Bud­get 2018 void of mea­sures to stim­u­late and ex­pand the man­u­fac­tur­ing sec­tor – GMSA

Weekend Mirror - - CHILDREN’S CORNER -

The

Guyana Man­u­fac­tur­ing and Ser­vice As­so­ci­a­tion (GMSA), in a pub­lic state­ment, to­day, noted that while they were in­vited to put for­ward pro­pos­als for Bud­get 2018, the Bud­get has not pro­vided nec­es­sary mea­sures to stim­u­late and ex­pand the man­u­fac­tur­ing sec­tor.

Be­low is the full state­ment from the GMSA:

The Guyana Man­u­fac­tur­ing and Ser­vice As­so­ci­a­tion (GMSA), hav­ing been in­vited to put for­ward pro­pos­als for Bud­get 2018, has taken note that the Bud­get, while tak­ing on board sev­eral rec­om­men­da­tions, has not pro­vided a menu of mea­sures to stim­u­late and ex­pand the man­u­fac­tur­ing sec­tor.

The GMSA was hope­ful that pro­posed mea­sures to ad­dress crit­i­cal ar­eas such as taxation, ac­cess to fi­nance, and en­ergy would have been con­sid­ered. These could have pro­vided a much needed cat­a­lyst for the man­u­fac­tur­ing sec­tor to achieve the pro­jected 2.4 per­cent growth.

How­ever, the GMSA is pleased that sev­eral mea­sures that were ad­vo­cated for the forestry and wood pro­cess­ing sec­tor have been adopted. These are the ex­emp­tion of VAT on logs and rough lum­ber; bud­getary al­lo­ca­tion of $120 mil­lion to com­mence a na­tional for­est in­ven­tory; bud­getary al­lo­ca­tion of $50 mil­lion to part­ner with pri­vate sec­tor to es­tab­lish a con­sol­i­dated/di­men­sioned stock­yard.

Notwith­stand­ing these in­ter­ven­tions, the GMSA is con­cerned about the con­tin­ued de­cline in the forestry sec­tor. Gov­ern­ment’s pro­jec­tion of an 8% growth of this sec­tor can only be re­al­ized through a holis­tic ap­proach to the sec­tor’s devel­op­ment.

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