Guyana Resource Center
Set like a gem in the crown of South America, nestled on the North-Eastern shoulder, defying the raging Atlantic Ocean, Guyana's many waterways reflect the source of it's name "The Land of Many Waters"
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Wednesday, April 05, 2006
Is Guyana the CSME weakest Link?

The weakest link in the Caribbean Single Market and Economy.

That's the assessment of some members of one of Guyana's oldest business groups.
At a meeting of the Georgetown Chamber of Commerce some members saw Guyana's handicaps as a challenge, others felt that the country still had many hurdles to overcome to compete effectively, and to its advantage.

According to GCC Chairman Yesu Persaud the factors which contribute to Guyana's somewhat dire position within the CSME are within as well as outside the country.

"For example the cost of fuel here is about six times that of Trinidad and Tobago.
There it's 4 cents per kilowatt, in Guyana it's (between) 25 and 28 cents per kilowatt - 6 times or more

Our taxation is the most crippling in the Caribbean."

Many of the businessmen also point out that the private sector in Guyana is young and inexperienced compared to that in other Caribbean countries.
They feel that at present Guyana still lacks much of the legislation which has been passed in many other countries and which is needed to protect some of the local industries.

It's also felt that many of the homegrown cottage industries which once had guaranteed niche markets in Guyana are already beginning to disappear, since virtually anything can now be imported into the country under the CSME.