Government Not Selling Out

- Hoyte

PRESIDENT Desmond Hoyte has replied to critics who charge his government with “selling out” to foreign investors.

Speaking at the annual dinner of the Guyana Patriots Association at the Park Hotel, Mr. Hoyte described such allegations as nonsense. According to the President if his government is ‘selling out’ then the United States, the United Kingdom, and Singapore should be so described since all these countries are seeking outside investment to boost their economies. Mr. Hoyte said Guyana needs massive investment to develop its vast potential which remains untapped, “as we continue to talk about it over the years.”

“We must create the climate to attract foreign investment he said, noting that the local private sector must play its part. He told his audience “that we are in the age of science and technology” and singled out the local bauxite industry as being affected by its non-application.

The President who described himself as an optimist said since nationalisation in 1971 the bauxite industry has not been able to introduce any new technology. Mr. Hoyte explained that his government must seek foreign alliances and emphasised the need for Guyanese to be prepared for changes as national economies disappear.

President Hoyte praised the members of the Association for displaying support for the government’s economic policies. He was introduced by City Businessman Hashim Hack who along with Mayor Compton Young were seated at the head table.