PM advocates for sustainable development and cooperation at Global Business Summit

Prime Minister, Brigadier (Ret’d), the Honourable Mark Phillips emphasised the critical importance of sustainable development and global cooperation, during his address at the 8th Global Business Summit 2024, hosted by The Times Group in New Delhi, India.

The Prime Minister highlighted the pressing need for strategic planning amidst ongoing global disruptions while stressing the necessity for adaptability and the adoption of sustainable practices.

Collective action, he underscored, is key to tackling issues such as geopolitical tensions, inflation, and climate-related disasters.

“As we look at other examples, we see that much preparedness must go into planning for the persistent disruptions to ensure that we can optimise their benefits towards sustainable development. In the realm of business transformations, we witness the ever-accelerating pace of technological advancements and the shifting dynamics of global markets.”

He affirmed the summit’s theme, “Disruption, Development, Diversification,” as aptly reflective of the current global context and the need for innovative strategies to navigate complex challenges. He stated that in light of rapid advancements and transforming dynamics, the ability to innovate, diversify offerings, and embrace sustainable practices will define success in the global business landscape.

“In today’s world, primary disruptive forces such as technology, globalization, and economic and demographic change are constantly occurring. As a result, businesses, governments, and individuals must be able to prepare, adapt, and respond to these changes effectively. These ‘transformative trends’ define the present and shape the future by impacting businesses, economies, industries, societies, and individual lives.”

Speaking at the inaugural session of the summit, he highlighted the opportunities arising from global disruptions, citing India’s Vaccine Maitri (Vaccine Friendship) initiative and Guyana’s leadership in Caribbean food security as examples of turning challenges into avenues for growth and international cooperation.

Emphasis was also placed on the significant contributions of both India and Guyana to the global arena and the importance of collaborative solutions for a prosperous future.

Prime Minister Phillips commended India’s leadership in global business, acknowledging its remarkable achievements in renewable energy and its pivotal role as the “world’s pharmacy hub.” He stressed that any discourse on global business would be incomplete without considering India’s status as the fastest-growing major economy and a beacon of innovation and progress.

He praised India for its global leadership, including stewardship of the G20 and commitment to articulating the pressing concerns of developing countries across the Global South.

“The Global South remains committed to the development of its countries and the prosperity of its people. India’s dedication to inclusive growth, technological advancements, and sustainable development has set a commendable benchmark for nations across the globe.”
Reflecting on the deep-rooted ties between Guyana and India, Prime Minister Phillips celebrated the shared values and historical connections that unite the two nations. He expressed optimism about further strengthening bilateral relations and fostering dialogue among participating countries towards achieving global development goals.

GUYANA’S DEVELOPMENT AGENDA

The Prime Minister outlined initiatives to leverage Guyana’s energy potential from gas and renewables to catalyse its manufacturing sector and enhance energy security.

“Guyana’s plan is to utilise the energy potential of gas and renewables to lower electricity and spur manufacturing. Our gas-to-energy project and large-scale solar and wind energy projects have diversified energy sources and reduced our carbon footprint. We have strongly focused on increasing power grid connectivity, which has improved energy access to citizens, including remote communities. Our country also seeks ways to harness its natural resources to enhance energy security and become a regional leader in clean energy production.”

Emphasis was also placed on Guyana’s commitment to economic diversification, particularly in agriculture, with aspirations to become the breadbasket of the Caribbean.

“Critical to development, of course, is diversification. Our nations understand the importance of cultivating diverse economies, forging diverse partnerships, varying supply chains, and embracing innovation across various sectors. As Guyana accelerates the development of its oil and gas resources to become the world’s highest per capita oil producer by 2027, the government’s vision is to lift the quality of life by investing in healthcare, education, and the diversification of the economy.”