GCCI: MSMEs must keep pace with Guyana’s development

GCCI President Katty Smith

Micro Small and Medium-Sized Enterprises (SMEs) must accelerate its growth strategies to keep pace with the country’s rapid economic expansion. This was the charge issued by Georgetown Chamber of Commerce and Industry (GCCI) President Katty Smith at the opening of the fifth Business Development Forum (BDF) in Georgetown on Thursday.

This year’s event was designed with MSMEs in mind, and according to Smith, businesses must adapt quickly as the economy evolves.

“Guyana’s rapid pace of development is unmatched, and the private sector as the beating heart of the economy must keep up,” she said.

Companies, she added, must refine their products and services, strengthen planning, and embed sustainability to meet rising national demand.

The two-day event, held on November 13–14 at the Pegasus Suites and Corporate Centre, brought together local and regional experts to discuss Environmental and Social Governance (ESG), sustainability, diversification, finance, investment, and export readiness. Smith said the forum was created to give entrepreneurs access to tools and knowledge to establish and scale their businesses while supporting networking and collaboration.

Executive Chairman of Demerara Distillers Limited, Komal Samaroo, delivered the Day One keynote, urging entrepreneurs to adopt strong financial practices and understand the regulations guiding their sectors.

“If you have a business and you don’t have financial statements, you don’t have a business,” he said, warning that financial considerations are too often overlooked in decision-making.

Tourism, Industry and Commerce Minister Susan Rodrigues told attendees on Day Two that the government is pushing to strengthen value-added production and shift the economy toward services, especially in tourism. Guyana, she said, must move beyond exporting raw products. “We have to build the resilience of our economy,” she added.

The forum also featured representatives from the Inter-American Development Bank, CARICOM, private-sector bodies, and major local companies, who discussed strategies for MSMEs navigating Guyana’s fast-changing business environment.