GCCI lauds legislation supporting ‘growth of business’

The Georgetown Chamber of Commerce and Industry (GCCI) has commended the government on the timely passage of legislation that supports the growth of businesses, particularly in the area of capital generation.

In a public statement on Tuesday, the GCCI lauded the government for its “bold and timely” legislative initiatives, which, among other things, support businesses in generating finance through various assets, including livestock and intellectual property.

“The Security Interests in Moveable Property Act, which now allows moveable assets such as equipment, vehicles, inventory, crops, livestock, and intellectual property to be used as collateral for accessing credit, was eagerly anticipated and welcomed,” the GCCI stated.

This legislation is expected to be a catalyst for enterprise development in Guyana and a driver of economic growth.

The chamber further noted that the passage of the Financial Institutions (Amendment) Act comes at a critical time, as increased investment interest in Guyana necessitates a well-regulated financial sector, particularly in light of the growing demand for access to capital.

Additionally, the chamber expressed satisfaction with the amendments to the Acquisition of Lands for Public Purposes Bill, which allow for timely and adequate compensation to landowners whose properties are acquired by the State for public development projects.

“This legislative measure, ensuring that landowners are treated in an equitable and just manner during the execution of projects for national development, aligns with international best practices,” the GCCI said.

As a strong advocate for business development—particularly for Micro, Small, and Medium-sized Enterprises (MSMEs)—the GCCI has long championed increased access to finance for small-scale businesses.

The chamber stated that it fully supports these initiatives, which are geared towards fostering business development and advancing Guyana’s economy. It also recognised the crucial role these legislative measures play in driving development and economic growth in the country