Guyanese authorities are working to ensure small businesses thrive in the nation’s oil-driven economy. Towards this end, Senior Finance Minister Dr. Ashni Singh, during his 2024 budget presentation on Monday, announced the construction and rehabilitation of several industrial estates across the nation. These efforts are aimed at creating a supportive environment for small businesses to engage more effectively in the country’s economic growth.
In 2023, Minister Singh said $1.2 billion was spent on these initiatives. This year, the focus will be on starting industrial development in Wales and continuing work in Regions 2 and 10, with a sum of $3.3 billion allocated for these projects.
Minister Singh disclosed plans for 2024, including the distribution of around 100 loans and the issuance of 1,362 grants. Furthermore, $450 million is earmarked for replenishing the Small Business Development Fund, and $331 million is allocated to the Small Business Bureau for programmes supporting small and micro business development and entrepreneurship.
“We are also establishing business incubators, and providing extensive training, coaching and mentorship programmes throughout the business value chain,” said Minister Singh. He highlighted the success of past initiatives, where over 3,500 small business owners received training in various areas last year. In 2024, an additional 2,800 business owners are expected to receive specialized training in key sectors such as apiculture, farming, livestock, poultry rearing, and microenterprise.
The minister also mentioned the upcoming Electronic Single Window for Trade Transactions, set to launch in 2024. This system aims to streamline trade transaction processes, enhancing business efficiency.
Additionally, the National Quality Infrastructure laboratory, with a construction budget of $1.25 billion, is set to be completed this year. It will offer services such as testing and calibration of weights and measures.
Moreover, the construction of the Food and Drugs laboratory, crucial for trade certification of food and drugs, is slated to begin in 2024, with $500 million allocated for the project.
