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