HIGHLIGHTING the significance of de-risking opportunities through strategic partnerships, President, Dr Irfaan Ali has underscored the importance of consortiums as key drivers of sustainable development.
During his address at an event last week, the Head of State pointed to the success of various consortium-led initiatives that have been instrumental in addressing key challenges, while spurring development across multiple sectors.
“We want to create a model of building consortiums. Building consortiums by bringing together, first, all the local players, private sector, regional players and private sector and international players and private sector. The consortiums must be built through a model of mobilising capital, mobilising technology, mobilising markets and having shared risk,” Dr Ali said.
He added: “We have seen the success of consortiums here already, whether it’s the consortium built to supply for catering services, the FPSO consortium built for a new shore-based facility. The consortium build [sic] to ensure food sustainability for corn, soybeans.”
These alliances are critical in both mitigating risks and enhancing the efficiency of large-scale projects.
“We are working to create an environment that will continue to evolve in a way to better serve you, better serve investors, the citizens of the world, our citizens and the citizens of this country,” the Head of State said.
He reasoned how this model is not only vital for private sector initiatives but also for ensuring long-term food security and infrastructural development in Guyana.
“Perfection is not what we are seeking, what we are seeking is a development system of work that delivers, that is sustainable and one that brings us close together as partners,” President Ali said.
ENABLING ENVIRONMENT
He further emphasised the government’s commitment to creating an environment that fosters innovation, enhances efficiency and encourages transparency, while also removing bureaucratic barriers to development.
President Ali underscored the importance of optimal resource utilisation, particularly in the context of Guyana’s growing energy sector and its potential to unlock new opportunities.
He said: “So, we want to ensure that the environment we create is innovative, improves effectiveness, improves efficiency and transparency, removes bureaucracy and optimally utilise our human asset.”
Dr Ali revealed that the government has already initiated discussions and formed strategic partnerships to advance and further create a diverse economy.
“We have already opened up some discussions here and we already have some important strategic partners,” he said, noting that Guyana is making significant strides in attracting investments and expertise to build the necessary infrastructure.
“Partnership is important. Important to this development is economic diversification” he added.
