unpalatable as the organisation incessantly does due diligence, engaging internal and external stakeholders before making public claims.
Sincerely,
Nikeshia Castello
Communications Officer – GMSA
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Ali makes ‘pitch’ for GMSA role in Small Business Bureau
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Against the backdrop of concerns being expressed by existing and aspiring small business owners that the Small Business Bureau needs to raise its game if it is to effectively serve the interests of the small business sector, President of the Guyana Manufacturing and Services Association (GMSA) Ramsay Ali, on Thursday August 3, used the occasion of the GMSA’s Gala Dinner to call on government to afford the business support body a “seat” at the SBB table. This, he said, is in order to allow for the GMSA to use its experience to “add value” to the state-run agency. “We have heard that the Small Business Bureau is being reengineered and being reexamined and we are asking that we should be part of those discussions. We can add value to the Small Business Bureau on the way it is being managed. I am not saying that it is being mismanaged, I am just saying that because, we, – our clientele being a part of this organization, – should be part of the discussion,” Ali told the gathering of mostly business owners and administrators.
Business sector watchers are likely to take notice of the coincidence between Ali’s call for the GMSA to add its expertise to supporting the work of the SBB and criticisms which the state entity has been attracting in the small business community for what existing and aspiring small business owners say is a posture of dilatoriness in expediting applications for state support in securing access to small business funding. A small business owner, whose business has benefitted from financial support from the SBB, told the Stabroek Business earlier this week that the idea of an experienced private sector body “stepping in to help sort out the problems of the Small Business Bureau” was “an excellent idea.” She said that while she had eventually secured support from the SBB for financing the enhancement of her business, “the push around was really provoking.”
The Small Business Bureau, is a semi-autonomous agency established under the Ministry of Business, based on the Small Business Act of 2004. The agency’s office was established in 2010, and became operational in 2013 with funding from the Guyana REDD+ Investment Fund for the Micro and Small Enterprise Development (MSED Programme). In his address on Thursday evening, the GMSA President also ‘pitched’ an appeal for government’s support for agro processors and other small businesses owners seeking financial help support to attend exhibitions held overseas. “It is expensive to fund these trips, therefore the GMSA is talking to government for a special budget.” Ali said. Contextually, the GMSA President disclosed that his Association is targeting local representation at a forthcoming product Expo in St. Vincent and the Grenadines. “This is an opportunity for them to grow their businesses. It is expensive for the agro processor to fund these trips. Therefore, GSMA is talking to government for a special budget,” Ali said.
With regard to the GMSA’s hoped for role in directly supporting the work of the Small Business Bureau, Ali said that the GMSA was seeking, in the first instance, the opportunity to participate in the discourses relating to the “re-engineering” of the state-run entity. “We are asking for a seat at that discussion where we can point out a few important aspects as it relates to small businesses. The Small Business Bureau is a very important government agency as it relates to the development of small businesses in this country. I think if it is tweaked and reengineered a bit, it can do much better for small business in this country,” the GMSA President said. Seeming mindful that he does not appear to be ‘putting down’ the state-run entity, Ali told his audience that while his recommendation was not seeking to imply that the SBB is being “mismanaged”, he was making the recommendation since the GMSA’s clientele are a part of the Small Business Bureau.
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