Local private sector must collaborate to propel Guyana’s growth – President Ali

The time has come for Guyana’s private sector to join forces to tackle large-scale business operations and propel the country’s economic growth.

President Dr Mohamed Irfaan Ali made the compelling call on Friday at the launch of two mobile harbour cranes by Cranes Guyana Inc at Port Georgetown.

The two cranes, dubbed Atlas and Hercules, are financed by the Inter-American Development Bank.

They are designed to serve panamax-class vessels, with a lifting capacity of 125 tonnes and an operating capacity of 49 metres.

This will allow for faster and safer cargo offloading.

This massive undertaking is a joint venture between Muneshwers Limited and John Fernandes Limited, two major players in the logistics sector.

President Ali lauded this proactive move to pool resources and expertise, adding that other local private sector players should be inspired to explore similar joint ventures.

He said this partnership represents a bold and visionary step in harnessing opportunities in the country’s oil and gas sector.

“It is the private sector that must build this country and take the country forward in a progressive, innovative, dynamic way. The government’s role is to create that enabling environment and we’re doing our best to ensure that we create that,” the president said.

According to him, the local private sector must now think bigger and form strategic partnerships to meet the evolving needs in every sector.

This is even more critical within the context of a plethora of transformative infrastructure being built countrywide, including the gas-to-energy plant and the Berbice Deep Water port.

He has also recognised several challenges facing the shipping industry, such as the shortage of waterfront land and traffic congestion.

The president said the government has already allocated capital resources in the 2025 budget to find solutions.

“I’m humbled to lead a government that is interested in solutions, that is interested in people and interested in finding ways in which we will build a stronger Guyana and a Guyana that leads this region. Let me assure you, these challenges are going to be met head-on,” the president stated.

In his remarks, CEO of John Fernandes Limited and Director of Cranes Guyana Inc, Phillip Fernandes said the two companies were fierce competitors, but over time decided to join forces to maximise their potential.

He acknowledged that the venture was previously unfeasible due to insufficient cargo volumes in Guyana, which necessitated vessels to carry their cranes for loading and unloading.

Fernandes stressed that the time is now ripe for critical investments to modernise operations and enhance efficiency, especially with the country’s burgeoning economy and the government’s creation of an optimistic business climate. Senior Minister in the Office of the President with Responsibility for Finance and the Public Service, Dr Ashni Singh and Minister of Labour Joseph Hamilton were among those in attendance.